Bitmain Technologies, the world’s largest cryptocurrency mining company, has reported brought in $1.1 billion in profits in 2018’s first quarter according to Term Sheet. According to an audit by KPMG which showcased Bitmain’s $1.2 billion net profit as well as a 50% net margin in 2017, Bitmain maybe looking at $3 billion net profit at the close of 2018.
According to the rumor-mill, Bitmain may be exploring launching an initial private offering (IPO). This would be on course, given that Bitmain has released a statement detailing its shipping and mining policies in order to garner a more transparent cryptocurrency ecosystem.
The company is taking transparency to heart by releasing information every 30 days which will include the algorithms that Bitmain is mining for itself, along with the total hashrate of all Bitmain hardware. The company has also disclosed that it will post its shipping and volume information through its Twitter account.
Bitmain has also gone on to restate its zero tolerance policy on ‘secret mining’. Secret mining is a practice where a company will covertly mine a cryptocurrency with a new rig before the hardware is available to the public at large.
The IPO is currently just speculation as Jihan Wu, Bitmain’s co-founder, has yet to reveal any information regarding the move, or if any move will be made.
ASIC mining rigs are a matter of contention in the crypto market. Some communities have embraced the hardware, while other cryptocurrency networks have implemented hard forks to the blockchain which would nullify their impact.