Cryptocurrency mining giant, Bitmain announced that they will be having an IPO, the cryptocurrency community took it as a good sign for the community. The IPO is expected to bring Bitmain around $18 Billion of cash and could be one of the biggest IPO’s in the world. It revealed that Bitmain sold around 70% of their Bitcoin holding for Bitcoin Cash.
Bitmain’s decision to shift towards Bitcoin Cash was due to the fear of introduction of Lightning Network, which would decrease miner’s profits. Bitmain’s solution was simple, replace Bitcoin with Bitcoin Cash.