Rumor-Report-Says-Bitmain-is-Out-of-Cash-Could-be-Forced-to-Sell-Bitcoin-Cash-BCH-Portfolio

Bitmain recently released the specifications for its ‘profitable’ Antminer S17 series but overall things don’t seem to be going well for the world’s largest manufacturer of application-specific integrated circuit (ASIC) chips for Bitcoin mining.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Coin Market Insights

I will never give away, trade or sell your email address. You can unsubscribe at any time.

A Twitter user with pseudonym Btcking555 shares information about the Bitmain whose bio reads, “Bitmain IPO is a fraud, DM me with more leaks. Reward with BTC.” He shared that Bitmain is “out of cash” which is no surprise as back in December when it fired 80 percent of its workforce that has been already speculated that the was probably running out cash.

BCH in Trouble

This situation would be bad for Bitcoin Cash (BCH) as per the leaked financial document that surfaced last year in August, Bitmain held over a million BCH. The company also has huge amounts of Bitcoin, Ethereum, Litecoin, and Dash. The chances of dumping Bitcoin are pretty low because the leading cryptocurrency has a promising future.

With a market cap of $5.3 billion, at the time of writing, Bitcoin Cash (BCH) has been trading at $300 with 24-hours loss of 0.39 percent, as per Coinmarketcap. Currently, it is down over 92 percent from its all-time high of around $3,780.

If as a last resort Bitmain starts selling its huge piles of Bitcoin Cash, it would certainly have a negative effect on BCH prices.

Scraping the IPO & the CEO

Just at the end of last month, it has been revealed that the company has let its application for a Hong Kong initial public offering (IOP) lapse which has been aiming for about $3 billion. Smaller crypto mining equipment maker Canaan had let its IPO application lapse last year.

This has been Bitmain’s attempt to get over its grievous situation after cryptocurrencies tanked last year. At that time the company had stated that they will “restart” the application listing at an “appropriate time in the future.” The website further read that they see the crypto and blockchain industry relatively young to prove its value though it has “huge potential”.

At that time only, Haichao Wang, who previously worked in the capacity of director of product engineering, had been named the new CEO of the company. Wang replaced Jihan Wu, who would continue to works as a director.

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer

<< LIVE COIN MARKET CAP CRYPTOCURRENCY PRICES CHANGE + VOLUME >>

Coin Market Cap Price Change 24 Hour Volume
BTC $97.18B $5,501.2529 1.13% $4.35B
ETH $17.49B $165.2992 0.55% $2.11B
XRP $12.77B $0.3040 0.57% $374.19M
BCH $5.05B $284.2990 3.20% $216.82M
LTC $4.56B $74.0701 2.16% $887.01M
EOS $4.55B $4.8242 1.81% $933.49M
BNB $3.27B $23.1439 4.45% $152.07M
USDT $2.88B $1.0054 -0.05% $3.81B
XLM $2.02B $0.1058 2.70% $43.43M
ADA $1.96B $0.0757 5.40% $68.12M

<< TODAY’S TOP BITCOIN, BLOCKCHAIN AND CRYPTO NEWS HEADLINES >>

08:36 PM New Scam Alert, Bitcoiner Be Aware: Schemer Disguises As “BPD ...
08:23 PM Moscow And Regions From Russia To Trial Crypto And Blockchain ...
08:17 PM Hackers Target Atlanta Hawks Online NBA Basketball Store Using...
07:58 PM Chainalysis Report Says All But 5% Of Cryptocurrency-Related C...
07:42 PM Marco Polo Blockchain Network Welcomes Japan’s SMBC Bank For T...
07:35 PM Binance, OKEx And Huobi Global Witness 30% Increase In Trading...
07:21 PM ErisX Exchange Could Open New Spot Trading Services As TDAmeri...
06:50 PM Nike Shoe Company Submits Patent And Trademark Document For ‘C...
06:46 PM Genesis Global Capital Issues $425 Million Worth Of Cryptocurr...
06:46 PM United States SEC And CFTC Jointly Warn Investors About Fraudu...
06:22 PM BITCOIN SV Price Prediction Today: Daily (BSV) Value Forecast ...
06:14 PM Ripple Has Sold $890 Million Worth Of XRP Tokens, Nearly One T...
05:46 PM Monex Plans Coincheck Exchange Trading Services Reopen In July...
05:37 PM Backpage Classified Ads Website's Use Of Bitcoin Might Be The ...
05:21 PM Samsung-Backed Blockchain Firm Blocko Partners With Hyundai Au...
05:01 PM South Korea's Gil Medical Center, Longenesis To Create Blockch...
04:54 PM XRP Price Stuck at $0.30 But Still Up Over 388% Since Ripple C...
05:04 PM Binance Makes Its Singapore Crypto Exchange Launch Official, O...
04:40 PM ErisX Crypto Exchange is Gearing Up for Official Trading Platf...
04:36 PM BitTorrent’s New Product to Enable Faster Downloads by Using B...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

four × five =