What do Bitmain troubles and possible Jihan Wu stepping down mean for Bitcoin Cash (BCH)

2019-1-11 17:54

Popular crypto “insider” Twitter account @btcking555 posted an interesting tweet yesterday, confirming that the rumors of Bitmain’s current CEO Jihan Wu looking to abandon his position at the company are true. The reason why: Bitmain recorded a loss of $1.2 billion in 2018.

“Breaking: Jihan is removing himself from CEO role as he sees high probability of bankruptcy. Removing from CEO will decrease personal liability! In addition early estimates, Bitmain 2018 Profits were NEGATIVE $1,2 Bilion!!!”

The Bitmain saga has been among the most interesting ones in the current bear market. The company had a series of highly-publicized controversies during the last year: their failed IPO, their alleged involvement in Bitcoin Cash price pumping, their public backing of mentioned Bitcoin hard fork, and continuous stories about how the company overextended their capacities/didn’t prepare for the crypto winter are some of the most often heard stories about Bitmain.

As always, the community remained highly critical of the company, its ridiculously priced products, and its anti-crypto practices and behavior. All of these bad choices and policies, combined with a resurgence of strong mining hardware competition and continuation of what is undoubtedly one of the harshest bear markets in crypto history, have obviously taken its toll on Bitmain and its finances.

Is Exodus wallet a good solution for storing your crypto?

Bitmain clearly isn’t the only market player that has suffered greatly in the last year. ConsenSys, Steemit, and several other projects all reported heavy financial losses and significantly cut down on their business capacities as a result. Still, if sources are correct, Bitmain’s $1.2 billion is definitely the largest reported loss in crypto history. With Jihan Wu (and reportedly another leading figure) looking to leave the company to “decrease personal liability,” the entire Bitmain situation starts bearing resemblance to a sinking ship whose rats realized it’s time to start swimming.

Bitcoin Cash losing ground under its feet

Bitmain, and Jihan Wu personally, are known as the biggest (and possibly only) backers of Bitcoin Cash, the fork of bitcoin that recently saw another split of its blockchain and community, giving birth to Bitcoin SV. Jihan Wu stepping down from his function could mean the company pivoting to a different path and taking a different stance towards bitcoin and its forks. This would leave BCH with only one single big supporter and that is Roger Ver. It is questionable how much resources, both mental and financial, does he have to push the BCH project forward as bitcoin’s most known fork hasn’t cultivated organic developer community, it was all rather artificially propelled by the money of Jihan Wu and Roger Ver.

Is it possible to mine one bitcoin?

Estimates vary on how much bitcoin cash Bitmain is holding now. However, data from the bitcoin cash “rich list” indicates that the figure is between 664,000 and 1.33 million.

Notably, Bitmain appears to be methodically liquidating its BTC holdings, even as it deepens its stake in bitcoin cash. Bitmain had about 22,000 bitcoins at the end of March, down from more than 71,500 in Dec. 2016. This does not necessarily mean that Bitmain is trading BTC directly for BCH, but it does suggest that it is selling bitcoin to cover the expenses associated with its acquisition of BCH through other means, such as mining and ASIC sales. Source

The post What do Bitmain troubles and possible Jihan Wu stepping down mean for Bitcoin Cash (BCH) appeared first on CaptainAltcoin.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ceocoin (CEO) на Currencies.ru

$ 0.00304614 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0018156 (67.78%)

jihan bitmain cash bitcoin bch ceo troubles

Источник: captainaltcoin.com

jihan bitmain → Результатов: 79


Фото:

Jihan Wu Loses Control of Bitmain as IPO Documents Indicate Profit Figures Were Hyped

Bitmain has dominated ASIC manufacturing since it was founded in 2013. One man has been at the forefront of this domination, leading the company into the giant that it is today; Jihan Wu. However, it may not be so for much longer, with a Chinese publication revealing that a recent reshuffle has demoted the renowned […] The post Jihan Wu Loses Control of Bitmain as IPO Documents Indicate Profit Figures Were Hyped appeared first on NullTX.

2018-11-14 00:33


Фото:

Создатели Binance, Bitmain и Huobi вошли в число богатейших людей Китая

Создатели криптовалютных бирж Binance и Huobi, а также сооснователь компании Bitmain, производящей майнинговое оборудование, вошли в список богатейших людей Китая за 2018 год. Рейтинг был представлен Шанхайским исследовательским институтом Hurun.

