The current market has been ruthless on many investors recently. The leading cryptocurrency, Bitcoin is currently trading just above the $3,400 region by just five dollars at the current time of writing. So yes, you could say that people have been affected by this rut that the market is experiencing, especially miners. Some of the biggest names in the industry have even been impacted by the turmoil of the markets.
The world’s first consumer-grade miner, Bitmain has even been affected by the bear market. The mining giant has been carefully working to gain back its strength over the recent months for an IPO push and they have recently revealed that they will be closing up shop of its Israeli development centre.
According to Crypto Insider, the Bitmain Vice President of International Sales and a Branch Manager at the development centre, Gadi Glikberg spoke on the matter and said:
“The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.”
The Israel facility was launched two years ago looks at the development of blockchain solutions, the Connect BTC mining pool and artificial intelligence for the Sophon project. The closing of this centre has been caused by the poor market conditions and the building regulation pressure which has brought the future of its IPO outlooks to light.
Despite the financial disclosure isn’t a common thing for miners but the general idea is that three businesses are being forced to adjust their valuations as a result of the bear market. On top of this, there are some bigger picture things which some experts have claimed could be impacting the decisions of the miners.
The founder Kapronasia based in Shanghai, Zennon Kapron spoke on the matter saying:
“If it is a conscious decision by the government to let it lapse, then it is certainly not very positive for Bitmain or Ebang to succeed in their listing. Those are bitcoin mining companies which are somewhat controversial. Getting an approval is never going to be easy. So the fact that there is a delay is not entirely surprising.”
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