The financials at crypto mining giant Bitmain aren’t looking too pretty. That’s based on an updated filing with the Hong Kong Stock Exchange that shows the company lost about $500 million in the third quarter of 2018.
According to a recent report by CoinDesk that cites the non-public filing, Bitmain earned roughly $500 million in the first 9 months of 2019 with over $3 billion in revenue. Given the fact that it previously disclosed a gross profit of $1 billion in the 1H 2018, the drop in profit from the first 6 months indicates that Bitmain lost roughly $500 million in Q3.
The numbers in the report are on par with what TechCrunch calculated in a report last fall, which predicted that the company lost $400 million in the third quarter of 2018.
Based on Bitmain’s $2.8 billion in revenue for the first half of 2018, the recent data shows that third-quarter revenues were only around $200 million, a significant drop quarter over quarter.
This news comes after it was revealed that co-founders Jihan Wu and Micree Zhan, who’ve served as Bitmain’s co-CEOs, are planning to take a step back from the company’s day-to-day management.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.