Given the recent spike in the interest toward cryptocurrencies, a mining equipment manufacturing company is preparing for initial public offering (IPO) in order to officially enter Nasdaq.
This mining equipment company is called MicroBT and is located in China. MicroBT is currently preparing for this IPO in order to be part of Nasdaq in a few weeks.
The initial public offering of this company is truly a turning point in the world of crypto mining and people will be able to invest in this Chinese company.
However, this trend is not all new. Prior to this decision made by MicroBT, other famous mining equipment companies had already entered large stock markets around the world.
There are many challenges in the way of mining cryptocurrencies, such as the high demand for natural resources as a result of the high electricity consumption by mining equipment.
Despite all these challenges, the interest in crypto mining has spiked to a great degree recently, as new records are being set for various cryptocurrencies and tokens.
At the same time, the lack of mining equipment around the world has caused the price of mining hardware, such as those made by the MicroBT, to increase rabidly. It is estimated that as the price of cryptocurrencies rise, so will the market for mining hardware.
There are many big steps taking place in the world of Blockchain and crypto. Just last year, the prominent American crypto exchange, Coinbase, had prepared its initial draft in order to be allowed into the U.S. securities and exchange commission, SEC.
This move by MicroBT gives assurance to all these estimations with regard to legitimization of crypto world more than before. Analysts expect the value of MicroBT IPO to be more than 28 billion dollars. This news comes out while the inclination of investors toward the crypto market has grown exponentially since the Covid-19 breakout.