Bitcoin Forum

The Bitcoin Shop is hurting.  Just lost 4.5 million in last three months.  http://www.coindesk.com/btcs-4-5-million-net-loss-mining-grows (http://www.coindesk.com/btcs-4-5-million-net-loss-mining-grows)

They claim that revenue from 'transaction verification services' is way up.  LOL!  " do you mean mining?"  Now they have a shitload of old Spondoolies rigs which are going to be 1/10 in efficiency as soon as the next gen comes out - about 6 more months. 

They nearly shut down the unprofitable 'Bitcoin Shop' - as a huge loss maker. 

Folks, my bet is these guys won't make it another year.  Will this be the first major publically traded bitcoin company to file bankruptcy?

I'm confused, you're saying they're in big trouble but then also saying that there business is way up?

Are you predicting that they'll go down once the mining equipment (you call it "next gen") is upgraded and available? What makes you think they won't upgrade with the technology?

Could the revenue loss by attributed directly to the devaluation of Bitcoin to Dollars? If mining operations sell their mined bitcoin to generate revenue and the fiat value of bitcoin declines they should see a corresponding decline in revenue, no?

Here's a link to the 10Q (quarterly reporting) document they filed with the SEC: http://www.sec.gov/Archives/edgar/data/1436229/000149315215003734/form10-q.htm

It might be a bit of a pain, but all the information needed to understand where the loss came from and potentially why is in this document - in detail or in summary.

Happy reading!

Mining is a zero sum game, we are rapidly entering the era where it will only be a handful of giant operations running the whole show... Centralization anyone?