The largest manufacturer of devices for Bitcoin mining is losing millions

A major player in the market of ASIC-miners are not in the best position. Only for the first two months of 2019 Bitmain has lost about 625 million dollars. However, the company does not hurry to despair — the Chinese are betting on the potential profit from the sale of the new generations of ASIC miners with 7-nanometer chips.

Bad start from the beginning of the year

According to local news outlets, the total operating income Bitmain for the first quarter of this year was 1.082 billion. In the first, second and third month, the company received 253, and 253 of 579 million dollars, respectively.

January and February proved to be a disastrous period that Bitmain lost 345 and $ 280 million respectively. However, in March the firm managed to reach the income of 315 million dollars. The final figure — $ 310 million loss for the first quarter of 2019. Statistics are not very encouraging, the pace of financial position Bitmain could be catastrophic.

And yet, the company hopes to cover all of its losses and become profitable in the second half of 2019. Over the past few months the manufacturer was engaged in “cleaning supplies” are sold ASIC miners with 16-nanometer chips. According to rumors, Bitmain has placed a huge order for a new 7-nanometrov plate from your supplier Taiwan Semiconductor Manufacturing Company (TSMC).

Recall the “black stripe” Bitmain lasts for quite a long time. In December 2018 it became known that nearly 80 percent of staff will be subject to massive layoffs because of the huge losses of the company. Latest Bitmain has accumulated on a losing investment in a Bitcoin Cash.

Later in the management of the company has occurred reshuffle — Cihan Mikri Wu and Zhang have resigned from their positions at the company. All this had a negative impact on attempts to conduct its own IPO, which Bitmain is trying to organize since September 2018.

Source: Bitcoinist

In March, the deadline for the IPO has expiredand Bitmain failed to realize the enormous potential accumulated in 2017 from best sale ASIC miners. By the end of 2019, the new leadership of the company hopes to revive the faith of investors in its image. According to unconfirmed reports, Bitmain re going to IPO, so by the beginning of 2020, the firm needed to “draw” a good profit to attract more people willing to invest their money.

The situation around Bitmain stay in our cryptodata miners!


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