Chinese cryptocurrency mining giant Bitmain’s hashrate has noticeably dropped in the past 30 days. Bitmain-owned hardware updated once every 30 days, the SHA256 hashing algorithm which is used in the bitcoin (BTC) mining network has dropped from 1,692.35 quadrillion hashes per second (PH/s) in March to 237.29 PH/s as of the beginning of May. Bitmain hinted that the release of its new mining hardware could hinge on the 2020, saying that next year event could reverse its fortunes.
The application for initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX) for Bitmain has officially expired. Bitmain then explained in an announcement regarding the expiration of its initial public offering, “Bitmain’s listing application to HKex in September 2018 has reached its 6-month expiration date…We will restart the listing application work at an appropriate time in the future.”
A crypto-mining company based in China, Bitmain is reported to install approximately 200,000 mining units in the country. Its VP of international sales, Gadi Glikberg said, “The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.”
The top executives of a mining firm headquartered in Beijing named Bitmain, Jihan Wu and Micree Zhan was rumoured to resign from their position due to poor financial performance. In an interview Bitmain commented, “Thank you for your attention, but we have no words at this point in time. It would be better if you refer to the prospectus.”
Bitmain, manufacturer of Bitcoin mining equipment, is going through one of its tough period, as the Hong Kong Exchanges and Clearing Limited (HKEX) might be skeptical to approve the initial public offering (IPO) application of the company, given their stated concerns about the lack of a proper regulatory framework that can govern the cryptocurrency and blockchain industry.
The Bitmain is to end its operations in Israel. The development center of the company in Ra’anana will end its operations this week which would lead 23 employees jobless. The VP of the company, Gadi Glikberg will also resign. The official also mentioned on the business ‘refocus’ in connection with the market situation for the closure of operations in Israel.
Gor Gevorkyan, a resident from Los Angeles County, has filed a suit against Bitmain with the North District Court of California. The crypto mining company has been sued for ‘allegedly mining cryptocurrencies without the customer’s consent.’ Reportedly, beyond 100 class members were involved in the lawsuit involving $5 million as an aggregate amount.
The Bitmain has denied that the co-CEO of the company has stepped down from the board of the BitMain Technologies Holding Company. The company responded as various media reported that Wu would act as supervisor, “There have been no board departures and co-founder Jihan Wu will continue to lead the company as co-chair, together with co-chief executive officer, Micree Zhan.”
The position of Bitmain co-founder Jihan Wu has changed from a director to a supervisor. A lawyer stressed, “After changing to a supervisor, there is no voting right, so one’s power is smaller and one cannot participate in the business decision-making of the enterprise.” The company plans to commence IPO and is undergoing a significant metamorphosis.
The Bitmain has declared the release of two new Antminer models called Antminer S15 and T15 machines powered by 7nm ASIC processor. The company tweeted, “The new miners possess industry-leading hash rates designed to mine with the SHA256 algorithm.” Reportedly, the chips would function via 7nm Finfet. The 7nm technology consumes less power and mines at a faster pace.