There was news stating that the China-based Bitcoin mining and ASIC chips designing company, Bitmain, was nearing bankruptcy. Later, it was found to be false news as analysts claimed that the company had generated profits of around US$ 3 billion to US$ 4 billion in 2017.
After the news of the bankruptcy came out, Bitmain announced that their subsidiary, Antpool, will be sponsoring the NBA team, Houston Rockets. The NBA board members agreed on the payments for the tickets be Bitcoin Cash which is the first cryptocurrency to be accepted by an NBA team for ticket payments. In other news outlets, it stated that Antpool was assumed guilty of artificially increasing the Bitcoin Cash price.
Antpool noted in their website about the importance of investors to hold BCH and active users to spend it as essential for strong economy maintenance. BCH exchanges will witness a drastic support reduction without them.
The subsidiary believes that they should also reap the profits from the BCH growth through their continuous investments in the BCH ecosystem. Even if a small section of the transaction fees earned by the miners is lost, then it essentially means that the miners are efficiently sharing the revenue with the whole BCH network.
Selling the tickets for Bitcoin Cash made it possible to conceive how a close niche of technology privy individuals is attracted even more to the cryptocurrency market.
As soon as the Bitmain bankruptcy news came into light, the company announced on several news articles that Bitmain is investing US$ 50 million on Bitcoin to open their operations in Houston, Texas. The statement implies that Bitmain is not only venturing out as an enterprise but also providing a platform for beginners to enter and engage in the cryptomarket space.
It has implied that Bitmain has begun to promote Bitcoin at many levels now and it is evident in this present endeavour to popularise bitcoin.