The long-lasting crypto winter, which hopefully is now over, is also noticeable in the sales quarterly figures of large companies. Mining giant Bitmain reports that the second quarter ended with a loss of over $ 300 million. But the manufacturer remains optimistic. That reports the news site coindoo.com.
New miner should provide an upswing
Bitmain, one of the biggest Manufacturer/Model by Mining hardware, ended the first quarter with a loss of $ 310 million. The News site relies on a Chinese contribution from IT giant Tencent, one of the largest investors in Bitmain. Although in March you can $ 315 million profit written in black. But with one January loss of $ 345 million and in February with $ 280 million, the quarter was anything but positive.
But Bitmain is not unsettled by this. The company is optimistic with the new ones 7nm ASIC based mining devices to be able to benefit. The inventory of 16nm mining equipment was cleared, which should also have led to the losses listed above. The new 7nm chip was presented in February. Big advantage: the chip should make Bitcoin mining more energy-efficient.
With the current rise in Bitcoin prices, device sales could experience a new upswing. In addition, we recently reported that Bitmain despite the failed IPOs will try again. This time not in Hong Kong as before, but in the United States of America. A total of between 300 and 500 million US dollars are to be collected.
Anyone who believes in the long-term success of Bitcoin (BTC) will also be convinced of the success of the mining manufacturers. Because the last Bitcoin will probably not be mined until 2040.
Photo credit: pixabay.com | CC0