Bitmain's Profit to Exceed $1B in Q1 2018

After the additional $ 400 million raised in June, the value of Bitmain is estimated at about $ 14 billion
31 July 2018   256

The Chinese mining giant Bitmain made a profit of $ 1.1 billion in the first quarter of this year. This is reported by the Fortune.

In particular, the source confirms the information that the largest producer of mining equipment is preparing for an initial public offering (IPO) in Hong Kong.

After the additional $ 400 million raised in June, the value of Bitmain is estimated at about $ 14 billion (16.6% more than the company's previous estimate).

Only for the first quarter of this year, Bitmain's net profit was $ 1.1 billion. According to the most conservative projections, in annual terms this figure will amount to 2 to 3 billion US dollars.

Over the past year, the company of Jihana Wu earned $ 2.5 billion, which is eight times higher than in 2016.

SoftBank to Deny Deal With Bitmain

It is noteworthy that Tencent has not yet commented on the situation
20 August 2018   92

The Japanese media corporation SoftBank came out with an official refutation of its participation in the investment deal with the largest manufacturer of mining equipment Bitmain. This is reported by Cointelegraph.

Information on the participation of Tencent and SoftBank in the financing of Bitmain appeared at the beginning of the month. Then it was reported that Tencent and SoftBank invested $ 1 billion.

Neither the SoftBank Group Corp. nor the SoftBank Vision Fund were in any way involved in the deal.
 

Kenichi Yuasa

Corporate Communication Office, SoftBank Group Corp.

It is noteworthy that Tencent has not yet commented on the situation.

According to the chief strategic director of Blockstream Samson Moe, Bitmain is increasing the pace of financing due to unsatisfactory financial results of the second quarter. He estimates the company's losses at $ 600-700 million.

Bitmain plans to leave on IPO already in September. Estimates of the volume of future investments vary from $ 3 billion to $ 18 billion.