Bitmain Q3 Figures Leak And Could Spell Disaster For The Bitcoin Mining Leader’s Upcoming IPO
Bitmain’s Leaked Q3 Figures Could Spell Disaster For The Firm’s Upcoming IPO
According to Twitter user BTCKING555, Bitmain’s third-quarter (Q3) financials have been leaked onto the internet and it appears as though the company has lost a whopping total of $740 million during the aforementioned time period.
While no official statement has been released by the the folks over at Bitmain at this time, it is quite obvious that such findings will definitely affect the firm’s upcoming initial public offering (IPO).
The tweet by BTCKING55 reads:
“We got leak of Bitmain Q3 numbers! COMPLETE DISASTER. The company lost $740 Million including losses on inventory and bitcoin cash! And this is not accounting for hash war costs! #bitmainipo @HKEXGroup”
What’s Behind This Massive Financial Loss?
As we all know by now, over the course of the past 8-12 months, there has been quite a tangible drop in the number of mining rigs that have been bought and sold across the globe. Not only that, as per Bitmain’s official sales figures for Q2, the above stated financial figures had already started to foreshadow a drop in demand for mining equipment moving forward.
Also worth noting is the fact that Bitmain is one of the primary entities to hold vested interests in the Bitcoin Cash (BCH) network. Thus, as a result of the recent market crash, it now appears as though Bitmain has lost a lot money on its BCH gamble.
Until we receive official word from a representative at Bitmain, these leaked reports can neither be brushed aside or considered to be the truth. However, if the losses projected in the report are anywhere close to the real numbers, Bitmain’s upcoming IPO could be in real financial jeopardy.