Bitmain earned a billion in the first quarter

In the first quarter of 2018, Bitmain, the world’s largest mining equipment manufacturer, reported a net profit of $1.1 billion.

According to Fortune, which cites an email from a source close to the company, a conservative estimate of net profit for the year is $2-3 billion. According to the same email, last year’s audit of Bitmain conducted by KPMG showed that the company received $1.2 billion in net profit and an approximately 50% profitability ratio. Bitmain has also raised more funds in addition to the $400 million reported in June, and is now valued at about $14 billion. Previously, the company was valued at $12 billion. The letter also states that Bitmain will file for an IPO “very soon.” It should be noted that the first hints of a possible IPO were made by the company’s CEO Jihan Wu in an interview with Bloomberg. After Jihan’s comment, Bitmain raised the aforementioned $400 million.

Bitmain claims to control only 3-4%.

Meanwhile, Bitmain has released a new model of the Antminer mining farm, strengthening its monopoly in the cryptocurrency mining equipment industry. In response to accusations that the company controls about half of the bitcoin hashrate, Bitmain cited statistics showing that it controls only 3-4% of mining capacity. Earlier it became known that Google updated the provisions of the Policy for content developers for the Play Store. The new rules prohibit cryptocurrency mining, explosive manufacturing manuals, and games about Disney princesses giving birth. Google blocked miners from the Chrome Web Store in April and has now extended the ban to mobile apps. At the same time, apps for remote mining control are still allowed. As we reported earlier, the Canadian energy regulator has approved Hydro-Québec’s plan to raise electricity fees for cryptocurrency miners. It is assumed that electricity will cost miners twice as much as local buyers.