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- Huatie was forced to sell its subsidiary, Huatie HengAn, for only 10% of its initial valuation as a result of the losses.
- Huatie HengAn started as a construction company, but it is suspected that they switched to cryptographic extraction.
The Chinese company Huatie has been forced to sell its subsidiary, Huatie HengAn, for only 10% of its initial valuation, following losses of up to $ 23 million in a single year. In 2018, Huatie's year-end financial report showed losses of $ 14 million and in February 2018 these losses had soared to $ 23 million.
Huatie HengAn was originally supposed to be a construction company, but suspicions increased when the company's annual financial records showed that they had bought 36,500 units of computer equipment in Canaan and Ebang in 2018, that they listed as "servers" for their mining cryptography hardware, it is suspected that they have secretly rotated from construction to mining.
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