Leaked Data Allegedly Reveals $1.2 Billion Bitmain Q1 Profits, Bitcoin Hashing Power at All Time High

Leaked financial data has allegedly revealed that cryptocurrency mining juggernaut Bitmain captured a monolithic $1.2 billion USD in profit for the first quarter of 2018, as well as hinting toward details of the upcoming Bitmain IPO. Announced by Fortune's Term Sheet, the data - purportedly obtained via an email delivered to the media outlet by a source "Close to the company" - reveals a staggering billion-dollar net profit obtained by the Beijing-based crypto mining platform.

Bitmain to Launch IPO. Term Sheet's as-yet-unpublished data allegedly reveals that Bitmain is currently in a fundraising round, seeking to boost a $400 million round from early June 2018 aimed at assisting in a public offering set for later this year.

Chinese regional news resource Toutiao initially reported concrete evidence of the second round of funding on July 16, 2018, catalyzing extensive speculation within the cryptocurrency ecosystem regarding the potential of a Bitmain IPO. Bitmain Technologies Ltd Co-Founder Jihan Wu noted the possibility of a Bitmain IPO in an interview with Fortune in June.

Term Sheet's data purportedly reveals a new funding initiative that would see Bitmain valued at roughly $14 billion USD, implying a potential 10 to 11x earnings multiple.

Term Sheet's email data allegedly demonstrates that Bitmain anticipates a conservative estimate of $2 to $3 billion in profits over the next year.

Bitmain may be a stellar example of a highly successful cryptocurrency-based venture, but not all market participants are excited by the rapid rise of mining operations.

Ethereum co-founder Vitalik Buterin recently targeted Bitmain in a series of open questions and notes that Bitmain and other associated pools are close to controlling over 51% of the total Bitcoin hashing power.

With such dramatic profits it's unlikely that Bitmain plans on eliminating its main source of income in the near future.

Wu has outlined a far-reaching plan for the future of the company in an interview with Chinese media, announcing that Bitmain will expand into Bitcoin mining hardware, as well as developing artificial intelligence solutions.

Bitcoin Hashing Power Surges Ahead. Bitmain's rapid expansion and impending IPO coincides with an all-time high in total Bitcoin hashing power, with data from Blockchain.com demonstrating a surge from 36 million TH/s on July 28 to over 50 million TH/s within 24 hours catapulting the Bitcoin blockchain to never-before-seen hashrates.