Losses in January and February were $345 million and $280 million, respectively. In March, the company was expected to generate a profit of $315 million, bringing the total loss for the first quarter to $310 million. According to media reports, this is due to the liquidation of outdated 16nm miners at a reduced price during the period.
Despite the weak start of the year, Bitmain expects to prove itself in the second half of the year. This should be facilitated by the removal of old miners from warehouses and the release of new 7nm devices for sale. Earlier it was reported that Bitmain ordered a large batch of 7nm chips from Taiwanese semiconductor company TSMC with an expected delivery time of 3-4 months.
The company intends to consistently increase cash receipts during the third quarter as it receives preliminary orders for new equipment and is preparing for explosive growth when deliveries begin. Bitmain's special expectations also relate to its range of products focused on the artificial intelligence industry.
Positive results in the second half of the year may contribute to the success of Bitmain's initial public offering (IPO), which the company is expected to conduct in the U.S. after the failure in Hong Kong.
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