The forthcoming listing of Bitmain Technologies, the company that produces the processors through which most of the world’s bitcoins are mined, brings not only the world’s largest cryptocurrency IPO but one of the most fascinating prospectuses in recent memory.
The Hong Kong listing of the Chinese company lifts the lid on an often-overlooked section of the cryptocurrency world: the mining hardware. The prospectus makes frequent reference to research conducted for it by Frost & Sullivan, including the headline finding that Bitmain accounted for a 74.5%
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