The Currency Analytics
By TCA PR
How Did Bitmain Fell From Grace?
Does It Trouble Bitcoin Cash?
Currently, Crypto mine operator and ASIC mining giant Bitmain was reported to be caught in a downward spiral.
In the previous years, Bitmain has been the leading provider of ASIC mining hardware and massive Bitcoin Cash, Litecoin, bitcoin, and other crypto mning operations.
In 2013, Jihan Wu and Micree Zhan founded Bitmain. Then, the company rapidly established itself to be a dominating force in the cryptocurrency mining equipment sector.
During the period of late 2017, the mining devices by Bitmain were frequently sold out, which resulted to double or even triple retail price at different reselling sites.
Now, Antminer devices like the latest S11 are currently sold for only $525. mining bitcoin using Antminer S11 while paying $0.
The crypto mining manufacturer could be struggling financially due to allegedly huge investments into BTC Cash.
Early in January 2108, each Bitcoin Cash was trading around $2400. Currently, it is trading under $200.
Following the ousting of Micree Zhan from his position as Bitmain’s Executive Director in October 2019, Jihan Wu planned to revitalize the company and allowed mining equipment…
During the hard fork of 2017, Wu became instrumental and as advocate to increasing the 1mb transaction capacity of Bitcoin.
Samson Mow of Blockstream claimed that Bitmain sold off a significant amount of BTC to get more Bitcoin Cash two years ago, which speculated to become the reason behind the…
So, it’s no surprise why many suspect that the further struggle of Bitmain will result to dumping of BCH holdings.
According to Nathan Reiff, “Further exacerbating the problem of that if Bitmain does decide to dump the remaining BCH it holds, the network will become highly susceptible to a…