Bitcoin mining giant Bitmain could have made losses of around $500 million in Q3 last year

Bitmain, which is currently attempting to launch an initial public offering (IPO) under the auspices of the Hong Kong Stock Exchange (HKEx), submitted a report into its earnings in line with listing requirements.

According to the publication, that report indicated that for 2018 as a whole, excluding Q4, revenue was $3 billion and profits $500 million. This contrasts with previous figures for the first half of the year, for which profit was $1 billion.

If the information is correct, the assumption is that Q3 cost Bitmain $500 million in losses, corroborating a widely-held theory that the accelerating Bitcoin bear market late last year took a serious toll on the mining sector.

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