Crypto Mining Kingpin Bitmain Sees Its Grip on the Bitcoin (BTC) Mining Industry Loosen

2019-2-7 00:37

Even when Bitmain is still optimistic that things will eventually turn for the better, it’s rather sad that the slump is still on, unabated. But for a company that was once the ‘undisputed king’ in the world of ASIC mining of Bitcoin, the puzzle is far from getting solved just yet.

In December 17, 2017, when Bitcoin was breaking records, Bitmain was equally flying high. This China-based ASIC mining giant-cum-cryptocurrency mining machinist was the leader, leading the rest by a mile or so.

Yet, 16 months later, the once largest BTC miner is a shell of its former self!

The massive drop in the BTC hashrate is severely affecting the fortunes of the company. From the record highs to the record lows is what described the dilemma that has hit Bitmain at the moment.

In fact, the current drop is what’s making the company’s co-founder Jihan Wu stare at the possibility of firing a fraction of the company’s workforce.

The co-founder has been wearing a bold face, staying optimistic amidst the unpleasant records in the bear market. The bear market that was registered when the value of Bitcoin hit a record high has turned to be the longest to be witnessed ever in the crypto-mining industry.

The company’s main mining pools are BTC.com and Antpool and these two are responsible for up to a massive 42% of the entire hashrate available in the BTC network. However, this figure is so close to the dreadful 51% that makes it susceptible to attacks.

Bitmain has always remained a highly secretive company, keeping important information off the public. But according to what’s available at Blockchain.com, BTC.com now commands a saddening 17.3% while Antpool’s is managing a paltry 14%. This effectively means that the two are at 31%.

The fall of Bitmain

This sad state of events is a sharp contrast to the ‘good old times’ when Bitmain was sailing in the same, blissful space with Bitcoin. The decline in the value of Bitcoin has dealt this massive blow to this crypto mining company. Pundits believe that the dwindling mining hashrate is in line with the current value of BTC.

As the situation keeps worsening, it appears Bitmain’s offices around the world will continue getting shut. Already, the company’s offices in Amsterdam and Israel are no longer operational, not to mention the thousands of employees shown the door.

The latest rumor, published by Diar, paints a sorry state whereby nondescript miners are taking advantage of the slump in mining hashrate. It only remains to be seen how Bitmain will cope and if and indeed when it will emerge stronger.

Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Coin Price Watch (Feb 6th)

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Цена в час новости $ 0.6622 (196.32%)

mining still bitcoin bitmain company asic world

Источник: bitcoinexchangeguide.com

mining still → Результатов: 126


Фото:

Mongolia Will See At Least 1000 New Bitcoin Miners In 2019

Participants in Mongolia’s Bitcoin mining industry plan to significantly expand the scope of their operations, local media report January 11. Japan’s Ginco Doubles Down On Mongolia The East Asian country, known for its cheap electricity and being home to the world’s northernmost desert, will see one of its miners almost treble in size this year alone, despite the ongoing Bitcoin bear market.

2019-1-12 05:00


Фото:

Bitmain Reportedly Will Sack More Than Half of Workforce

The Chinese crypto mining company Bitmain has apparently been hit hard by the bear market and is looking to sack more than half of their entire workforce. Credible rumors of this story first began to circulate on Maimai, China’s equivalent to LinkedIn, as anonymous sources on a site frequently used by Bitmain employees began reporting that the company was looking at massive layoffs in the next several days.

2018-12-29 21:20


Фото:

Bitmain Reportedly Will Sack Up to 85 Percent of Workforce

The Chinese crypto mining company Bitmain has apparently been hit hard by the bear market and is looking to sack more than half of their entire workforce. Credible rumors of this story first began to circulate on Maimai, China’s equivalent to LinkedIn, as anonymous sources on a site frequently used by Bitmain employees began reporting that the company was looking at massive layoffs in the next several days.

2018-12-27 21:20


Despite undergoing a lower rate of Cryptocurrency adaptation, illegal Crypto Mining is a big business in Africa

Africa (countries in Africa) just like many other countries are still yet to fully adopt the technology of cryptocurrency and the major reason for this can be traced down to law enforcement organizations who are still uncertain on what to categorize cryptocurrencies as and where exactly the digital currencies fall into.

2018-12-20 23:38


Crypto Daily Recap for Dec 11th – Bitcoin ETF, TenX, CoinCola XRP, Kraken, Winklevoss Twins [VIDEO]

Bitcoin Gets Experts' Endorsement as Alternative to Quantitative Easing Bitcoin Gets Experts' Endorsement as Alternative to Quantitative Easing Reasons Why Even the Most Supporting Players of Crypto Don't Want Bitcoin ETF Approval Reasons Why Even The Most Supporting Players Of Crypto Don't Want Bitcoin ETF Approval Only Two ASIC Bitcoin Mining Machines Are Still Profitable […]

2018-12-12 10:39


US-based bitcoin mining firm Giga Watt has declared bankruptcy

Giga Watt, US-based bitcoin mining firm, has declared bankruptcy with millions still owed to creditors, Coindesk reported. On Monday, the firm filed for Chapter 11 bankruptcy at a court in the Eastern District of Washington, revealing that it still owes its biggest 20 unsecured creditors nearly $7 million in court documents. Creditors include the utilities […]

2018-11-21 18:56


Фото:

Bitcoin Mining Giant Bitmain Launches Data Center in Washington Despite Crypto Crash

World’s leading bitcoin mining hardware manufacturer, Bitmain has launched a new $20 million data center for cryptocurrency mining in the East Wenatchee area of Washington, United States, actively expanding its global digital assets mining operations despite the ongoing bitcoin price slump, reported  NW news network on November 18, 2018.

2018-11-21 16:00


Фото:

“Bitmain Is Restructuring,” But Jihan Wu Still a Board Director: Source

Bitmain has denied reports that its CEO Jihan Wu was ousted as the mining firm’s board director while confirming that the board has undergone restructuring. Setting the record straight, Nishant Sharma, international marketing manager of Bitmain Technologies Limited, told Bitcoin Magazine that, instead of losing his position, Wu will continue on as a co-director of the board amidst a wider reorganization.

2018-11-15 21:26


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

TROY token soars 80% in a day – Should you brace for a correction?

TROY was trading near levels last seen in July 2023. The intense demand in recent days, if it continues, could push prices much higher. TROY [TROY] token has gained nearly 72% since Monday'sThe post TROY token soars 80% in a day – Should you brace for a correction? appeared first on AMBCrypto.

Solana Could Rocket 100% In Post Election Bull Run As Whales Buy JetBolt

Today’s U.S. election has cryptocurrency markets and Solana holders on edge, with regulatory changes expected to create new opportunities for established and emerging coins to skyrocket. Solana is poised for potential gains in a post-election bull run, especially if a pro-crypto administration takes office.