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Opinion: Bitmain problems will put pressure on Bitcoin Cash and Litecoin




Managing partner of the American investment fund Multicoin Capital, Kyle Samani, is confident that the financial problems of the Chinese mining giant Bitmain are likely to put pressure on the prices of Litecoin (LTC) and Bitcoin Cash (BCH) cryptocurrency.

Samani believes that reducing 50% of Bitmain employees is an obvious sign that the company is in serious financial trouble. According to him, the mining giant has significant reserves of BCH and LTC in reserves. Consequently, the coins are likely to be sold out to keep the company afloat.

According to Blockstream operational director Samson Mou, Bitmain plans to cut not 50, but 85 percent of the staff, getting rid of secondary business lines. In particular, the initiatives related to artificial intelligence are curtailed.

Recall, according to some data, Bitmain losses in the third quarter could reach $ 740 million .

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