Bitmain Recorded $310 Million in Losses in Q1 2019

Bitmain Technologies, the largest manufacturer of ASIC-based Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term miners, has incurred a net loss of $310 million in the first quarter of 2019.

According to a report by Tencent’s QQ, the Chinese miner maker made a profit of $315 million in March. However, the net figure went negative due to $345 million and $280 million in losses in January and February respectively.

The report detailed that the heavy losses were the result of the company’s decision to clear its inventory of 16nm mining hardware. However, the company is expecting profits from selling its new line of 7nm ASIC-based miners. Bitmain is currently the only company mass producing the 7nm ASICs.

The report also detailed that in the first quarter of this year, Bitmain’s operating revenue was $1.082 billion - $253 million each for January and February, and $579 million in March. Gross margins for these months were $7.91 million, $14.7 million, and $25.21 million respectively.

With the new 7nm ASIC line, the gross margin of the company is expected to rise by 30 percent in April figures.

Poor figures ahead of public listing

An earlier media report revealed that the hardware making company lost around $500 million in the third quarter of 2018. Though the company did not disclose any figures publically, the numbers were estimated based on various financial reports filed by the company for its initial public offering (IPO).

Bitmain is also desperately pushing to go public. Its application for a public listing with the Hong Kong Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term (HKEx) lapsed earlier this year as the stock exchange was reluctant to list any company with business entirely based on the controversial crypto economy.

In June, Bloomberg reported that Bitmain is now trying to go public in the United States and is aiming to raise between $300 to $500 million.

Meanwhile, Bitmain’s competitor Cannan Creative, which is the second-largest crypto miner maker, reportedly filed for an IPO in a US exchange.