Mining giant Bitmain has reported losses of approximately $500 million in Q3 of 2018, CoinDesk reports. The information was provided to the Hong Kong Stock Exchange (HKEx), to whom Bitmain had applied for an initial public offering in September. HKEx requires Bitmain to disclose financial results no later than six months after the ending of the period reported. According to the update, Bitmain’s revenues reached more than $3 billion—meaning it earned approximately $500 million during the first three quarters. CoinDesk claims since Bitmain previously stated it had earned $1 billion in the first two quarters of 2018, the company must have reported losses amounting to approximately $500 million in Q3.
The information, which has come following mass layoffs and office closures, proves the Beijing-based company as was hit hard by the bear market and waning interest in mining hardware.
Bitmain denied the rumors in an official statement, saying they “are not true, and we will make announcements in due course in accordance with the requirements of relevant laws and regulations.”