Bitmain posts $625 million loss, hopes for a turnaround through sale of its 7nm miners

Bitmain, the world’s largest Bitcoin mining hardware producers, witnessed a significant turn of events from their 2017 hay days. In the following year which was dominated by the bear markets, like many other crypto-centered service providers even Bitmain saw a plunge in demand for its products, which subsequently took a heavy toll on its cash flow. According to their IPO filling for the last quarter of 2018, the firm suffered losses of $500 million.

A Chines news publication reported that Bitmain posted a loss of $625 million for the first two months of 2019, where it has reportedly incurred losses of $345 million in Jan and $280 million in Feb. However, the firm reported a profit of $315 million for the month of March, taking its overall loss for the first quarter of 2019 to $310 million. The poor performance of the world’s largest mining hardware producers can be attributed to the outdated 16nm miners.

Bitmain optimistic about 7nm miners

Bitmain is expecting a turnaround in the second half of 2019 with its yet-to-be released 7nm miners, which is expected to create a surge in demand for its products in the market. The company is confident of a strong performance in the fourth quarter of 2019 as it has received ample advance payment for their 7nm mining machines. Read More at AMBCrypto...

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