One of the biggest Chinese Bitcoin mining hardware manufacturers in China, Ebang Communication has filed for an Initial Public Offering on the Hong Kong Stock exchange today.

This has been confirmed in a report in May that company has been working with advisers in Hong Kong in order to raise up to 1 billion dollars worth of investment.

The Financial statement of the company confirmes that Ebang had earned 925 million yuan or 141 million dollars in revenue in 2017, which is an 18 times over the 2016 revenue.

Since there have been a surge of new mining operations everywhere in the world and esspecially in China, it is not a surprise that Ebang’s revenue generate only from Bitcoin miners sale has significantly raised from one year till the other. From 31 percent in 2015 it has increased to 42 percent 2016 and finally to staggering 94.6 percent in 2017.

According to the company’s statement they are planing to release a Bitcoin miners equipped with the newest generation of 7nm semiconductor chips, that have been in development by the Japanese technology company GMO since 2017 and have officially came to the market early this spring.

Ebang’s biggest competitors for the most lucrative market in the world – the Chinese market – are Bitmain and Canaan Creative. They too have released their financial statements of gigantic increases of revenue for the past year for 62 million dollars for Canaan and between staggering 3 to 4 billion dollars for Bitmain.