Bitmain, which is currently attempting to launch an initial public offering (IPO) under the auspices of the Hong Kong Stock Exchange (HKEx), submitted a report into its earnings in line with listing requirements.
According to the publication, that report indicated that for 2018 as a whole, excluding Q4, revenue was $3 billion and profits $500 million. This contrasts with previous figures for the first half of the year, for which profit was $1 billion.
If the information is correct, the assumption is that Q3 cost Bitmain $500 million in losses, corroborating a widely-held theory that the accelerating Bitcoin bear market late last year took a serious toll on the mining sector.
As CryptoNewspeople reported, Bitmain’s IPO filing process, which could raise significant funds for the company, has been fraught with difficulties since the plans made their way into the public realm in Q2 2018.