The three crypto mining companies have been valued at more than $1bn in the Q2 Unicorn Index from the Shanghai-based Hurun Research Institute. The report features crypto companies for the first time.
Bitmain is ranked 13th on the list, with Hurun valuing the company at 70bn yuan ($10.3bn). Canaan Creative also holds a significant position on the list, sitting at 32nd (tied with 20 other companies) with a valuation of roughly 20bn yuan (approximately $3bn). Ebang comes in at 53rd alongside 38 other companies with an approximated valuation of 10bn yuan (roughly $1.5bn).
All three companies recently indicated their desire to conduct initial public offerings on the Hong Kong Stock Exchange in the coming months.
Bitmain, the largest global producer of crypto mining chips has previously been very secretive about its value and financial plans but its recent Series B funding round, which netted it between $300-400m put a value on the business. Subscribers to the round included notable companies, including US-based hedge fund Coatue, Singapore government-backed investment fund EDBI, and Sequoia Capital China.
The current annual revenue of the world’s bitcoin mining industry is estimated to be around $4.5bn. There are now over 1600 digital assets and the entire cryptocurrency market capitalization of all of them combined is valued at $294bn.
As crypto currencies increase in popularity the firms involved are seeing huge leaps in profits and players are aggressively expanding their operations. Bitmain just announced it will triple the size of its current workforce with plans to expand its Ra’anana mining operations in Israel.