Bitmain Incurred $625 Million in Losses, New Mining Machines to Turn the Tables for Q3
Within the first two months of 2019, privately-owned chips designer for bitcoin mining, Bitmain has reportedly incurred $625 million in losses discloses Bitcoinist. In particular, January’s losses added up to $345 million, followed by February’s additional $280 million.
That said, the firm is positive that it can find ways to turn the tables and alter this unexpected situation to their advantage.
In order to recover from said losses, Bitmain supposedly is confident that its new 7nm machines will bring in sales revenue; not to mention an increase in cash flow for the third quarter of 2019 and potential growth within the artificial intelligence (AI) sector. As for the updated technology, it has been recognized as 7nm chips that come from Taiwan Semiconductor Manufacturing Company (TSMC).
Based on AMB Crypto’s reporting, Bitmain might have ordered an estimated 30,000 7nm wafers from TSMC, which is supposedly worth $300 million. Given the size of the order, four months’ time has been given to fulfill it.
2018 appears to be a nightmare for the bitcoin-mining equipment provider, as it was the year in which Bitmain went all out on Bitcoin Cash [BCH] and was frowned upon for the promises made in regard to the possible listing of an Initial Public Offering (IPO).
Will Bitmain’s hopes be crushed or will it overcome the hurdles faced.