In an unusually long blog post for company with renown message discipline, battered and bruised cryptocurrency mining manufacturing giant Bitmain made what amount to its first public statements since the Bitcoin Cash (BCH) contentious hard fork and eventual chain split. Following that mid November event, markets have all but tanked, and the company has gone through well-publicized executive restructuring and layoffs. Bitmain was set to achieve the largest initial public offering (IPO) in the ecosystem’s history, and speculation has been rampant about the viability of such plans.
Crypto Mining Giant Bitmain Speaks
“Bitmain: Following a busy 2018, what can we expect in 2019?,” will have to suffice as the company’s first official statement on all that has happened since the 15 November 2018 BCH hard fork and chain split. It’s an unsigned, weaving narrative, careful to reflect on recent past events, but shies away from polemics or stridency.
“As we have always maintained, we have made it our mission to ensure the stability and security of digital currency, to foster greater adoption, usage and efficiency,” the post began. “There have been many major developments including filing our application to list on the Hong Kong Stock Exchange,” which remains sole acknowledgement of a potential pending IPO.
The statement then recounts product rollouts and champions its investments in AI and platforms such as Circle. Bitmain insists its “greatest milestone of 2018 has been our next generation 7nm ASIC chip, designed for SHA-256 mining,” which it believes “not only accelerates the development of digital currency mining, but also provides miners with a better mining experience.”
The Big Fork
The elephant in any Bitmain room of late is the BCH hard fork and split. “It goes without saying that the BCH and BSV split was a significant topic within the global cryptocurrency space last year,” the company noted.
Calling it “exciting,” Bitmain referred to the affair as a battle of ideas and “passions,” and insisted they “understand the BSV community’s decision to split and freely pursue its own dream. Adoption will come through power, flexibility and sophistication of the ecosystem and we look forward to what 2019 has in store for cryptocurrencies.”
It’s a remarkable paragraph, considering the coarse and bellicose language and actions of the BSV community toward Bitmain, accusing the company of being everything from a Communist Chinese plot to overtake the ecosystem to urging its executives jailed. The BSV community has even cheered a lawsuit as a result of the split, listing a Bitmain executive as a respondent — complete with a website to track his being dutifully served.
Time to Rationalize Our Business
“In preparation for the future,” the post detailed, “we decided near the end of 2018 that it was time to rationalize our business.” Similar to ShapeShift, but less overt, the company appears to feel it spread itself too thin. “Our wide portfolio and varied lines of work have expanded to a point where we have the problem of choice and this year was the time to choose.”
They’re optimizing and streamlining, moving “our flows to focus back on the core missions and activities that best rally behind our vision. We as a company will be lean and more focused towards our goals,” the post alluded. There was no mention of layoffs or facilities being paused.
The overall feel of the statement is one of optimism and candor, with hints of generosity toward foes and haters, anticipating in 2019 “greater adoption of cryptofinance, starting with regulators recognizing the important role cryptocurrencies can play in our financial system and moving away from the sentiment that it is a threat to stability.”
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