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   546

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.

Bitmain to Launch Antminer T17 ASIC Miner Sales

New device is designed for mining cryptocurrency on the SHA256 algorithm, such as Bitcoin and Bitcoin Cash
29 April 2019   195

Bitmain, a leading manufacturer of mining equipment, began selling a new device based on the 7-nm chip Antminer T17.

ASIC-miner T17 is designed for mining cryptocurrency on the SHA256 algorithm, such as Bitcoin and Bitcoin Cash.

The device is capable of delivering a hashrate of 40 TH / s and has an energy efficiency of 55 J / TH.

The Antminer T17 utilizes dual tube heat dissipation technology to reduce wind resistance. The space between the air inlet to the air outlet has been reduced by 50%, improving heat dissipation which further enhances the long-term operation of the miner and reduce maintenance costs for users.
 

Bitmain Team

Antminer T17 is the cheapest model of the seventeenth line - its price is $ 1270. The new model is available for ordering on the company's website.

The expected delivery date of the purchased devices is May 5-20, 2019.

In early April, Bitmain announced the specifications of the new 7-nm devices Antminer 17 Series. On the wave of hype, ASIC miners Antminer S17, Antminer S17 Pro were sold out within 24 hours.