According to a Chinese website report, the leading manufacturer of Bitcoin mining equipment Bitmain saw a loss of $310 million in the first quarter of 2019. In January and February, the company reported losses of $345 million and $280 million respectively. But in the next month, Bitmain reported a profit of $ 315 million. According to the report, losses occurred due to the shipment of obsolete 16-nm mining rig at low prices.
Bitmain expects to end the year on high as the company will begin selling new 7-nm devices. According to the report, the company has already ordered a large stock of the latest equipment from Taiwan Semiconductor Manufacturing Company (TSMC) with a delivery time of 3-4 months. Last year Bitmain had to close its offices in Amsterdam and Israel due to the high losses that the company suffered.
Last year Bitmain planned to launch IPO in Hong Kong, but the application expired in March of this year. Now this time, the mining company may file for the IPO in the USA as they are expecting a good run in the second half of the year.
Bitmian’s revenue is heavily dependent on the price of Bitcoin, which is highly volatile. It was also reported that last year when the price of bitcoin went down, the company had to let go almost half of its staff. Coming months for the mining giant looks promising as the company looks to file for an IPO in the USA, which would be considered a huge achievement.