Bitcoin mining giant Bitmain has less positive news as bitcoin price reclaims $6000 and the hash rate continues its steady climb. Its internal mining operations show a reduction of 88% of hash power in the past month.
Bitmain On A Steadily Downwards Trajectory
Beleaguered Bitcoin mining-rig manufacturer, Bitmain, just can’t seem to catch a break these days. As an early player in the Bitcoin saga, its made a fortune through selling hardware and its own dominant mining operations. How times have changed.
Putting its eggs in Bitcoin Cash’s basket turned out to be a spectacularly bad move, leading to the eventual firing of co-founder and CEO, Jihan Wu. This and the repercussions of 2018’s general malaise in the cryptocurrency markets have seen IPO plans repeatedly delayed.
The news of this mining power reduction is just the latest indicator of the company’s decline.
88% Sounds Like A Lot
That’s because 88 percent is a lot.
Bitmain started revealing the hash rate of its owned machines in July 2018. At the time it stood at…