Bitmain Posts $625 Million Q1 Losses, Still Planning 2019 IPO

Bitmain, one of the largest makers of Application-Specific Integrated Circuits (ASICs) chips for Bitcoin mining, has reported a loss of $625 million in the first quarter (Q1) of 2019.

However, the company posted profits totaling $315 million in March, bringing its net loss to $310 million. Bitmain says its losses have compounded due to the initial lack of demand for its 16nm mining chips, which were later sold at a lower price.

Read More at BeinCrypto

#Bitmain #Mining