Report: Bitmain’s high revenue last year is questionable

According to coindesk, a report released yesterday by research firm Alliance Bernstein believes that Bitmain’s high revenue last year is questionable.

The report shows that Bitmain stockpiled a large number of mining machine parts last year and did not sell them, but its annual operating income was still "quite high." Although Bitmain occupies 77% of the Bitcoin mining machine market and 85% of the overall digital currency mining machine market, the decline in digital currency market prices has led to a decline in mining machine revenue.

In addition, the report said that the development of competitors' chip technology may cause Bitmain to gradually lose its technological advantage; the decline in digital currency prices may put Bitmain at risk of digital currency holdings.