RATE Group | Bitmain Lost $328 Million Buying Bitcoin Cash, According to BitMex Research
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Bitmain Lost $328 Million Buying Bitcoin Cash, According to BitMex Research

30 Aug Bitmain Lost $328 Million Buying Bitcoin Cash, According to BitMex Research

Posted at 22:25h in Bitcoin News by

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Bitmain made a bad bet on Bitcoin Cash but could still become “one of the great companies” in the cryptocurrency world, researchers from BitMEX reveal.

‘Bitmain Can Be A Legendary Crypto Company’

As part of an in-depth look into the mining giant ahead of its controversial planned initial public offering (IPO), BitMEX considered the potential for the company to recapture its former success while leveling thinly-veiled criticism at its management.

“Bitmain can be a legendary crypto company, generating strong shareholder returns for decades to come, but in order to achieve this (and it’s a lot harder than it sounds) the Bitmain management team may need to improve their management of company resources,” the analysis summarizes.

Bitmain Looking to Launch Canadian Bitcoin Mining Operation

Bitmain sparked controversy last month when details of a pre-IPO investor deck went public, leading to revelations the company could be facing critical liquidity problems.

Poor sales in Q2 combined with huge losses engendered by executives…

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