Bitmain dismisses 80 percent of their employees. How will this affect the stock market?

According to rumors, the main manufacturer of equipment for mining Bitmain may soon run out of money. If the company does go bankrupt, the rate of Cash Bitcoin and Litecoin strong collapse. CSO Blockstream Samson MOU said that the layoffs within the company will affect about 80 percent of all employees. Multicoin Capital co-founder Kyle Samani said that under the reduction were even some developers of the Bitcoin client Cash.

The welfare Bitmain is now under pressure from several negative factors. One of them is too much faith in Bitcoin Cash. We will remind, in August the analysts of the stock exchange BitMEX have noticed a huge amount of BCH in the assets of the company. Due to the fall of the coin she suffered a loss in the amount of several hundred million dollars.

What’s next?

If the company’s asset structure is not much changed from the beginning of autumn, now it has huge problems. Earlier in the merged financial statement Bitmain was about 930 932 LTC, 1 021 316 BCH, 22 082 BTC, 312 424 DASH and 1097 ETH. In other words, criptoportico manufacturer Usikov now costs about of 315.5 million.

Even if some of those coins was derived in Fiat, Bitmain still suffered huge losses due to poor diversification of assets. Apparently, this is what led to the financial problems of the company, which previously failed to pay its main supplier.

Fortunately, the manual Bitmain won’t sell their stocks Bitcoin and Bitcoin Cash in full. The main cryptocurrency to drain to zero is simply stupid, because it depends on the price BCH. Bitcoin Cache to sell is also supposedly impossible, because the company was one of the main supporters of the coin in “the war of Harrachov“. However, if the development team client cryptocurrency really was fired, who knows what measures Bitmain can still.

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