Bitmain - the leading cryptocurrency mining products manufacturer is a step closer to its first Initial Public Offering (IPO) on the Hong Kong Stock Exchange (HKEX).

The mining giant hopes to raise several billion dollars with the IPO. The news come with a share of controversy, as many companies have refused to finance it before the pre-IPO phase.

The application is still being prepared, and further hearings from HKEX are due to take place in order to determine the value of the company. Some details are still vague, including the number of offered shares and their schedule.

Britain's records show that the company is employing 2,594 people in 2018. Also, some of the companies working and consulting the IPO deal are China International Capital Corporation, Hong Kong Securities Limited, KPMG and Frost & Sullivan.

According to the application, Bitmain earned $2,517,719,000 in revenue in 2017, compared to the  $277,612,000 recorded in 2016. By June 30, $2,845,467,000 in revenue were recorded in the company’s financial papers.

Earnings have risen significantly, from $100 million in 2016 to $1.1 billion for 2017 and the same $1.1 billion for the first quarter of 2018 alone.

The balance of income from cryptocurrencies – Bitcoin, Bitcoin cash, Ethereum, Litecoin, and Dash is worth $886.9 million. The recorded net losses by June 30 are 102.7 million, which is ten times more than last year.

This represents 28% of the total assets of the company so far. In 2016, they were $56.3 million and $872.6 million respectively in 2017.

Since the beginning of 2015, hardware products sales have soared. In 2015, Bitmain earned $107.8 million for its ASIC products. During the first part of 2018, the giant made a profit of $2.6 billion.

In 2015, 230,000 miners were sold, 260,000 in 2016, and 1,62 million miners in 2017. In 2018 2.56 million miners were sold so far.

There is also a trend of changing the intended use of the products. In 2015, all hardware products were targeted only to Bitcoin, while in 2018 73.2% of the miners were also able to mine Bitcoin and Bitcoin cash.

The company has begun to buy land in China to create cryptocurrency mining farms. At present, Bitmain owns two plots of land in Mongolia, 1 in Ningxia and also 1 in Sichuan. In addition to these lands, the company also owns 50 land rentals scattered across five different locations in China.

In the last two years, Bitmain has received funding from investors in Asia and the United States. Some of them are China Taijia with $29.99 million, Blue Lighthouse with $25.99 million, Crimson Partners with $149.09 million, Lioness Capital with $33 million and others.

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