One Day Ahead of the Bitcoin Cash (BCH) Hard Fork, What is Going on at Bitmain?
The past week has been nothing but rumors and speculation regarding the upcoming Bitcoin Cash hardfork, an implementation that cryptocurrency mining giant Bitmain has a huge influence on.
As a result of a disagreement between two leading factions regarding how the Bitcoin Cash blockchain should continue to operate, tomorrow may see the network split into two separate, independently managed chains. Bitcoin ABC, the team behind what is considered to be the original BCH network, intends to implement its version of the code which will not increase the block size and support investors. This implementation is contested by Craig Wright and nChain’s Satoshi’s Vision (SV) fork which plans to increase the block size to 128MB in order to make BCH more scalable but less attractive as an investment opportunity.
What has this got to with Bitmain?
Earlier this year, Bitmain announced it’s upcoming IPO which will see the company listed on traditional stock exchanges and valued at $18 billion. In lieu of the announcement, a Bitmain IPO report was leaked that revealed the company had recently moved a large number of Bitcoin assets into Bitcoin Cash, a decision that put its value in question, considering the declining market value, and raised concerns of an exit scam.
Now, just 24 hours before the much-maligned Bitcoin Cash hard fork that could effectively crash the price of BCH, it’s been revealed that Bitmain founder Jihan Wu has been ousted from his seat on the board of Bitmain. The demotion has been attributed to “a larger board restructuring” and Wu’s change in position to a supervisor. However, it comes at an extraordinarily coincidental time, which forces one to ask the question – “What’s going on at Bitmain?”