2018-10-12 09:42


Analyzing If Siacoin (SC) Can Outpace ASIC Mining Chip Hardware Manufacturers

Can Siacoin Outrun ASIC Manufacturers? Bitmain’s Jihan Wu is facing backlash for his platform’s production of inexpensive, industrial-grade chips that have negatively impacted the mining game. Recently, Siacoin, an online network for distributed storage, announced that it will provide a protocol upgrade to “brick Bitmain’s” and Innosilicon hardware that are threatening to dominate Sia mining. […]

2018-10-4 19:39


Фото:

Bitmain Fights Rumors by Launching New ASIC Chip

As Bitmain’s IPO date approaches, negative news involving the company could add up. The CEO of Bitmain, Jihan Wu, countered the pessimism by launching a brand new “algorithm acceleration chip. ” Bitmain’s Anonymous Detractors After the news that Bitmain’s earnings over the course of Q2 didn’t turn out according to plan, someone who claims to be an insider and leaks collector created an anonymous Twitter account to disparage the company freely.

2018-9-22 02:00


Глава Bitmain анонсировал выпуск 7-нм процессора для ASIC-майнеров

Глава китайского майнингового гиганта Bitmain Джихан Ву (Jihan Wu) на саммите World Digital Mining в Тбилиси анонсировал выпуск 7-нм процессора на базе специализированной интегральной микросхемы (ASIC), хэш-мощности и энергоэффективность которого значительно выше, чем у предыдущих моделей.

2018-9-22 00:12


Майнинговая компания Bitmain должна раскрыть финансовые показатели за второй квартал в сентябре

Пользователь Twitter BTCKING555, завоевавший известность публикациями инсайдерской информации об IPO крупнейшего мирового производителя майнингового оборудования, сообщил, что руководитель Bitmain Джихан Ву негодует из-за действий главного финансового директора компании, который раскрыл показатели первого квартала через 60 дней после его окончания, а не через 90.

2018-9-9 11:19


Фото:

Bitmain Monopoly is Showing Cracks, According to Analysts

The top cryptocurrency mining company might be losing its edge as demand for its products is under pressure and competition grows stronger, according to analysts. “The Competitiveness of Bitmain’s Chips is in Question” A recent report of analysts led by Mark Li at Bernstein holds that the Beijing-based mining company, which was co-founded by the 32-year-old Jihan Wu, might have to write down the actual value of its inventory.

2018-8-23 16:00


Фото:

Глава Bitmain: рынок ICO — это неустойчивый финансовый пузырь

Сооснователь и глава крупнейшей в мире майнинговой компании не думает, что модель привлечения финансирования через первоначальное предложение монет (ICO) окажется жизнеспособной. В интервью CoinGeek генеральный директор Bitmain Джихан Ву (Jihan Wu) сказал: “Я считаю, что ICO — своего рода неустойчивый финансовый пузырь.

2018-8-23 10:54


Фото:

Глава Bitmain назвал ICO финансовым пузырем

Глава китайской компании Bitmain, занимающейся производством майнингового оборудования и намеревающейся выйти на IPO, Джихан Ву (Jihan Wu) считает ICO неустойчивым финансовым пузырем. Предприниматель уверен, что этот пузырь скоро лопнет — в течение 1-2 лет.

2018-8-21 11:43


Майнинговая компания Bitmain может заработать на $5 млрд меньше, чем планировала

Пользователь Twitter под ником BTCKING555 сообщил, что его источники внутри крупнейшего производителя майнингового оборудования Bitmain утверждают, что команда Джихана Ву понизила прогнозируемый доход компании в 2018 году с $8 млрд до $3 млрд.

2018-8-20 16:19


дальше еще 30 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

What is 2020 Preparing for Cryptocurrencies?

Blockchain technology and cryptocurrencies have left us fascinated. Funnily enough, blockchain technology was once touted as a bubble bound to fail surviving the tryst of times. Not only has it survived, but finds its application in several fields of business, including the energy sector, the healthcare sector and tourism.

IOTA Use Cases Rapidly Expanding: Tangle To Solve World’s Waste Problem

The Biota team wants to use IOTA technology to tackle the waste problem. The Tangle will help develop a deposit system that rewards people for collecting plastic waste. IOTA technology for waste separation Decentralised technologies are not necessarily perceived by the public to be the best in terms of energy efficiency and CO2 emissions.

LocalBitcoins Trade Volume Hits Lowest Point Since 2017

At its highest point this year, the platform moved over USD 70,000,000 in one week. Increased personal data required by the platform could influence the decline. Bitcoin (BTC) trades through the LocalBitcoins platform have fallen to their lowest levels since August 2017.

Can The Blazing Fast EOS 2.0 Save Eos, The Token?

The crypto currency EOS is known to many crypto users as the longest ICO of all time. The EOSIO 2.0 update gives you the opportunity to take a closer look at the project and the latest changes. These are of particular interest as they make the network more powerful as well as making dApp developers’ […]The post Can The Blazing Fast EOS 2.0 Save Eos, The Token? appeared first on CaptainAltcoin.