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.
Bitmain exchange declared the launch of ASIC chip with a SHA256 algorithm. The company also has plans to unveil new generation digital currency mining machines integrating new chip BM139. The company revealed, “The new ASIC SHA256 algorithm acceleration chip carefully built by Bitmain uses one of the world’s most advanced semiconductor manufacturing technologies, 7nm Finfet.
The WeChat messaging application has begun to block the official accounts that involve cryptos. An official sales channel of Bitmain possessing WeChat ID ‘antminersale’ has been blocked. WeChat found the content distributed by the account has violated the rules. Reportedly, another official account that delivers product information for mining equipment is active. The official account of Delphy also becomes unavailable.
The Bitmain Technologies Ltd has associated with BitKan for the conduct of the World Digital Mining Summit scheduled to happen from 21st to 23rd September. The event would feature thirty and beyond speakers and is to be held in Tbilisi, the capital city of Georgia. The speakers would discuss the eco-system developments and the November 2018 protocol upgrade.