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Bitmain sharply losing ground in the mining market

The Chinese private company Bitmain, which develops specialized integrated circuits for mining cryptocurrency (ASIC) and owns huge own data centers, reduced the share in the Bitcoin network hash rate to 29% – a record minimum in the last 16 months.

Note that in the beginning of the year, Bitmain mining pools generated more than 40% of the capacity of the main Bitcoin network, and some analysts even feared that the Chinese giant could make a 51% attack on the first cryptocurrency blockchain. In addition, the company invested in the pool ViaBTC, which also had high ratings against competitors.

“It is possible that hacker attacks were the reason for miner capacity reduction, but the company did not comment on such assumptions. Now the probability of repeated drops is low, which is why Bitmain returns to standard indicators. The loss of the status of a monopolist can be connected with the general position on the cryptocurrency market, due to which many miners simply have to stop their activities, ”suggested the Coin Dance experts.

Last December, company representatives reported plans for downsizing. It was about most of the employees who could lose their jobs. Negotiations were also held on the closure of several representative offices in Europe and the United States if the bear market of cryptocurrency was maintained.


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