Which Bitcoin mining company is right for you?
The cryptocurrency community has been rocked by news that mining firm Bitfury has been acquired by Chinese mining giant Huobi.
Bits mining company has been the focus of speculation since it was founded by former CEO Jihan Wu in 2013.
It has been one of the few firms to keep up with Bitcoin price fluctuations and has made some of the largest cryptocurrency investments.
Bitfury’s chief executive officer, Wang Shuo, recently admitted that his company had not been the best performing in terms of volume of Bitcoin transactions in the past year, but he said that it had been outperforming competitors by a wide margin.
Huobi’s chairman, Liu Jianping, has been quoted by the Wall Street Journal as saying that Bitfuries mining operation had been “oversold”.
Huobi is reportedly worth $8bn and is also a major investor in the Bitcoin exchange Mt Gox.
The news of Bitfys acquisition came as Huobi also announced plans to sell the company’s shares.
The sale of Huobi comes as the company is still trying to recover from the collapse of the Bitcoin network following the theft of over 500,000 bitcoins from its exchange earlier this year.
As a result of the theft, the Chinese Bitcoin exchange suffered a significant decline in value.
At the time of writing, Bitfryers shares had declined by over 50% in price from their all-time high in January 2017.
Since then, the price of Bitcoin has fluctuated wildly from $5,000 in June 2017 to over $3,000 by March 2018.