The bear market was not kind to anyone in the crypto industry. Anyone watching the market could easily see that the values of nearly every coin dropped, but the lack of progress in the cryptocurrencies’ values also made it difficult for miners to earn their rewards as well. In a recent report from Bitmain, the mining hardware company suffered a loss of $500 million in the third quarter of last year.

The company’s update was originally provided to Hong Kong Stock Exchange (HKEx). This platform is presently reviewing an application that Bitmain submitted for an initial public offering (IPO). The application was originally filed in September.

During the same quarter, the company managed to bring in just over $3 billion in revenue when combined with the rest of the year. However, since the filing is not public, there’s no way to find out how much of that revenue occurred during other quarters. Considering that Bitmain reported gross profits of $1 billion during the first half of the year, the net loss should be approximately $500 million for the third quarter, considering that there was a $500 million profit during the first nine months. Under the rules of HKEx, the listing applications are required only to provide the nine-month figures.

With the ongoing investigation and pending application for the IPO, Bitmain chose not to comment on the article. However, they had already showed how poorly their mining company was performing through layoffs and several office closures. The main source of their business is the manufacturing of mining equipment and the operation of mining farms and pools, which have both suffered substantially through the crypto winter.

With the update to the stock exchange, Bitmain also revealed that their crypto holdings lost value during the same period, going from over $800 million to down below $700 million within just three months. The IPO application showed that the main cryptocurrencies that Bitmain holds are Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dash. However, the report did not include and did not require a breakdown of each of the assets.

According to CoinMarketCap’s data, each of these crypto assets lost at least 50% of their value in that time frame. Bitmain supported the Bitcoin fork in 2017 that resulted in Bitcoin Cash. The token has dropped substantially, losing 70% of its highest value.

This report provided with the IP application will not be provided to the public without a listing hearing, which must be approved by the HKEx before the March 26th deadline arrives. The question of whether that will happen at all is still unanswered, since the exchange has been apprehensive about approving applications submitted by crypto mining manufacturers. Much of their hesitance comes from the uncertainty about how viable their profits are over time.

In other news, Bitmain did release new details about a 7nm cryptocurrency mining chip.

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