RATE Group | Rumor: Bitmain Financials Indicate $740 Million In Q3 Losses Excluding Cost of Bitcoin C…
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Rumor: Bitmain Financials Indicate $740 Million In Q3 Losses Excluding Cost of Bitcoin C…

07 Dec Rumor: Bitmain Financials Indicate $740 Million In Q3 Losses Excluding Cost of Bitcoin C…

Posted at 07:46h in Ethereum News by

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Since the hard fork of Bitcoin Cash that resulted in the ABC camp claiming the ticker for BCH, the value of the digital asset has dropped from around $500 on the day before the event (November 14th) to current levels of $115. This is a drop in value of 77% in a period of less than a month. Some crypto enthusiasts and analysts have concluded that BCH has entered what is known as a Downward Spiral. This has been explained as the situation where it might not be profitable to mine the digital asset.

Recap of Hash Wars

The Bitcoin Cash hash wars involved two camps. There was Craig Wright who supported the Satoshi Vision upgrade of BCH or simply BSV. Then there was Roger Ver and Jihan Wu (CEO of Bitmain) who were for the ABC version of the coin’s upgrade.

Bitmain Rumored to Have Made $740 Million In Loses in Q3, 2018

According to the Bitcoinist, unconfirmed leaked information indicate that Bitmain has lost $740 Million in Q3 of 2018 excluding the costs to financing the Hash Wars. The…

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