Is Bitmain about to go bankrupt?


Cryptocurrency mining manufacturing giant Bitmain has had its share of issues lately. The company has made claims that it had received financial support from several large financial giants, namely Japan’s Softbank and China’s Tencent, which apparently weren’t true. It was also been called out for possibly exaggerating its financial information after internal documents seemed to indicate that it couldn’t be as cash‐flush as it had claimed. In absence of any response from the company, some are now wondering if the most profitable crypto mining‐based company in the world could be on the verge of going bankrupt.

A report by media outlet QQ seems to indicate impending failure for the company. QQ’s INEWS section points out that Bitmain is suffering from inventory losses, a lack of new manufacturing and the dwindling crypto mining market, which has already caused NVidia to pull back on its production and financial forecasts.

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