RATE Group | Bitmain is Hodling Nearly $600 Million in Bitcoin Cash
38692
post-template-default,single,single-post,postid-38692,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitmain is Hodling Nearly $600 Million in Bitcoin Cash

13 Aug Bitmain is Hodling Nearly $600 Million in Bitcoin Cash

Posted at 23:21h in Bitcoin News by

[ad_1]


bitmain

When Bitmain announced last year that it was throwing its weight behind bitcoin cash ahead of the latter’s decision to pursue a divorce from the main BTC network due to irreconcilable differences over blockchain scaling, the cryptocurrency mining giant put its money where CEO Jihan Wu’s mouth was.

Leaked documents from Bitmain’s pre-IPO investor deck show that, as of March 31, the China-based firm was holding more than 1 million bitcoin cash (BCH) on its balance sheet, worth nearly $600 million at the present exchange rate — but down nearly $300 million from when the data in the investor deck was published.

bitmain bitcoin cash
Source: Leaked Bitmain Investor Deck

Perhaps more significantly, that stake represents more than 5 percent of the 17.3 million BCH currently in circulation and 12.5 percent of the 8.4 million BCH that have been moved since the Aug. 2017 hard fork.

Estimates vary on how much bitcoin cash Bitmain is holding now, nearly five months after the latest data published in…

[ad_2]

Source link

Tags:
, , , , ,