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Bitmain can seriously derail Bitcoin and Litecoin Cash

Mass layoffs in the state that will hold the Chinese company Bitmain, a leading manufacturer of mining equipment, can severely derail the course of such cryptocurrencies as Bitcoin and Litecoin Cash.

According to co-founder of hedge Fund Capital Multicoin Kyle Samani, mass layoffs among employees Bitmain next year, can sharply aggravate the situation on the market of digital money.

The fact is that the Chinese giant, who not only designs equipment for mining, but actively uses it in mining pools, possesses a large number of cryptocurrencies that he can start to sell in the near future. According to experts, this is one solution to financial difficulties for Bitmain.

“This is an extremely bearish signal for BCH and LTC. The only reason to pursue such reductions — if the money runs out. They still own LTC and BCH, soon they will sell to stay afloat,” — says Samani.

At the moment it is unknown how many cryptocurrencies owns Bitmain. According to August 2018 she was holding LTC and 930 932 1 021 316 BCH. Previously, the company confirmed the information about the mass dismissal of employees, according to various sources will be reduced from 50% to 85% of the state.


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