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The 438 page prospectus for Bitmain's Hong Kong IPO shows that while revenue has exploded to $2.8b in 2018 alone so far, margins have struggled as a result of increased manufacturing costs and falling prices. Interestingly, t's $887m in crypto asset holdings on its BS was more than double its fiat holdings..
Bitmain is vulnerable to cryptocurrency market turns on more than one front. While it does mine on its own behalf and takes a share of mining pool rewards, those lines of business accounted for a fraction of revenues in the first half of 2018. Most of Bitmain's (considerable) cryptocurrency holdings, the prospectus notes, come from sales of hardware settled in crypto. At the end of June, Bitmain held $886.9 million worth of bitcoin, bitcoin cash, ether, litecoin, dash and other crypto assets – more than twice what it held in fiat currency.
https://www.coindesk.com/bitmain-by-the-numbers-an-inside-look-at-a-bitcoin-mining-empire/
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