The value of the assets of the Chinese company slipped by 90% due to the unsuccessful mining business

The value of the assets of the Chinese company slipped by 90% due to the unsuccessful mining business

The value of the assets of the Chinese company slipped by 90% due to the unsuccessful mining business. The assets of the company Huatie HengAn, part of the public Chinese construction company Huatie, decreased by 90% – from $ 25 million to $ 2 million. 8btc reported.

So, in 2018, Huatie HengAn acquired 36.5 thousand mining devices from manufacturers Canaan and Ebang and began mining cryptocurrency. It is noteworthy that officially its activities were related to cloud computing, and in the reporting the miners pass as a “server”.

As of the end of 2018, the company’s net losses amounted to $ 14 million, and in February reached $ 23.5 million. The publication claims that the company was sold.

The financial report of the parent company Recall the losses of the largest manufacturer of equipment for the extraction of cryptocurrency Bitmain in the third quarter of 2018 amounted to $ 500 million, and the sharply falling demand for video cards for mining from Nvidia forced the company to exclude the crypt market from the priority development areas.

The value of the assets of the Chinese company slipped by 90% due to the unsuccessful mining business