Media: Bitmain lost $ 500 million in Q3 China …

Media: Bitmain losses in the third quarter amounted to $ 500 million

Chinese mining company Bitmain lost $ 500 million in the third quarter of 2018 amid a decline in cryptocurrency market, writes CoinDesk with link on updated financial reporting, provided by the Hong Kong Stock Company exchange (HKEX) for conducting an initial public offering (IPO) on its site.

In the first nine months of the past of the year Bitmain started working about $ 500 million at the total receipts at $ 3 billion, reported familiar source. Previously Bitmain announced that its profit for the first half of 2018 was $ 1 billion. of this it follows that the company’s losses in the third quarter reached $ 500 million.

Media: Bitmain lost $ 500 million in Q3 China ...

In the past Bitmain also reported that her income for the first half of the year was $ 2.8 billion. Thus, when accounting general receipts per nine months remain in the third quarter Total about $ 200 million.

Media: Bitmain lost $ 500 million in Q3 China ...

The updated reporting also contains information about Bitmain’s cryptocurrency holdings – they are depreciated since more than $ 800 million on June 30 to less than $ 700 million at the end of the third quarter. Fall of more than $ 100 million coincided with an overall decline cryptocurrency market.

The IPO filing filed by Bitmain at the end of September contained information about Tom, that the company mainly kept bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash. Ratio assets it is unknown in her portfolio. According to CoinMarketCap, the prices of these cryptocurrencies fell by more than 50%, and Bitcoin Cash lost over 70% of the value.

Documents, of which was gleaned this information, the general public will be presented only in Tom case, if Bitmain application will be admitted to the meeting regarding listing company shares, which can not take place, given doubts HKEX on the viability of mining companies.