Recent Filing Reveals Bitmain Lost $500 Million in Q3 2018

via Bitmain.com

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‚Äôs day-to-day management.

More: Mining Giant Bitmain Posts $500 Million Loss in IPO Financial Filing
Similar: Executive Shuffle: Bitmain’s Co-Founders Step Back From the CEO Role

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.

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