Home News Bitmain has allegedly lost $740 million due to Bitcoin Cash hashwar

Bitmain has allegedly lost $740 million due to Bitcoin Cash hashwar

According to fresh rumors reported by the Twitter user nicknamed BTCKING555, Q3 2018 saw Bitmain suffering the most striking losses in its history amounting to $740 million in total. Such a major financial loss allegedly proceeds from unsold products piling up and the BCH price meltdown resulting from Bitcoin Cash hardfork.

BTCKING555, who tweets almost exclusively about the world’s largest mining equipment producer Bitmain, gossiped that the company lost $740 million in the third quarter of this year alone:

“The company lost $740 Million including losses on inventory and bitcoin cash! And this is not accounting for hash war costs!” – the user wrote.

If these rumors happen to be true, this would mark Bitmain’s worst quarter on record.

Late in September, Bitmain filed an official application for the initial public offering (IPO) with the Hong Kong Stock Exchange (HKEX).

A month earlier, the company exchanged much of its crypto savings for Bitcoin Cash coins (BCH) in the run-up to the IPO.

Meanwhile, BCH price went down by more than 200% from $565, as of September 5, to $138, as of today.

The background to this lies in the general cryptocurrency market downslide and the Bitcoin Cash network hard fork which has led to a secession of Craig Wright’s Bitcoin SV.