Bleak outlook for Bitmain

Recently there has been a backlash against Bitmain from the cryptocurrency community lately due to their business practises. There has been much talk about how Bitmain uses their own products ostensibly for their own mining purposes (they call it “testing”) before selling it to the public.

Non-mining enthusiasts also have a beef against Bitmain for destroying the mining profitability for small miners and thus centralising the mining power with large mining companies. This goes against the purist decentralisation concept that BTC was based on.

Bitmain has also done little to give back to the community despite earning huge profits as a monopoly. Monero has already successfully forked away from ASICs and thus closed the door on Bitmain. Perhaps more coins will follow.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: