Bitmain, the world’s largest Bitcoin miner manufacture plans to file IPO application to Nasdaq with fundraising about 100 million dollars. Bitmain launches its IPO with market value about $5 billion, down 66.7% when it launched pre-IPO value of $15 billion on July 23 last year.

The reason for the decline in market value is that its cash flow has shrunk sharply. Bitmain is no longer the largest clients of TSMC. Bitmain is now a secondary clients of TSMC. TSMC no longer gives priority to the production of chips Bitmain asks for.

Except for the news about the sale of new mining machines and failure of listings, Bitmain seems to have disappeared from mining circle. Sales of Antminer are the main source of revenue for Bitmain (Antminer accounted for 94.3% of the total revenue for Bitmain in 2018), but now Bitmain is in dilemma where it doesn’t have enough stock to cater the demand of clients.

Capacity is the most important and urgent problem to be solved for Bitmain at present. In April, Bitmain launched three mining machines, namely Antminer S17, S17 Pro and T17, equipped with the second generation of 7nm BM1397 mining chips, with market prices ranging from ¥15,000 to ¥30,000. At present, the order of S17 series miners have been scheduled to December, that is to say, some people have paid ahead of schedule for the capacity from August to December.

Compared with Bitmain, pangolinminer has doubled capacity than Bitmain. In addition, from the perspective of turnover, the Whatsminer M20 series is more competent. The Antminer S17 series adopts a 7-nm chip, while the pangolinminer adopts a 10nm chip whose capacity is adequate.

Many miners take cost of per “T” into consideration when they choose the mining machine, while ignore power consumption and hashrate. In this respect, the advantages of the S17 series are not obvious compared with other miners. The cost of per “T” of S17 Pro was 2-3 times that of the similar competitors.

Bitmain’s aim of IPO as it filed its long-awaited IPO application to Hong Kong Stock Exchange (HKEX) is $3 billion, but now the aim is down to $0.3 billion. In fact, listing is a means, not an end. Bitmain’s is to embrace the mainstream market, and to leverage larger amount of funds.