Intchains Group, a Nasdaq-listed altcoin mining-machine maker, saw first-half revenue collapse by 94% and is abandoning fresh Ethereum purchases to focus on developing a next-generation ASIC chip and AI initiatives. The company posted revenue of 11.1 million yuan (approximately $1.6 million) versus 175.6 million a year earlier, with a net loss of 148.9 million yuan ($21.9 million). Despite cash reserves of 461.1 million yuan ($68 million), the firm suspended its cryptocurrency accumulation strategy to fund its next-generation ASIC, with commercial launch targeted for the fourth quarter. The company held approximately 9,176 ETH worth 98.1 million yuan as of June 30, with 4,556 ETH allocated to staking.
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