Bitmain Targets Development in Revamped 2019 Business Model

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Bitmain Targets Development in Revamped 2019 Business Model

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Bitmain appears to be in the process of repositioning itself towards development to make 2019 a far more successful year after the disappointments and layoffs of 2018 as cryptocurrency mining came under pressure.

The Beijing mining giant recently referred to last year’s negatives and positives in its latest roundup, but now seems more focused on how to turn things around after rationalizing its business model, not only through the already much hinted administrative changes at the head of the company but also by targeting development. A company blog has recently clarified its direction in 2019, suggesting that:

“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.”

Bitmain’s recent blog post sees the cryptocurrency industry stabilizing this year, echoing many analysts’ suggestions that institutional investors will revitalize the markets, and clearly envisages a role for ASICs, simplifying cryptocurrencies in a way that encourages their adoption as both a useful and a usable asset.

The company is not alone in hoping that sensible regulation will lead to greater adoption of crypto finance, although such moves will clearly have to wait in the US, where the SEC is running a skeleton staff due to the prolonged government shutdown.

According to the blog, now that the company has undergone significant staff cuts, there is a feeling at the top that a new leaner operation will support Bitmain’s aim to build a more sustainable and scalable business, and suggests that “part of that is having to really focus on things that are core to that mission and not things that are auxiliary”.

Time will indeed tell if consolidated focus and renewed energy in a scaled down company does make 2019 Bitmain’s year of development.

 

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