Bitmain Faces A Crisis!

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

Bitmain Faces A Crisis!

  • Bitmain, the privately owned Chinese company which have $1 million of Bitcoin Cash, has been under too many problems in the current days.
  • Bitmain also terminated the agreement with the operator of a mining centre in Texas, which launched a few months ago.
  • Samson Mow mentioned that Bitmain has some backup plans in the form of Bitcoin cash after the developers faced immense struggles with the BTC.

Bitmain, the privately owned Chinese company which have $1 million of Bitcoin Cash, has been under too many problems in the current days. This allows the other shareholders to be more careful while investing in the company and its associates for if Bitmain starts to sell off its assets, then the altcoin would have to face problems. 

Recently, Bitmain also terminated the agreement with the operator of a mining centre in Texas, which launched a few months ago. Though Bitmain has been talking of plans for entering the IPO on HongKong Stock exchange, it couldn’t yet get along with it for the inconsistency.

The Local Regulator also isn’t very much satisfied with the reporting it has in the market and thus is not in favour of the venture. Now, experts of the field have already mentioned their investors to be more careful and be more aware in monitoring the behaviour of Bitman.

Sources of CoinMarketCap say that the altcoins have been at the silver lining of being at the fourth place in the rating of the largest cryptocurrencies with a market cap of more than BCH.

BCH currently has a rate of $251 million and is behind from altcoins by $4.573 billion. But if any mishap occurs with Bitmain taking into consideration, things could go opposite.

Samson Mow mentioned that Bitmain has some backup plans in the form of Bitcoin cash after the developers faced immense struggles with the BTC. The Altcoins values could incessantly fall if the company has to use its asset for stability.

Also, analyst Nathan Raiff, says that if the giant collapses, then not only would it hamper the BCH values but would also weaken the network making it more prone to for the attackers to attack. 

Bitmain founder, Cihan Wu, had been a known personality for the man had been a fork in the Bitcoin network since 2017. He who had helped in the development of BCH by selling the BTC reserves is also known for increasing the Block capacity by 1 Mb. It is indeed a tough time for him as well as the company, but still, he fights his level best to make the firm flourish again. 

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