Bitcoin Mining Giant Bitmain Reveals $500 Million Loss; End of the IPO Dream?

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Bitcoin Mining Giant Bitmain Reveals $500 Million Loss; End of the IPO Dream?

The world’s largest maker of cryptocurrency mining equipment Bitmain made a $0.5 billion loss in 2018’s Q3, CoinDesk reports. Citing a source who viewed an update that was filed with the Hong Kong Stock Exchange the publication also reported that Bitmain generated revenues of more than $3 billion during the first three quarters of 2018 with only $200 million being generated in Q3. The loss is evidence that the crypto bear market has dampened demand for mining rigs, the firm’s major product. It comes at a particularly bad time as Bitmain has been planning an IPO on the Hong Kong

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