Bitmain Poised to Fail?
February 19 2019 - 12:08PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
February 19, 2019 -- ADVFN Crypto NewsWire -- Since the dawn of
crypto mining, it has seemed as if no one can even come close to
matching up to the success of Bitmain. If you do not already know
Bitmain, then chances are you do not already know of Bitcoin Cash
or the Segwit debate as well. In a general sense, Bitmain is the
one and only titan of crypto mining, which reported a revenue of $3
billion through the first half of last year, despite the tough bear
market.
The fact is, however, despite
impressive numbers like this one, even they began to fail at the
close of 2018, which included reporting a $500 million loss in the
third quarter of the year. While normally, this might be something
that a company could bounce back from, in the case of Bitmain, this
loss occurred while they were beginning to file the paperwork for
their Initial Public Offering. In any industry, when a company is
about to go public, its’ numbers need to be as sound as
possible.
To make matters worse, Bitmain
reportedly refused to weigh in on CoinDesk’s article on the subject
today, despite the suggestion that its’ portfolio of crypto
holdings might be on shaky ground, due to their apparent refusal to
report what percentages they hold of the crypto-assets that make it
up. Even so, it has been publicly disclosed that these are Bitcoin,
Bitcoin Cash, Dash, Ethereum, and Litecoin.
With the deadline for the Hong Kong
Stock Exchange’s decision on Bitmain’s proposed IPO looming ahead
on March 26, there appears to be little support for the company’s
aim to go public. In the end, as with almost anything related to
such matters in the crypto space, only time will tell. Perhaps,
before then, we will know what kind of exposure Bitmain has to
which of its’ held cryptocurrencies.
By: BGN Editorial Staff
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