Chinese cryptobinary giant Bitmain recently announced plans for the IPO. However, according to reports that appeared in Twitter, there is a possibility that the company may face tough financial problems, if the rumors that in the last quarter it lost about $1 billion, confirmed.
One Twitter user under the nickname “BTCKING555” reported that according to data of quarterly earnings reports Bitmain, the company had a loss of $740 million If this statement is not fake, the third quarter of this year will be the worse for Bitmain, considering the losses due to the active support of the Bitcoin Cash (BCH).
Recently by a Bitcoin Cash update became one of the most confrontational in the history of the forks of the block chains. The community was divided into two opposing camps and the update ended with a tough battle between two groups of developers – Bitcoin and Bitcoin ABC SV.
Heavy 2018 for Bitmain
At the beginning of the year, the mining giant has faced a number of problems. In addition to the decline in demand for mining equipment and the collapse of the stock market, the company started to lose revenue. In addition, translated in Bitcoin Cash reserves Bitmain suffered greatly during this period. In addition, the above-mentioned rigid fork made the situation worse and the asset has fallen to the greatest of lows.
Although Twitter was not mentioned in the Bitmain plans on carrying out IPO, but this message opened Pandora’s box and many have begun to doubt the financial status of the company and its chances of attracting funding.
Cash Bitcoin is trading now at $134, fell by 7.82% in the last 24 hours, with a daily trading volume of $85 million. Its market capitalization is $2.4 billion, and it is on the 5th place in the ranking of cryptocurrencies.
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Label: Bitmain IPO