HKEX Says Indecision to Bitmain IPO are Just Rumors

HKEX Says Indecision to Bitmain IPO are Just Rumors

In an email to Cointelegraph, a representative from the Hong Kong Stock Exchange (HKEX) calls the alleged qualms surrounding Bitmain’s impending IPO as rumors, declines to comment on the firm’s IPO status

The steep drop in the cryptocurrency market is a challenging time for the mining industry with some firms shutting down. The downward trajectory caused some miners in China to put their equipment up for sale by the kilo. Citing volatile circumstances, sources from another crypto news outlet supposed that HKEX is showing signs of hesitations in listing Bitmain’s IPO. The source further said, ‘There’s a real risk that they could just not exist anymore in a year or two.’

The Impact of Market Conditions on Cryptocurrency Mining

Aside from the consequences stated above, mining pool founder, Mao Shixing, calculates that Bitmain’s Antminer S7 would break-even when Bitcoin is priced at $11,581 and its Antminer T9 model will break-even at $5,376. Bitcoin is currently trading in the periphery of $3,500.

Bitmain also closed its development base in Israel and laid off some of its employees.

Other Issues Surrounding Bitmain

In November, Gor Gevorkyan, a Los Angeles resident, sued the mining firm for allegedly formatting its mining rigs to mine cryptocurrencies for the firm instead of for equipment owners. Gevorkyan is suing for $5 million.

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Bitmain Woes Continue But Analyst Eric Conner Says Bitcoin Miners Won’t Affect The Crypto Space

Analyst Eric Conner Says Miners Don’t Affect Cryptocurrency Space As Bitmain Woes Continue Bitmain, of the biggest cryptocurrency mining companies, has struggled through the cryptocurrency bear market to a point of closing down an office in Tel Aviv. The company has also made other major changes, including firing two of its chief operations officers and reshuffling its top management. Even with such a big mining company struggling to keep up with the market, Eric Conner, a cryptocurrency analyst and the founder of Eth Founder, still believes that the health of miners doesn’t affect the cryptocurrency space. Conner stated this in his latest tweet, where he urged cryptocurrency enthusiasts not to worry about miners. The tweet read as follows: Although Conner didn’t specifically refer to Bitmain, his tweet comes at a time when the mining company is struggling to remain relevant. This has largely been attributed to the year-long crashing in the prices of major cryptos. Some analysts even believe that the Bitcoin Cash war that happened in November contributed to Bitmain’s downfall, causing it to lose millions. The Downfall Of Bitmain Bitmain has enjoyed good times before. In 2017, the company scaled its operations and made huge profits in cryptocurrency mining space. But with time, it has struggled to remain relevant, meaning that it had to scale down to meet the small market demand. Although Bitmain had a big future, looking to open offices in almost all corners of Europe, its plans seem to be dwindling. It has to come up with effective plans to cater to the shrinking market or be forced to exit the market, especially if the prices of crypto continue to disappoint. Bitmain woes are, however, not new to any industry. Businesses invest a huge amount of money but the market fails to favour them, which forces the firms to scale down or close down completely.
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Bitmain Cancels Texas Mining Operations

CoinSpeaker Bitmain Cancels Texas Mining Operations It is no secret that the cryptocurrency industry has been suffering a lot lately. However, not many suspected the largest companies like Binance or Bitmain to suffer along with the smaller ones. But the reality is that they are the ones looking at the largest losses. In all honesty, the mining business, in which Bitmain was leading, is becoming unsustainable, the drop in prices is just too hard to handle. Because of this, the crypto giant had to postpone or in the grand scheme of things, completely scrap its plans for the mining operations it had in Texas. This does not bode well for cryptos as these mining companies keep struggling with coin generation. Soon the exchanges might just run dry and people will have to rely on the CFD brokerages that offer cryptos, which is something nobody wants to face. Lost Jobs & Revenue According to reports from Texas Public Radio, a local news reporter. The facility that was supposed to work on the mining for Bitmain, has suffered a large lay-off of staff. Before the operation was put on hold, the facility had about 15 employees, after the hold, there are only 5 left. This is quite alarming as Bitmain poured in millions of dollars to renovate and prepare the building with its 8000 mining hardware. The representatives of Milam county were also very disappointed. You may think that cryptocurrencies are not welcome in the USA, but you may be mistaken. The number of jobs these large companies bring with their facilities are very hard to ignore for some remote town. Milam representatives said that it was nothing short of a disaster as the opening of the facility was such a remarkable event. Industry in Chaos The layoffs and halts in operations over in the USA are sadly not the only problems Bitmain is facing at the moment. This is indeed the beginning of the rumors that surfaced back in December of 2018, when Bitmain was supposed to start massive layoff, ultimately terminating more than 50% of its current staff. This used to be nothing but a rumor, but it is starting to become a reality. Bitmain is not the only company facing these problems, as most cryptocurrency firms are starting to waver in terms of revenue, which could only be fixed by reducing costs, meaning more layoffs of “non-mandatory” staff. Stories like this can be seen all over the industry as companies are faced with 2 choices. Either lay off some staff or end their mining business with the hopes of starting something else. Things are going terribly for large companies as well, especially for Canaan Inc, which is looking into an IPO in the United States, whether this is a desperate attempt at a cash grab and survival or just a start for a new opportunity remains to be seen. Bitmain Cancels Texas Mining Operations

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