Bitmain May Lost $740M in Q3 2018

If this information will be confirmed, the future of the company and its plans to raise funds through an IPO are likely to be under great threat
05 December 2018   666

Bitmain, a leading manufacturer of equipment for Bitcoin mining, allegedly suffered a loss of $ 740 million in the 3rd quarter of this year. Moreover, in reality, these figures may turn out to be even higher, Bitcoinist reports.

Official reports from the Chinese giant regarding its financial results for the specified period have not yet been received, however, information that Bitmain suffered major losses is spread by Twitter-account BTCKING555.

So, on Tuesday, it posted a record that says about the “leak” of Bitmain financial data.

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! Approached by an investor desperate to liquidate Bitmain shares at $1,5 bln valuation ! Thats almost 90 prc down-round from August! With massive losses, Bitmain has no resources to support BCH. Illiquid BCH falls further hitting Bitmain balance sheet. Suppliers cut off credit lines & buyers wary to purchase equipment. IPO Canceled. Only solution - significant down round and VCs take over? Interesting to see!
 

BTCKING555 at Twitter

If this information will be confirmed, the future of the company and its plans to raise funds through an IPO on the Hong Kong Stock Exchange are likely to be under great threat.

Earlier it was reported that in the run-up to IPO, Bitmain could misinform potential investors about the participation of DST Global and GIC Private Ltd. in the June round of financing for Series B. Within its framework, the company allegedly raised $ 400 million, after which its investment valuation, it was alleged, rose to $ 12 billion.

Bitmain filed an application for an IPO in September, and as BitMEX’s research department later concluded, the company, like other representatives of the cryptocurrency industry, remains vulnerable to the overall market conditions.

Northern Bitcoin to Purchase 5000 Mining Devices

According to company's CEO, new devices from Bitmain and Canaan Creative will help company to expand it's business
02 July 2019   196

The German company Northern Bitcoin intends to double its computing power and acquire about five thousand new devices from the largest manufacturers of miners Bitmain and Canaan Creative. As stated in Northern Bitcoin, this will help expand the company's business.

The acquisition of the sought-after hardware is a great success for our company. With the doubling of our mining equipment just a few days after the start of our global scaling, we are setting the pace with which we aim to take a leading position in the fast-growing blockchain industry in the coming years.

Moritz F. Jäger 
CTO, Northern Bitcoin AG

 Northern Bitcoin is registered in Frankfurt am Main, and also has areas in Norway. In which countries the company intends to develop its business in the future, is not reported.