Bitcoin (BTC) mining large Bitmain may have made losses of round $500 million in Q3 final yr, trade journal CoinDesk reported on Feb. 19, citing an organization doc.
Bitmain, which is at the moment making an attempt to launch an preliminary public providing (IPO) below the auspices of the Hong Kong Inventory Trade (HKEx), submitted a report into its earnings consistent with itemizing necessities.
In keeping with the publication, that report indicated that for 2018 as a complete, excluding This autumn, income was $three billion and earnings $500 million. This contrasts with earlier figures for the primary half of the yr, for which revenue was $1 billion.
If the knowledge is right, the idea is that Q3 value Bitmain $500 million in losses, corroborating a widely-held idea that the accelerating Bitcoin bear market late final yr took a severe toll on the mining sector.
As Cointelegraph reported, Bitmain’s IPO submitting course of, which may increase important funds for the corporate, has been fraught with difficulties because the plans made their manner into the general public realm in Q2 2018.
HKEx itself added to the doubts in December, with rumors claiming the trade was unwilling to approve any cryptocurrency providing because of the trade’s risky nature.
On the identical time, Bitmain had revealed a number of contractions of its international operations together with cuts to employees numbers. The corporate additionally launched its new Bitcoin mining hardware chip this week.