Bitmain dismisses 80 percent of their employees. How will this affect the stock market?
Source:
According to rumors, the main manufacturer of equipment for mining Bitmain may soon run out of money. If the company does go bankrupt, the Bitcoin exchange rate Cash and strong collapse. CSO Blockstream Samson MOU said that the layoffs within the company will affect about 80 percent of all employees. Multicoin Capital co-founder Kyle Samani said that under the reduction were even some developers of the Bitcoin client Cash.
The welfare Bitmain is now under pressure from several negative factors. One of them is too much faith in Bitcoin Cash. We will remind, in August the analysts of the stock exchange BitMEX a huge amount of BCH in the assets of the company. Due to the fall of the coin it suffered losses amounting to several hundred million dollars.
theWhat next?
If the structure of the assets of the company not much has changed since the beginning of autumn, now it has huge problems. Earlier in the merged financial statement Bitmain discussed 930 932 , 1 021 316 , 22 082 , 312 424 and 1097 . In other words, criptoportico manufacturer Usikov now costs about of 315.5 million.
Even if some of those coins was derived in Fiat, Bitmain still suffered huge losses due to poor diversification of assets. Apparently, this is what led to the financial problems of the company, which previously to settle with his main supplier.
This is extremely bearish for BCH and LTC
The only reason to make this drastic cuts are because you're about to run out of cash
Meanwhile, they still have 1 BCH and 1M LTC on their balance sheet. Those are going to be liquidated soon to keep the lights on
— Kyle Samani (@KyleSamani)
Fortunately, the manual Bitmain won't sell their stocks Bitcoin and Bitcoin Cash in full. The main cryptocurrency to drain to zero is simply stupid, because it depends on the price BCH. Bitcoin Cache to sell is also supposedly impossible, because the company was one of the main supporters of the coin ««. However, if the development team client cryptocurrency really was fired, who knows what measures Bitmain is able.
What do you think about this? Share your thoughts in our .
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