Chinese bitcoin mining giant Bitmain had revenues of $2.8 billion in the first half of 2018

Bitcoin
mining computers are pictured in Bitmain’s mining farm near
Keflavik.
Thomson
Reuters

• Chinese crypto mining company Bitmain has filed IPO documents
  with the Hong Kong Stock Exchange.
• The preliminary documents show Bitmain had revenues of $2.8
  billion in the first half of 2018.
• First half revenues are more than Bitmain’s entire 2017
  revenues and come despite a slump in the crypto market.

Crypto mining giant Bitmain made more revenues in the first six
months of the year than it did in the entire 2017 — despite the
slump in crypto prices and activity in 2018.

Bitmain, which makes and runs crypto mining software, filed a
preliminary IPO prospectus with the Hong Kong Stock Exchange on
Wednesday. 

In it, the Chinese company discloses that it had revenues of $2.8
billion in the six months to June 2018. That was up from revenues
of $2.5 billion across the whole of 2017 and revenues
of $137.3 million in 2015. 94% of sales came from mining
hardware sales. It sold hardware to over 80,000 individuals and
companies in the first half of the year.

Bitmain had profits of $701.4 million in 2017 and $83 million in
the first six months of the year, the prospectus shows.

The jump in revenues so far this years comes despite a slump in
cryptocurrency prices and activity since the start of the year.
The global cryptocurrency market has collapsed by almost 75%
since its peak in December.

Bitmain’s prospectus claims it has a 74.5% share of the
global crypto mining hardware market, according to business
consultancy Frost & Sullivan.

The company also operates 11 mining farms across China and
operates the world’s two biggest mining pools, BTC.com and
Antpool.

Bitmain says it is now looking to expand into developing
microchips for artificial intelligence. 

The prospectus is an early draft and does not include any guide
to how much Bitmain will be valued at in any eventual listing.
Crypto industry website CoinDesk reports that
Bitmain could look to raise as much as $18 billion in a listing
and be valued at as much as $50 billion.

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