In line with a recent official document cited, renowned bitcoin [BTC] mining giant ‘Bitmain’ may have made losses of over $500 Mln in Q3 last year. Bitmain, that is presently trying to launch an IPO [Initial Public Offering] beneath the auspices of the HKEx [Hong Kong Stock Exchange], submitted a report into its earnings in line with listing necessities.
In line with the publication, that report indicated that for 2018 as a whole, excluding Q4, revenue was around $3 Bln and profits $500 Mln. This contrasts with previous figures for the primary first half the year, for that profit was $1 Bln.
If the data is correct, the belief is that Q3 priced Bitmain $500 Mln in losses, corroborating a widely-held theory that the expanding Bitcoin bearish market late last year took a significant toll on the mining sector.
As reported earlier, [Bitmain’s] Initial Pubic Offering [IPO] filing process, that may raise vital funds for the firm, has been fraught with ‘difficulties‘ since the plans made their means into the general public realm in Q2, last year.
HKEx itself added to the doubts in Dec., with rumors ‘claiming‘ the exchange was unwilling to approve any cryptocurrency offering due to the industry’s volatile nature.
At the same time, Bitmain had revealed many contractions of its international operations together with cuts to employee numbers.
Recently the Bitmain also revealed its efficient next generation 7nm [nanometer] ‘ASIC mining chip‘. The newly launched mining hardware namely ‘BM1397’, is designed for mining crypto assets that use the SHA256 algorithm rule for their PoW [Proof-of-Work], like Bitcoin [BTC] and Bitcoin Cash [BCH].
BM1397 needs less power for mining cryptocurrencies, representing a 28.6% improvement in power potency as compared with the company’s previous 7nm chip, namely ‘BM1391’. Bitmain’ new chip would be employed in its new Antminer models namely ‘S17’ and ‘T17’ — which are expected to be launched later this year.