Nano Labs, a Chinese designer of mining chips for block rewards, wants to go public in the United States. The company has filed for an initial public offering (IPO) on Nasdaq with the Securities and Exchange Commission (SEC).
According to a South China Morning Post (SCMP) reportNano Labs also wants to raise a total of $50 million from the sale of US depositary shares and pivot the functionality of its chips to serve metaverse platforms.
In the filing, co-founder Kong Jianping stated that the metaverse would open the next era for humanity. This is why Nano Labs is taking steps to help the world explore it.
“It is my intention that Nano Labs will be committed to developing the power of the Metaverse and walking among the key players to help the world explore and recognize the Metaverse. I sincerely believe that the Metaverse will open a new era for humanity,” Jianping said.
Nano Labs was founded by Jianping and Sun Qifeng, former executives of Canaan, the hardware makers of block reward mining. The company currently produces high-throughput computing (HTC) chips used in mining proof of work consensus digital currencies, including BTC and Ethereum, among others.
With its new stated mission statement, the company now plans to “provide ubiquitous computing power to the Metaverse computer network with our fantastic logic memory integrated circuits.” The pivot has been partially impacted by China’s crackdown on block reward mining†
Block reward miners who still show resilience in China
For the blanket of the land to manhandle in digital assets, the Chinese market was Nano Labs’ largest customer. The company has previously set up operations in Singapore, but still reported a net loss of 174.9 million yuan ($26 million) in 2021.
Meanwhile, underground block reward mining activities will continue despite the measures in China. Recently published data from the Cambridge Center for Alternative Finance (CCAC) shows that block reward mining has made a strong comeback in China after falling to nearly zero last year.
According to the data, China is now the second largest contributor to the hash rate of the BTC network after the US. China contributes 21.11% of the global BTC mining hash rate, largely from secret mining activities, the study finds.
Watch: The BSV Global Blockchain Convention Panel, Blockchain Mining and Energy Innovation
New to Bitcoin? Check out CoinGeek’s Bitcoin for beginners section, the ultimate resource guide to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.