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Time has finally arrived to test the international investor appetite for cryptocurrencies. And that came out clearly when two Chinese bitcoin mining equipment makers announced their plan to raise about $1 billion each-in what is deemed to be the largest bitcoin-focused floats ever witnessed around the globe.

The filing of the application

It was a short while back that the Canaan Creative filed an application with the Hong Kong stock exchange in an effort to obtain an IPO. On the other hand, Zhejiang Ebang Communication is co-operating with several advisers on a Hong Kong float and whatever they achieve is something that we will just have to wait and see.

A person well conversant with the matter, but who also wanted his identity kept anonymous has disclosed that the price of bitcoin BTC=BTSP has slipped by almost 35 percent. He has also revealed that Beijing is with the passage of time tightening its grip on trade in the virtual currency.

Most of the equipment makers are currently doing all within their means to ensure that they obtain enough capital to finance growth and still be in a position to meet up to the demand for their top line machines. The two are hopeful that they will be able to raise $1 billion each.

Efforts by journalists to get Canaan Creative to make comments in relation to the matter turned out to be an exercise of futility after it declined to speak up on the matter.

Latest developments

From the most recent estimates, it was projected that Canaan is currently able to supply almost 25% of the world’s bitcoin blockchain computing power. The co-chairman Jianping Kong in a recent interview expressed great optimism that the move by China to promote its domestic chip industry would eventually end up giving a major lift to the company’s growth.

It was in the course of this year that Ebang got delisted from China’s National Equities Exchange and Quotations. It is worth noting that quite a significant number of companies have lately been promoting links to bitcoin.

The good thing about the Bitcoin mining equipment makers lies in the fact that they rely on computers fitted with top line chips which mine coins quite efficiently than is usually the case with the other companies.

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Alan has over 25 years of trading experience in the U.S. equity markets. He began his career in finance working on a program trading desk specializing in over-the-counter stocks. His career progressed from that point to his current position as senior trader on an institutional trading desk. In the evenings, Alan teaches economics at a local community college. He has contributed articles to various publications over the last six years, including feature articles for an economics magazine and various financial blogs. You may contact Alan via his email (alanmasterson@wallstreetpr.com) or his Google+ page (https://plus.google.com/103338576216002376250).

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