Bitmain, which controls about half of the hash rate on Bitcoin, may be in some financial dire straights because of several reasons, but mainly because of the loss of value in its Bitcoin Cash holdings. Bitmain reported profits of 1.1 billion dollars in the first quarter of this year but Bitmain has large investments in Bitcoin cash, which it strongly supports. Unfortunately for them, Bitcoin Cash has lost nearly 88% of its value since its all-time high, resulting in massive losses for Bitcoin. Other losses include three failed chips and increased competition and falling cryptocurrency prices. These factors may force Bitmain to shut its doors and greatly decrease the overall Hashrate for Bitcoin.
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