While 2018 was a year to forget for crypto mining companies, Bitmain has taken to its blog and announced its plan for 2019. Calling 2018 a busy year, Bitmain expects 2019 to be stabilizing and maturing.
Bitmain’s Positives from 2018
In the latest blog post, Bitmain, the crypto mining giant has given a complete roundup of 2018 which wasn’t the best for the company. With failed IPO attempt to closing offices and laying off people, Bitmain had seen it all. Although there were some negatives, 2018 also had some positives for the company.
Bitmain highlights various achieves which included the launch of new exciting products by the company and its funding of promising open-source developers and projects. The company also pointed out its investment in Circle via a US $110 million Series E round.
The tough year’s struggle did help Bitmain get a little stronger as it continued to stay committed to transparency. During the year the company also developed a transparency policy which started governing the way the company mine’s cryptocurrencies and how it communicates with the communities that it operates and functions in.
2018 also saw Bitmain taking a giant leap with its investments in the United States as it opened a new blockchain datacenter in Rockdale, Texas and a new facility in Washington. With these investments in place, Bitmain also tried to stay connected with Americans and went on to sponsor an American Basketball team, the Houston Rockets.
With 2018 already gone and expecting 2019 to be a better year, Bitmain announced in its post that it is preparing itself to take on new challenges in the new year. To move ahead in greater speed, Bitmain mentioned that it had to rationalize its business and had to choose businesses that would optimize and streamline its flows and bring back focus to core mission and activities that the company wants to achieve.
Bitmain outlines 2019 as the year of development
In 2019, the company expects the crypto industry to stabilize and mature and expects big institutional investors to enter the crypto markets. The company also sees ASICs playing a fundamental role in securing and transforming the complexity of cryptocurrency into useful and trusted assets for everyone.
Bitmain also anticipates greater adoption of crypto finance, starting with regulators recognizing the major role cryptocurrencies can play in the current financial system and moving away from the sentiment that these coins and tokens are a threat to stability.
Bitmain ends the post saying
“Our mission is to produce hardware and software, as part of our commitment to contribute towards the security and stability of a multitude of cryptocurrencies. We look forward to continuing this effort this year, and contributing to a distributed, decentralized world that empowers everyone”
With 2019 expected to better than 2018 for cryptos, Bitmain with this consolidated focus and renewed energy could scale back to its glory days. It only a matter of time for the sentiment to change and Bitmain would be scaling newer heights again
Will Bitmain win back its lost ground in 2019? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.