Chinese construction company has lost 90% of funds invested in cryptocurrency miningChinese construction company Huatie has put up for sale its business associated with mining cryptocurrencies and resulted in losses for it by $ 23.5 million, writes local newspaper 8btc.

Chinese construction company lost 90% of cryptocurrency mining funds

Chinese construction company Huatie put up for sale its business related to the mining of cryptocurrencies and turned into losses for it by $ 23.5 million, writes local newspaper 8btc.

The firm is selling for $ 1.8 million, whereas less than a year ago it was estimated by the market at $ 25.3 million. Of 2018 Huati HengAn's division was primarily engaged in cryptocurrency mining, although officially its activities were related to cloud computing, and acquired 36,500 Avalon and Ebang devices. In the financial statements of the company, they are referred to as "servers". However, these two manufacturers are known for producing ASIC miners for mining cryptocurrencies..

According to 8btc, the sale of the company caught the attention of the local cryptocurrency community, as Huatie is believed to be the first listed firm in China associated with the mining industry. Losses of the mining division as of December 31 were estimated at $ 14 million, that is, more than half of the initial investment of $ 25 million. By February 28, the net loss rose to $ 23.5 million, the publication said..

In November last year became known bankruptcy of the American mining company Giga Watt, whose debts to suppliers at that time were measured in millions of US dollars.

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