Ebang targets 2019 production at 400,000 of new mining facilities

Posted 25 February, 2019

The top-3 producer of crypto mining capacities – Ebang – shared its production plans for 2019 with the output being expected at not lower than 400,000 of new facilities. 

Targeting IPO the company submitted the performance report to the HKEX. According to the document, the company marketed some 159,000 mining capacities in 2017, while the H1 2018 results practically doubled to 309,000. The profit posted an 8-fold year-on-year upturn to $304 million over the period under review. Ebang's net income reached $135 million, as the report reads.

At the same time, the financial performance of the company got worse in the second half of last year unfavourable market environment with the bearish trend gathering pace. 

The company noted in the document:

"We experienced significant decreases in revenue and gross profit for the three months ended September 30, 2018, compared to the preceding three months ended June 30."

Despite the lower performance, company management seems to remain optimistic about the future. Ebang's representative shared this-year plans saying that the company targets the output at 400,000 or more, which may exceed the results recorded two years ago by almost two times. 

For reference, the company expressed the first intentions to launch IPO last May. The target investments were set at $1 billion, though later it was downgraded dramatically. In late January, the head of HKEX made some comments on the perspectives of the IPO applications filed by the crypto mining company. HKEX already expressed doubts regarding such mining companies citing that they must prove firm market positions.

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25 February, 2019 13:21

← Huobi Global takes over its Australian division

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Huobi Global takes over its Australian division

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