Bitmain By the Numbers: An Inside Look at a Bitcoin Mining Empire

That Bitmain is a behemoth is hardly news.

CoinDesk had previously reported that the cryptocurrency mining hardware maker brought in revenues of $2.5 billion in 2017 and $2 billion in Q1 2018, but with the publication on Wednesday of Bitmain’s draft initial public offering (IPO) prospectus – a step towards its much-anticipated listing on the Hong Kong Stock Exchange, the firms’ sheer size and blistering growth can now be parsed in significantly greater detail.

The 438-page prospectus includes detailed information about Bitmain’s sales and profitability going back to 2015, as well as a breakdown of its revenues it takes in from different lines of business.

The prospectus also includes a picture of Bitmain’s costs – which are particularly notable, given that they illustrate how much the company is investing in growth and how unpredictable returns on that investment can be due to volatile cryptocurrency prices.

Revenues and profits

Bitmain’s dominance of the global market for…