Cryptocurrency mining hardware giant Bitmain Technologies Ltd. has reportedly incurred a net loss of $310 million in the first quarter of this year.
Bifurcating the net figure, Bitmain suffered losses of $345 million and $280 million in...
Cryptocurrency mining hardware giant Bitmain Technologies Ltd. has reportedly incurred a net loss of $310 million in the first quarter of this year.
Bifurcating the net figure, Bitmain suffered losses of $345 million and $280 million in January and February, respectively, and made a profit of $315 million in March, according to a report from Tencent’s news portal QQ.
Weak demand for Bitmain’s 16nm range of mining machines, which were sold at lower prices to clear inventory, was reportedly the key reason for the loss. Looking forward, sales of the firm’s recently released 7nm mining machines are expected to lead to a profit.
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source https://www.tokentalk.co/The Block/crypto-mining-giant-bitmain-incurs-310m-net-loss-in-q1-2019-5d47de417be6c31b6def9885
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