Home Tag Archives: Bitmain

Tag Archives: Bitmain

Anonymous Bitcoin Miners Fill Void as Bitmain Sizes Down

Anonymous Bitcoin Miners Fill Void as Bitmain Sizes Down

Blockchain research unit Diar has published new data which illustrates the degree to which anonymous Bitcoin miners are now validating more blocks than any other pool. This research follows recent announcements that Bitmain, the world’s largest maker of cryptocurrency mining chips, is reported to be laying off up to 50% of its staff in 2019 following huge staff cuts in …


Mongolian Mining Takes a Leap Forward with Japanese Investment

Mongolian Mining Takes a Leap Forward with Japanese Investment

With the announcement that Japanese company Ginco is expanding its mining capacity, Mongolia is set to experience a surge in crypto mining in 2019, despite the downturn in Chinese mining activity. The company best known for its Japanese crypto wallet is tripling its output this year from 600 to 1600 miners in the Chinese province. The news was unexpected given recent …


Bitmain CEOs to Make Way for New Faces

Crypto Mining Rig Giant Bitmain May Appoint New CEO Soon

Top cryptocurrency mining rig maker Bitmain may be in for some administrative changes soon, with Wang Haichao, currently head of product engineering, tipped to be the new CEO in place of co-CEOs Wu Jihan and Zhan Ketuan, as reported by South China Morning Post. Currently, no public announcement has been made by the company or any of the parties involved about …


China Could Become a Factor in Bitcoin’s Success in 2019, but Knowledge Is Key

China Could Become a Factor in Bitcoin’s Success in 2019, but Knowledge Is Key

The latest survey released in China illustrates just how much cryptocurrencies such as Bitcoin are gaining interest there, despite the country’s prohibitive stance on digital currency. Given China’s huge impact on cryptocurrency mining despite Bitmain’s recent staff layoff announcements, to some this may come as no surprise. However, the Chinese government has attacked Bitcoin at every opportunity whilst casting its …


Bitmain Under Pressure to Cut 50% of Staff in 2019

mining, cryptocurrency

Bitmain, the world’s largest maker of cryptocurrency mining chips is reported to be laying off up to 50 percent of its staff in 2019. Suggestions that layoffs may be a possibility in the new year first appeared on Maimai — China’s version of LinkedIn — before Christmas where one verified Bitmain employee wrote, “It’s affirmative. The layoff will start next …


Bitmain Struggling Amid Market Downturn, IPO No Longer Certain

Bitmain Struggling Amid Market Downturn

Bitmain may be the largest manufacturer of cryptocurrency mining equipment in the world but despite the size of the company and its near-total monopoly on the mining industry, it is not immune to the impacts of the 2018 cryptocurrency bear market. Bitmain has been forced to close down its Israeli development center, amid rapidly declining revenues. Possibly over 1 million Antminers have …


Bitmain Faces $5 Million Lawsuit for Unfair Pre-Configuration of Mining Rigs

Bitmain Faces $5 Million Lawsuit for Unfair Pre-Configuration of Mining Rigs

Bitmain, the largest manufacturer of cryptocurrency mining equipment in the world, is being sued for USD 5 million in a class action lawsuit filed in the United States District Court of the Northern District of California. Plaintiffs allege that the manufacturer pre-configured rigs to run at full power, directing cryptocurrency mining revenue to itself before users could set up the rigs to …


Jihan Wu Loses Voting Rights in Bitmain Reshuffle

Bitmain Reshuffles Board Of Directors, Jihan Wu Loses Voting Rights

Jihan Wu, the co-founder of Bitmain who owns 20.25% of the company’s shares and a personal net worth in excess of USD 2 billion, has stepped down from his role as director. Now Wu is a supervisor, meaning he can discuss business decisions with the Board of Directors but cannot directly vote on business decisions. Wu’s change of position coincides …


Bitmain Sues Unknown Hacker Who Stole 617 Bitcoins via MANA Market Manipulation

Bitmain Sues Unknown Hacker Who Stole 617 Bitcoins Via MANA Market Manipulation

Bitmain is suing ‘John Doe’, an unknown hacker who gained access to Bitmain’s Binance account on 22 April 2018. Ultimately 617 bitcoins worth USD 5.5 million were stolen from Bitmain, the largest cryptocurrency mining firm on the planet. The scheme the hacker used to steal the bitcoins was unique. Instead of directly withdrawing cryptocurrency from Bitmain’s account, likely impossible due …


New US Trade Tariffs Will Hit China’s Mining Hardware Makers

tariffs

New US trade tariffs aimed at China will have a significant impact on the profits of crypto mining equipment manufacturers. Chinese cryptocurrency mining hardware maker Bitmain stands to be the hardest hit by these new tariffs as its Antminer S9 gets reclassified by the office of the United States Trade Representative as “electrical machinery apparatus” which will now incur a 2.6 …


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