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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

Bitcoin Cash News - Jihan Wu Is Rumored to Leave Bitmain to Start His Own Mining Company Focused on Bitcoin Cash (BCH)

  • Alex Morris
    📰 News

    Things are not looking good for the mining juggernaut with layoffs, mammoth-sized losses, and Jihan Wu’s rumored departure

Jihan Wu Is Rumored to Leave Bitmain to Start His Own Mining Company Focused on Bitcoin Cash (BCH)
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Dovey Wan, a founding partner of Primitive Ventures, has just revealed on Twitter that Jihan Wu might be cutting ties with Bitmain, citing multiple unofficial sources. Wu is allegedly planning to start his own company that will focus on Bitcoin Cash (BCH) and decentralized finance (DeFi).

Bitmain caught in a death spiral

U.Today cannot verify the credibility of these claims, but as they say, there is no smoke without fire. According to a recent financial report that was provided to the Hong Kong Stock Exchange (HKEx), the mining giant lost a staggering $500 mln in Q3 2018. The fact that the biggest cryptocurrency company in the world also went on a firing spree by shutting down its offices in the Netherlands and Israel also didn’t help the company to stay on track.

👉MUST READ Bitmain CEO: ICOs Will Inevitably Fail While Bitcoin Cash Will Reach $100K in Five Years

The tale of two CEOs

Things came to a head when multiple media outlets broke the news about Wu stepping down as the CEO of Bitmain. Now, it seems like one of the most influential figures in the crypto space is leaving the company altogether.

As reported, Wu is not even the biggest shareholder in the company. Micree Zhan, who’s the mastermind behind the omnipresent ASIC miners, owns a 36.5 percent stake in the company. Wu and Zhan allegedly disagreed on multiple  issues, including Bitmain’s darling Bitcoin Cash.

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Bitcoin Cash News - Bitcoin Mining Revenues Drop to 19-Month Low, but There Is a Silver Lining

  • Alex Morris
    📊‍ Infographics

    👷🏻‍♂️🖥️✊After raking up almost $1 bln in mining revenues back in January 2018, miners have to deal with much smaller numbers

Bitcoin Mining Revenues Drop to 19-Month Low, but There Is a Silver Lining
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The total mining revenue fell to a 19-month low back in February, a recently published Diar report shows. However, the silver lining is that gross margins (the difference between revenue and the cost of equipment) increased to 39 percent in February.

👉MUST READ Top Cryptocurrencies by Mining Revenue in 2019: Bitcoin (BTC), Ethereum (ETH), Zcash (ZEC), Litecoin (LTC), and Bitcoin Cash (BCH)

A steep decline

Bitcoin miners earned slightly more than $190 mln this February, which is a world of difference compared to the $516.6 mln they raked in last year. This January, miners managed to make $210 mln (compared to an eye-popping $951 mln in 2018).   

Firing up the latest ASICs

The aforementioned report also shows that the flagship Bitmain Antminer S15 generates more return than the previous-generation Antminer S9. The Bitcoin network is currently powered by bleeding-edge equipment.   

A spending spree  

As Bitcoin’s 2020 halving is looming, it is clear that only the strongest ASIC will provide the required amount of hashing power. With miner margins shifting back into growth, large mining operations will fork out top dollar to stay above the fray.

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