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The mining giant Bitcoin (BTC) Bitmain could have made losses of about $ 500 million in the third quarter of last year, the industry magazine CoinDesk reported on February 19, citing a document from the company.
Bitmain, which is currently attempting to launch an initial public offering under the auspices of the Hong Kong Stock Exchange (HKEx), has reported on its results in accordance with the rating criteria.
According to the publication, this report indicated that for the full year of 2018, excluding the fourth quarter, revenues stood at $ 3 billion and profits at $ 500 million. This contrasts with previous figures for the first half, for which the profit was $ 1 billion.
If the information is correct, the badumption is that the third quarter would have cost Bitmain $ 500 million in losses, thus corroborating a widely held theory that the acceleration of the bear market of Bitcoin, at the end of last year, had weighed heavily on the mining sector.
As reported by Cointelegraph, Bitmain's IPO process, which could generate significant funds for the company, has been fraught with difficulties since the plans were implemented in the second quarter of 2018.
HKEx itself added to the doubts in December, rumors claiming the exchange was unwilling to approve a cryptocurrency bid because of the volatile nature of the sector.
At the same time, Bitmain revealed several contractions in its global operations as well as staff cuts. The company also released its new Bitcoin mining hardware chip this week.
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