Bitfury Group is planning to hold an IPO in the next 12 months, reported The Telegraph.

The bitcoin mining company’s IPO would be Europe’s biggest corporate debut related to cryptocurrencies.

Some Bitfury supporters include Mike Novogratz’s Galaxy Digital and Australian investment bank Macquarie.

Bitfury is reported to be seeking advice from Deloitte, a New York-based consultancy, to assess whether it is ready to go public, according to The Telegraph.

The Netherlands-based mining company was valued at about $1 billion in its latest investment income, as reported by The Telegraph, citing company documents.

Since its inception in 2011, Bitfury has been a leader in full-service blockchain technology.

It is also one of the largest private infrastructure providers in the blockchain ecosystem.

In March 2021, Bitfury formed a US-based subsidiary, Cipher Mining, which will go public in a merger with blank check company Good Works Acquisition.

The deal values ​​the combined entity at $2 billion, with Bitfury as the minority shareholder.

Bitfury’s decision to go public comes amid a tense period for cryptos, particularly with regard to mining, which has been criticized for its high energy use.

Crypto mining earlier this year was banned in China, which accounted for more than 50% of global activity, forcing many mining companies to relocate their operations to other countries.

Experts say the upside of this has been to spread bitcoin hashrate more evenly across the globe, allaying concerns that mining was too concentrated in just a few places.

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