ASIC Bitcoin Miner Manufacturer, Ebang, to Launch Crypto Exchange Outside China

  • Ebang International Holdings to launch an offshore crypto exchange that can potentially double their income to $200 Million. This, alongside their new consultancy venture which, will supplement their dwindling revenue by 40% in 2020 will work to reduce their overreliance in the ever-volatile cryptocurrency.al

News has now surfaced that Bitcoin equipment manufacturer; Ebang International Holdings intend to unveil a crypto exchange to operate outside China’s jurisdiction. This is in an attempt to generate more revenue for the firm.

The BTC rig manufacturer could see a revenue increment of up to 40% by the end of this year emanating from their new consultancy business that involves managing datacenters for clients. Chief Financial Officer, Chen Lei in an interview with a media outlet remarked at the potential of doubling their earnings to $200 Million with the launch of the crypto exchange. This timeline could potentially be stretched to 2022.

Dwindling Fortunes

Notably, their 2019 revenue of $109 Million was significantly dwarfed by an excess of $300 Million they generated in 2018. Generally translating to net losses in both 2018 and 2019. This is due to their overreliance in the ever-volatile BTC which, has plummeted significantly well below $4000 before stabilizing. The BTC is currently trading at $9154.21 enjoying a market volume of $15911378811 as per this writing.

The Hangzhou-based ASIC rigs manufacturer filed a $100 Million IPO with SEC this year, April. Their share price after, however, shrunk by almost 4% after June 26th IPO to fall below the projected $4. Most of the funds from the IPO would go into the production of next-gen rigs and their overseas expansion campaign.

According to Mr. Chen, almost 10% of the total revenue generated would go to facilitate transaction fees as they seek to set up a regulatory compliant exchange outside China. This was partly due to ongoing purge on crypto activities in China as they march towards realizing their own CBDC, the digital Yuan.

However, it is yet to be seen how the escalating rows between Beijing and Washington will affect Ebang’s access to US capital markets.

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Author: Lujan Odera

OOC Oil & Gas Consortium Successfully Tests Blockchain Management System for Wastewater

The Offshore Operative Committee (OOC) Oil & Gas Blockchain Consortium, comprising of companies like Royal Dutch Shell, Equinor, ConocoPhillips, Exxon Mobil Corp, and Repsol has successfully completed pilot blockchain management program to automate payment, reduce costs and time for transporting wastewater, reported Reuters.

The water haulage program would streamline the process of transferring wastewater and other by-products produced during oil and natural gas extraction. The blockchain pilot automatically measured the volume of by-products and generated invoices in real-time.

The blockchain management system has been developed in partnership with blockchain software developer firm, Data Gumbo. The pilot run ended in late January and turned out to be a success as it reduced the amount of time that was required to transport the wastewater from ‘90-120’ days to ‘7 days’.

The blockchain pilot also reduced the need for human intervention significantly from 16 steps to 7 steps. The automation process also ensured that 85% of volume data on the network gets automatically validated due to the information provided by other parties involved on the network. They are confident that soon, they would be able to verify 100% of the data on-chain.

Rebecca Hofmann, the chairman of the 10-company consortium, was quite happy with the pilot run and lauded blockchain technology for bringing efficiency in their work process. She said:

“The results of this pilot prove that non-manned volume validations can trigger automated payments to vendors, and showcase the opportunities that exist for blockchain to reduce costs, increase efficiency, provide transparency and eliminate disputes in the oil and gas industry.”

The pilot wastewater management system was undertaken in partnership with Nuverra Environmental Solutions, who managed the water disposal of oil wells. The blockchain management system was tested on 5 Equinor wells located in North Dakota, and all five wells returned high efficiency with the use of blockchain.

The OOC Blockchain Consortium now plans to implement the system with its mainstream production sites.

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Author: Silvia A