Bitmain’s third-quarter financials have been leaked, with Twitter user BTCKING555 alleging that the company lost $740 million in the reporting period. The official statement from the Chinese mining equipment producer is expected soon, ahead of its planned initial public offering (IPO).

https://twitter.com/btcking555/status/1070068239542206465

A drop in demand for mining rigs, which was already felt in the second-quarter results, will continue to depress the bottom line. However, the biggest portion of Bitmain’s loss may come from the recognized lower market value of the BCH stack it owns.

Bitmain was the chief entity to stand behind the Bitcoin Cash network since August 1, 20…

This article appeared first on Cryptovest

Like this: Like Loading...