The leading miners of Bitmain are reducing production, expected flattening sales in 2020, increasingly far-reaching IPO.

The mining giant Bitmain is facing many difficulties, under pressure from the endangered financial situation. Sales director said the performance of S17 and T17 is "very limited".

It seems that Bitmain is very weak in 2020, the poor production level makes it difficult for the company. IPO under the plan is increasingly unsatisfactory.

BitMain's leading products are reducing production

In a recent workshop, sales manager, Fan Xiao Jun, said that they are reducing production speed for S17 and T17 miners. He acknowledged that the company will not sell much after March 2020.

This story was first reported by Samson Mow, highlighting the profound issues that plagued the mining equipment giant.

Bitmain's problems have been around for a long time, especially since 2018. Last month, the company announced a plan to lay off about 50% of its employees. Co-founder was "kicked" out of the company, Micree Zhan, calling this action a "irreversible" mistake.

The company started losing money in 2018. In the second quarter of 2018, the company reported a loss of $ 1 billion. As planned, the halving phase will take place in May 2020, when the mining profit will surely hurt Bitmain and other companies.

IPO is likely will not happen

All the controversy occurred at a time when Bitmain was eager to announce an IPO. Despite repeated failures in the past, the mining giant submitted an IPO to the SEC in October 2019 under the sponsorship of Deutsche Bank.

However, there is speculation that Bitmain completely canceled the request to the SEC due to financial difficulties. In fact, recent reports indicate that all parties want Bitmain to cancel the IPO request due to its involvement with BitClub's Ponzi scheme.

Before this situation, it is likely that Bitmain will have to cancel its IPO. Moreover, leading mining companies are facing many difficulties. Stay tuned for a top new Bitcoin miner to appear in 2020.

Thuy Ngan

Bitcoin Magazine | Beincrypto

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