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The analyst Eric Conner says miners do not influence the cryptocurrency space as Bitmain's problems continue
Bitmain, of the largest cryptocurrency mining companies, has struggled through the cryptocurrency bear market to the point of closing an office in Tel Aviv. The company has also made other major changes, including firing two of its key operational officers and reshaping its top management.
Even with such a large mining company struggling to keep up with the market, Eric Conner, a cryptocurrency analyst and founder of Eth Founder, still believes that the health of miners does not affect the cryptocurrency space.
Conner stated this in his last tweet, in which he invited cryptocurrency enthusiasts not to worry about the miners.
The tweet read as follows:
https://twitter.com/econoar/status/1084263405265928192
Although Conner did not specifically refer to Bitmain, his tweet comes at a time when the mining company is struggling to remain relevant. This was largely attributed to the annual price collapse of the main criptos. Some analysts even believe that the Bitcoin Cash war in November contributed to the fall of Bitmain, causing it to lose millions.
The fall of Bitmain
Bitmain he enjoyed good times before. In 2017, the company downsized its operations and made huge profits in the cryptocurrency mining space. But over time, it has struggled to remain relevant, which means it has had to scale down to meet the small market demand.
Although Bitmain has had a great future, trying to open offices in almost every corner of Europe, its plans seem to be declining. It must develop effective plans to satisfy the declining market or be forced out of the market, especially if the crypts prices continue to disappoint.
Bitmain's problems, however, are not new to any industry. The companies invest a huge amount of money but the market fails to favor them, which forces companies to downsize or close completely.
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