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Bitcoin mining affected by the bear market

The current market has been ruthless in many investors recently. The leading cryptocurrency is Bitcoin. You could say that people have been affected by this routine that the market is experiencing, especially the miners. Some of the most important names in the industry have even been affected by the turmoil in the markets.

Bitmain

The first consumer mining company in the world, Bitmain, has even been affected by the bear market. The mining giant has been working carefully to regain its strength in recent months to boost the IPO and have recently revealed that they will close the store at its Israeli development center.

The vice president of international sales at Bitmain and a branch manager at the development center, Gadi Glikberg, spoke on the subject and said:

“The market for cryptographic products has undergone a reorganization in recent months, which has forced Bitmain to examine its various activities around the world and to refocus its business according to the current situation”.

The facilities in Israel were launched two years ago and analyze the development of blockchain solutions, the Connect BTC mining group and artificial intelligence for the Sophon project. The closure of this center has been caused by poor market conditions and the pressure of the regulation of the building that has brought to light the future of its IPO prospects.

Miners

Although financial disclosure is not common for miners, the general idea is that three businesses are forced to adjust their valuations as a result of the bear market. In addition to this, there are some general aspects that some experts have claimed could affect the decisions of the miners.

Shanghai-based Kapronasia founder Zennon Kapron spoke on the subject saying:

“If it is a conscious decision of the government to let it expire, then it is certainly not very positive that Bitmain or Ebang succeed on their list, these are bitcoin mining companies that are somewhat controversial”. Getting an approval will never be easy. that there is a delay is not entirely surprising”.

Published inCryptocurrencies

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