A recent report said that Bitmain Technologies seems to be losing advantage over its competitors in terms of creating miners.
According to the research done by Sanford C. Bernstein & Co., the “bitcoin mining giant” is close to having to reduce the prices of its inventories in view of the growth that Canaan Inc. and Ebang International Holdings Inc. have had.
Mark Li, the author of this research, noted that “Bitmain’s cash flow seems to be questionable, and the company may be gradually losing technological advantage.”
In 2017, the company’s income would have been below the expected, although according to the directors the earnings of the Asian company are still considerable.
Furthermore, bitcoin cash (BCH) has also influenced Bitmain’s decline in popularity, given that “it is illiquid and has depreciated almost in 20%” since the first quarter of 2018. Bitmain’s investment portfolio was recently made public, and it was evident that it has more than one million bhc.
It was recently learned that the technology company, founded by Jihan Wu, is raising funds to participate in an Initial Public Offering (IPO) on the Hong Kong Stock Exchange.
K. Tovar
Source: Coincrispy
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