Fun

Bitcoin Miner Maker Ebang Narrows First Half Loss To $7 Million, as Covid-19 Hit Demand

News Feed - 2020-09-29 04:09:35

Bitcoin Miner Maker Ebang Narrows First Half Loss To $7 Million, as Covid-19 Hit Demand


Ebang International Holdings Inc., the Chinese maker of bitcoin mining hardware, reported a net loss of $6.96 million during the first six months of this year, down from $19.07 million a year ago, as demand fell due to the coronavirus pandemic.


Revenue plunged 51% to $11.04 million from $22.35 million previously, said the company in an earnings release shared with news.Bitcoin.com.


For the half-year, the Nasdaq-listed Ebang sold a total 0.25 million terahash per second (TH/s) of Bitcoin hashpower. The figure represents a year-over-year decline of 86% from 1.82 million TH/s sold in the same period in 2019.


Shares of Ebang rose 0.3% to $9.88 on the Nasdaq Stock Exchange, at the time of writing. The stock has tanked more than 30% since listing on the exchange in June. Then, it traded at a high of $14.95. Ebang reached a low of $3.80 during this period as well.


Dong Hu, chairman and chief executive officer of Ebang, blamed the loss on the Covid-19-induced global economic recession and Bitcoin’s scheduled supply cut of May 11, which cut earnings for miners and reduced demand for mining equipment suppliers. He stated:Measures to contain covid-19, such as travel restrictions, mandatory quarantines and suspension of business activities have caused severe disruptions and uncertainties to our business operations and adversely affected our results of operations and financial condition. Our chip suppliers have reduced their production capacity due to the impact of the covid-19, resulting in our shortage of raw materials during the first six months of 2020.


For the review period, Ebang, which makes application-specific integrated circuit (ASIC) chips used in bitcoin mining, reported total operating expenses of $7.71 million compared to $9.60 million in the comparable year-ago period.


Bitcoin mining hardware manufacturers have seen a decline in demand due to the coronavirus pandemic. Competitor Canaan Creative reported recently that second-quarter 2020 losses narrowed to $2.4 million from $5.6 million in the previous quarter, but demand also slumped due to Covid-19.


Ebang’s Dong Hu is now hoping to leverage new crypto exchanges and online brokerages that are expected to open soon in Singapore and Canada. He said that the firm intends to “capture the entire value chain of the blockchain industry” through a combination of blockchain-capable financial businesses and conventional ones.


What do you think about Ebang’s coronavirus-relater losses? Let us know in the comments section below.Chinese Mining Rig Manufacturer Microbt Announces Offshore ASIC FactoryMINING | 2 days agoVenezuela Passes Law Legalizing Crypto Mining, Forces Miners to Join National Mining PoolMINING | 5 days agoTags in this storyASIC chips, Bitcoin Miners, China, COVID-19, Dong Hu, Ebang International Holdings Inc, Financial loss, Nasdaq Stock Exchange


Image Credits: Shutterstock, Pixabay, Wiki CommonsSpot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimerShow comments

News Feed

Study: 6,100 Crypto ATMs Installed in 2022, Figure 3 Times Less Than in Previous Year
Study: 6,100 Crypto ATMs Installed in 2022, Figure 3 Times Less Than in Previous Year New data has shown that as many as 6,100 crypto and bitcoin automated teller machines were ins
ZPAE Solves World Retail Challenges Using FinTech at Sharjah Research Technology and Innovation Park
ZPAE Solves World Retail Challenges Using FinTech at Sharjah Research Technology and Innovation Park press release PRESS RELEASE. Sharjah, September 2021 – The Sharjah Resear
Following BTC’s Price Drop, Bitcoin Miners Benefit From a 2.35% Difficulty Reduction
Following BTC"s Price Drop, Bitcoin Miners Benefit From a 2.35% Difficulty Reduction During the past week, Bitcoin’s hashrate has dropped a few percentages after reaching 28
Shark Tank’s Kevin O’Leary Won’t Invest in Dogecoin, Says ‘I Don’t Understand Why Anybody Would’
Shark Tank’s Kevin O"Leary Won"t Invest in Dogecoin, Says "I Don’t Understand Why Anybody Would" Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says
Bitcoin price to ‘sustain’ $265K level once boring consolidation ends — Analysts
Nancy Lubale6 hours agoBitcoin price to ‘sustain’ $265K level once boring consolidation ends — AnalystsAnalysts forecast a Bitcoin run to $265,000, but it could take longer than investors expect.5697 Total views3 T
Cointelegraph Innovation Circle8 hours agoNFT projects: Keep your community engaged with these 12 tipsAn engaged, loyal community is an essential ingredient in the long-term success of an NFT project.509 Total views2 Tot
Stablecoin BUSD’s Supply Shrunk by 3.24 Billion in 3 Days, Market Cap Is Down 20% Since Last Month
Stablecoin BUSD’s Supply Shrunk by 3.24 Billion in 3 Days, Market Cap Is Down 20% Since Last Month While billions of dollars in crypto assets have been withdrawn from Binance, th
Bitcoin’s $110K Sprint Coincides With Record-Low Exchange Reserves
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Crypto bull run ignites surge in job listings, salary increases
Robert D. Knight10 hours agoCrypto bull run ignites surge in job listings, salary increasesJobseekers in crypto currently have a wealth of options as firms seek out fresh talent to help fuel their growth.972 Total views6
Bitcoin’s daily transactions reach new record high
Zoltan Vardai11 hours agoBitcoin’s daily transactions reach new record highThe Bitcoin network surpassed 926,000 daily transactions, driven by a growing interest in Runes.2997 Total views8 Total sharesNewsOwn this piec
Brayden Lindrea7 hours agoWeb3 is about solving business problems, not token prices: Google Cloud execWhile TradFi is the main source of demand for blockchain tech, digital identity and supply chain are exciting areas to
Cardano Price Bounces From Key Support Level, But There’s Still A Risk To Crash To $0.85
Este artículo también está disponible en español. Positive price action in the past 24 hours has seen Cardano (ADA)rebounding upwards alongside the rest of the crypto mar