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