Bitmain Woes Continue But Analyst Eric Conner Says Bitcoin Miners Won’t Affect The Crypto Space
Analyst Eric Conner Says Miners Don’t Affect Cryptocurrency Space As Bitmain Woes Continue
Bitmain, of the biggest cryptocurrency mining companies, has struggled through the cryptocurrency bear market to a point of closing down an office in Tel Aviv. The company has also made other major changes, including firing two of its chief operations officers and reshuffling its top management.
Even with such a big mining company struggling to keep up with the market, Eric Conner, a cryptocurrency analyst and the founder of Eth Founder, still believes that the health of miners doesn’t affect the cryptocurrency space.
Conner stated this in his latest tweet, where he urged cryptocurrency enthusiasts not to worry about miners.
The tweet read as follows:
Although Conner didn’t specifically refer to Bitmain, his tweet comes at a time when the mining company is struggling to remain relevant. This has largely been attributed to the year-long crashing in the prices of major cryptos. Some analysts even believe that the Bitcoin Cash war that happened in November contributed to Bitmain’s downfall, causing it to lose millions.
The Downfall Of Bitmain
Bitmain has enjoyed good times before. In 2017, the company scaled its operations and made huge profits in cryptocurrency mining space. But with time, it has struggled to remain relevant, meaning that it had to scale down to meet the small market demand.
Although Bitmain had a big future, looking to open offices in almost all corners of Europe, its plans seem to be dwindling. It has to come up with effective plans to cater to the shrinking market or be forced to exit the market, especially if the prices of crypto continue to disappoint.
Bitmain woes are, however, not new to any industry. Businesses invest a huge amount of money but the market fails to favour them, which forces the firms to scale down or close down completely.