Ladies and gentlemen.
Bitmain seems to have run out of cash reserves as they spent all their money on BCash. They spent 70% of there operating cashflow from 2016 to q1 2018 on BCash. They have $880m of bcash on the balance sheet and only $100m of USD
As a result they are desperate to be bailed out. They are raising money pre IPO and will then do an IPO
@MrHodl I respectfully disagree- it is every VC-backed venture’s dream to IPO. It is not out of desperation. In fact, only the most successful companies ever get this chance. BCH is a very small part of Bitmain ($500m of a $18b company). BCH, in my estimation, was a bad bet for Bitmain. But the fact remains that they are enormously successful ($1b in profits in Q1 2018 alone).
@Dennis the important point is they didn't just buy loads of Bcash, but they spent most of their money on it so now dont have enough USD to run their business
@MrHodl I’m open minded, can you link to or provide reasoning for how they “don’t have enough money to run their business”? Jimmy Song said they are the “most profitable company in Bitcoin” https://medium.com/@jimmysong/just-how-profitable-is-bitmain-a9df82c761a
@Dennis They were. They used most of their money buying BCash.
@MrHodl they made $1b profit just in Q1 2018. That’s more recent than the leaked ppt making the rounds.
https://techcrunch.com/2018/08/10/crypto-mining-giant-bitmain-on-target-for-10b-revenue-this-year/
@Dennis they've bled half a billion in the last 3 months alone.
@MrHodl this is showing their crypto assets up until March, which says nothing about their overall profit (total revenue - total expenses) during that period (which was $1.1b).
@Dennis Yeah, that's not the full doc. More information should get released soon.
@Dennis @MrHodl Bitmain's valuation should give anyone at an existing chip manufacturer pause. It would be leaving money on the table if they didn't at least investigate entering a space with potential for huge profits and very few competitors.
Nvidia has been talking about crypto a lot lately, so I wouldn't be surprised if they were cooking something up.
@MrHodl it’s speculation, but a poor Q2 is interesting i suppose.
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@Dennis Also don't forget that they fucked up the last 2 next gen chips fabs.