Citing a source who viewed an update that was filed with the Hong Kong Stock Exchange the publication also reported that Bitmain generated revenues of more than $3 billion during the first three quarters of 2018 with only $200 million being generated in Q3.
The loss is evidence that the crypto bear market has dampened demand for mining rigs, the firm's major product. It comes at a particularly bad time as Bitmain has been planning an IPO on the Hong Kong Stock Exchange.
While it is not a given, these results might now complicate this effort. This is especially so considering that the CEO of HKEX, Charles Li Xiaojia, has previously raised concerns with the cryptocurrency firms.
Last month in Davos, Switzerland during the World Economic Forum gathering, Xiaojia questioned the sustainability of Bitmain-like businesses. This was in light of the toll that had been exacted on the cryptocurrency mining sector by 'crypto winter'.