Jihan Wu on his own? Bitmain reportedly wants out of ‘failure’ Bitcoin Cash
The Bitcoin Cash ABC (BCHABC) boat is sinking, and Bitmain—under new management—reportedly no longer wants to be part of it.
Quoting sources familiar with the matter, Bitmain Twitter critic BTCKING555 tweeted on Friday that the Chinese cryptocurrency mining equipment manufacturer “will dial down the support” for the BCHABC project, claiming “Macree Zhang wants to be nowhere near this failure.”
The Beijing-based ASIC device manufacturer has been in a downward spiral as it loses its competitive edge. In the third quarter of 2018, Bitmain reportedly lost about $400 million, and its efforts to grow BCHABC have been considered not only controversial, but “likely loss making.”
In an earlier post, BTCKING555 pointed out how some of Bitmain’s investors like IDG Capital and Sequoia Capital have been steering clear of the company, describing the company as...
