Mining pools like Bitmain and Coindesk have had a rough ride lately, as they have faced a wave of bad news.
According to a report by CoinDesk, Bitmain, one of the largest mining pools in the world, has recently dropped its coin prices by about 30%, while Cointelegraph has reported that CoinGecko, one the biggest bitcoin mining pools, has dropped coins by up to 60%.
These declines come after CoinGeck’s chief technology officer, David Egan, recently left the company and announced that the company had lost a significant amount of bitcoin trading volume.
Egan stated that there was “no way” that the Bitcoin community would recover from the losses incurred from CoinGeek, and the loss of trading volume would likely impact CoinGecks profits.
According the report, Bitcoin mining pools are facing the worst mining downturn in over three years, and this has impacted the price of all the major cryptocurrencies.
The price of bitcoin has been hit hard by the collapse in the value of the cryptocurrency, and miners are increasingly opting for other cryptocurrencies.
For instance, one miner has said that it is currently “looking at selling all of its bitcoin mining equipment” and that he plans to “take a hit” from the loss.
CoinGecko has recently announced that it plans to continue to “support the cryptocurrency mining community” by “supporting the new development of the technology”, and is working on a new “coin price calculator” that will allow miners to calculate the true market value of their cryptocurrencies.
CoinDesk reported that Bitmain’s Chief Technology Officer, David J. Egan has left the organization after his decision to leave the company sparked a controversy.
The company’s CEO, Thomas J. Byrne, said that the decision was “made because of the lack of customer service and support and due to the recent declines in coin prices”.
Bitmain, a Canadian-based mining firm, has been a leader in the bitcoin mining market for a number of years.
Egon said in a statement to CoinDesk that the mining pool was “extremely disappointed in the recent coin price declines”.
Bitmining is a mining process that involves extracting bitcoins from the blockchain.
The process involves mining the cryptocurrency and extracting the data associated with it.
It is currently the largest cryptocurrency mining pool in the United States.
In an interview with CoinDesk last year, Byrne said that his goal was to help “the bitcoin community become better-informed and more engaged”.
Egan, however, claimed that the losses caused by the coin price collapse are not due to a lack of support for bitcoin.
According to Egan’s post on the Bitmain forums, his reasoning was that mining pools had been making investments in software and hardware, and that “we have a big investment to make” in bitcoin mining software and software development.
This decision by the mining industry is a direct consequence of the collapse of the price.
CoinDesk noted that Egan made the announcement in the midst of the worst bitcoin price drop in three years.
Egon’s departure comes after several of the world’s largest bitcoin mining companies, including Coindezk, BitMain and CoinGeeker, have suffered losses of their own.
In addition to Egon’s post, Byrne has since announced that he will take a leave of absence from the company.
According CoinDesk’s report, Byrne is a vocal proponent of Bitcoin Core, the project that aims to improve the blockchain and provide better security for the cryptocurrency.
However, his actions and statements have made the Bitcoin Core project increasingly unpopular among the bitcoin community.