August 5, 2019 Bitmain, the leading manufacturer of Bitcoin ASICs, reports a $310M net loss in Q1, citing lowered demand for 16nm machines.

The company has recently unveiled more efficient 7nm miners in an effort to spur growth, which will compete with similar machines from Cannan Creative, who recently filed a US IPO application as the second largest producer of ASICs. Bitmain’s application for a Hong Kong IPO lapsed in late 2018, and both founders stepped down as co-CEOs in early 2019.