Its really crazy how the $6000 yearly support breaking is leading to all these lay-offs, bankrupties and cancelled projects. I am really surprised that Bitmain actually is running out of cash when its been in the mining industry since late 2013. They should of had some capital in case Bitcoin takes a large hit in the near term.
I blame bad management and I don't understand why they held so much Bitcoin Cash. That and the entire debate with the Segwit 2X that they caused back in 2017.
Hopefully we see some recovery in the next few months and hopefully these projects are actually re-started when BTC regains above $6000.
Bitmain and jihan made few costly mistakes by going in to fights/wars.
We all knew bitmain is/was biggest in terms of producing mining gear. But this exact reason make bitmain so fragile. Small mining operations focus more on costs and how to scale steady but forward. While bitmain expansion created massive gap between what they made and what they spend.
suppliers didnt received money on time when btc was at the peack and now when it dropped, jihan simply failed because of greed.
