Bitmain Losses in Q1

Reported $310 Million Loss for Bitmain in Q1

Bitmain has been reported to have lost $310 million in the first quarter of 2019. The figure was reported by Tencent’s news portal QQ. The losses are believed to mainly be attributed to poor sales of their 16nm mining hardware. Sales of their 7nm mining hardware are believed to be promising. The report also outlines that Bitmain will be seeking to raise $1 billion in a US IPO later this year.

Source: The Block