According to the report, in the first quarter of this year, Bitmain had an operating revenue of $1.082 billion – $253 million each for January and February, with $579 million being produced in March. The gross margins for the 3 months were $7.91 million, $14.7 million, and $25.21 million respectively.
With the bullish wave Bitcoin experienced this year, things have started to take a positive turn for the Bitmain mining company.
Bitmain is focusing on the future with the release of its new series of 7nm mining machines, with hopes of changing their current revenue status.
The company also revealed plans of revisiting its plan of an IPO, which was put on the shelf due to the long bearish period from last year.
As a company that is based mostly on Bitcoin mining equipment, there is a correlation between the trading price of Bitcoin (BTC) and the revenue of Bitmain’s service. Because of this, the impact of last year’s crypto winter caused the company to shut down its operations in Israel and Amsterdam and cut down massively on personnel.
Bitcoin’s unexpected drop led to an abrupt decrease in the sales of Bitcoin mining hardware, which in turn caused Bitmain revenue losses.
Featured image: CoinDesk
source: https://coindoo.com/bitmain-suffers-loss-of-310-million-in-q1-of-2019/
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