Mining

19/02/19 06:00 UTC-4

Difficult times for Bitmain: new loss information

Difficult times for Bitmain: new loss information
New loss data talks about difficult times for Bitmain

Representatives of the Bitmain cryptocurrency company reported that in the third quarter of 2018 they lost more than $ 500 million due to the fall in the crypto-market and active sales of digital assets, as reported by Coin Desk.

On February 19, 2019, Bitmain, a Beijing-based miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
giant, announced the nuances of the past fiscal year during a conference call. According to the information provided, in the third quarter of 2018, most traders played on Bitcoin lowering prices – this not only provoked a market crash, but also caused great losses for all mining companies.

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Bitmain – losses in 2018

Information about the significant losses of the mining giant was first published in November 2018, in a report for an IPO on the Hong Kong stock-exchange (HKEx). Then Bitmain talked about reducing revenues and folding some programs. Today, it became known that the losses affected the further development of events.

According to updated information, the total yield in the first 9 months of last year was less than $ 3 billion. In the first quarter of 2018, the company's revenue amounted to $ 1.5 billion (according to reports for HKEx). In the second quarter, Bitmain received about $ 1.3 billion. Q3 has a high level of losses. The average loss was $ 500 million.

Earlier, the company also reported revenue of $ 2.8 billion for the first half of the year. Therefore, the figure of $ 3 billion (for the first 9 months) indicates a meager revenue of about $ 200 million for the third quarter.

These are the first exact figures that indicate the negative state of the company. There were no official comments from the director of Bitmain, since he referred to non-disclosure prior to the IPO.

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However, it became clear that Bitmain was in crisis. Recall that at the end of last year, the mining giant closed several foreign offices, and fired employees of foreign departments. New loss information speaks of difficult times for Bitmain. Recall that after the cuts, the main activities of the company are mining equipment, poolsPools
– the union of miners in groups for the extraction of cryptocurrency. Details
and farm operation.

Editor: Alyona Nabok

See also: "GMO Internet lost $ 11.75 million in the crypto-industry"

#cryptocurrency #mining #cryptofarm #IPO #damages #Bitmain #Beijing #mining #cryptocurrency #cryptocompany #cryptomarket

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