Bitmain, a crypto mining giant, has lost around $740 million in its third quarter of 2018 which mostly includes loss from Bitcoin Cash and loss of inventory, says BTCKING555 – a tweeter handle focused more on tweeting about the crypto industry, more diverted towards the crypto mining giant Bitmain.
Future of Bitmain
However, this is just a rumor, which if comes out to be true, will not only impact the future of the firm but also have an adverse effect on the capital raising from the market with listing the shares in Hong Kong Stock Exchange. The tweet says:
“We got leak of Bitmain Q3 numbers! COMPLETE DISASTER. The company lost $740 Million including losses on inventory and bitcoin cash! And this is not accounting for hash war costs! #bitmainipo @HKEXGroup”
Bitcoin Cash Value
According to the tweet, the loss is not final yet; it could also rise in amount – as not accounting for hash war cost during the hard fork of Bitcoin Cash. Bitmain has faced a lot of troubles throughout the year. It went through negative publicity of BTC, bad sales, and poor technical performance of its mining hardware. The firm has also been through the dwindling performance of Bitcoin Cash; which can clearly be seen in the first quarter.
Bitmain, being the largest in terms of holding Bitcoin Cash, was holding over 1 million tokens of BCH. Bitmain was liquidating the holdings in Bitcoin for increasing the stake in Bitcoin Cash. Since the hard fork, Bitcoin Cash has lost most of its value, and as of now, trading at its life-time low values.
The firm is still troubling with multiple things like mining business, mining hardware technical performance, and crypto industry failing to back on track, which is declining the image of the firm. It would be interesting to see how Bitmain will plan its IPO in the future.