Trolls: “Bitmain Is Going Broke!”. Meanwhile, Bitmain expanding to US; launches $50million Fund

bitmain-not-bankrupt-story

Where there’s smoke there’s fire, the old saying goes. But in this day and age when any tokenboi can start a blog and talk big shit about anything without evidence, that does not mean a thing. In the past few days, a certain unsubstantiated rumor has been spread over the internet by professional haters via false claims and assumptions, talking about how “Bitmain is on the verge of bankruptcy”. Sound crazy right? Bitmain, the main cryptocurrency mining machine provider, that amassed more than a billion dollars in revenue before NVIDIA? That Bitmain? They are going broke? There is no evidence to suggest such claims.

But this is how it is going in the trenches of the Bitcoin Wars, muchachos. Nothing better than a few anonymous-hater tweet campaigns or sensationally headlined Op-Ed articles and a Samson Mow quote here and there to get the internet spinning about an idea that is absurd at first glance by more discerning minds. This “news” comes amidst announcements that Bitmain is opening operations in Houston, Texas and investing in Bitcoin infrastructure further with their investment fund, Permissionless Ventures, worth $50 million.

Last August, it was announced that they were investing in a big cryptocurrency mining facility to be launched in the near future, with an investment of more than $500 million along 7 years. The facility would give the Rockdale community 400 jobs and training for the potential employees.

And while there are other crypto mining companies out there, there is no one even remotely close to having the relevance that Bitmain has in the market. An article, written in Bloomberg by someone named Tim Culpan tries to suggest that Bitmain is going through dire straits by showing numbers of another crypto mining operation called MGT; ironically after he shows apocalyptic numbers for Bitmain, he says that this is a rare case and that most mining operations are not in the same state.

Sadly for trolls like Samson, tear-laden salt dreams are not reality. Bitmain continues to thrive by all accounts.