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Thanks to the revival in the entire cryptocurrency market this year, and Bitcoin specifically, things have started looking up for the cyrpto mining company Bitmain. Notwithstanding, the crypto mining giant reportedly recorded a loss amounting to $310 million in the first quarter of 2019.
As bad as that may seem, the company is actually on its way up again. Despite the massive loss, Bitcoin reportedly made up to $315 million profit in the month of March, reducing an incredible amount of $625 million in losses to “just” $310 million.
The loss is yet accounted to lack of sales of Bitcoin mining equipment, precisely the 16nm range of mining machines. While the market seems to be reviving, it is not yet fulfilled its full potential, and that is also reflected in the purchase of cryptocurrency mining equipment.
Bitmain, in its usual manner, has decided to leave the past in the past and focus on the future. The company already releases its new flagship, a series of 7nm mining machines, with hopes that it will bring a change to their current revenue state.
As unpredictable as the market may be, Bitcoin fans look forward to a brighter tomorrow, while preparing to majestically ride and kind of wave that emits from the crypto market.
Not a bad start, I must say. We look forward to hearing more from the firm soon.
Crypto Winter Was Coming
The chief crypto mining company worldwide, Bitmain, has ridden the waves of Bitcoin highs and lows over the years. Although the sky has been gloomy for the ASIC master since the crypto winter of 2018, the company has managed to keep its head above the water.
As a company focused on crypto (primarily Bitcoin) mining equipment, it is needless to state that the price and state of Bitcoin(BTC)trade has a strong pull on its revenue. Stemming from that, the crypto winter last year caused a great set back for the company, causing them to put some projects on hold, mass firing, and even shut down operation in countries like Israel and Amsterdam. Bitmain drowned alongside Bitcoin, which peaked at about $20,000 in late 2017, but found itself falling to its lowest price in years in 2018, below $3,000.
This unexpected turn of events brought about an abrupt reduction in the sales of Bitcoin mining equipment, causing the company’s revenue to hit the rocks. Perhaps now, as the entire crypto industry appears to be on the rise, Bitmain’s bottom line will trend upwards as well accordingly.