The latest company document by Bitmain is in the digital currency news – outlining that the Bitcoin (BTC) mining giant Bitmain could have made losses of around $500 million in the third quarter (Q3) of last year, according to CoinDesk.
Meanwhile, the company is currently attempting to launch an initial public offering (IPO) under the auspices of the Hong Kong Stock Exchange (HKEx) and submitted a report into its earnings that is in line with the listing requirements.
The report indicated that for 2018 as a whole year (without Q4 of course), the revenue was $3 billion and profits were $500 – which contrasts with previous figures for the first half of the year during which the profit was $1 billion.
If the information is correct, the assumption is that Q3 cost Bitmain $500 million in losses, pushing through a theory that the accelerating Bitcoin bear market late last year took a serious toll on the mining sector.
Meanwhile, Bitmain’s IPO filing process has been fraught with difficulties since the plans made their way into the public realm in Q2 of 2018.
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