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Bitmain Co-Founder Jihan Wu Loses Executive Power in Board Reshuffle, Says...

Unsubstantiated reports quoting a lawyer from Bitcoin mining giant Bitmain suggest co-founder Wu no longer has executive power. Bitmain co-founder Jihan Wu is reportedly no longer able to influence corporate decisions at the mining firm, Chinese industry media outlet Sanyang Blockchain reported Nov. 13. Citing an unnamed “financial news” source, Sanyang quotes a lawyer for Bitmain, Tian Yangang, saying that as a result of the redistribution of positions at the company’s executive board, Wu had been demoted from being a “director” to a “supervisor.” “After changing to a supervisor, there are no voting rights, so [Wu’s] power is smaller and [he] cannot participate in the business decision-making of the enterprise,” a rough translation of his comments reads. The news comes three months after Bitmain received a $18 billion valuation ahead of plans to launch an IPO. The move has seen Bitmain court controversy over its financial health, with speculators considering the company’s vast Bitco..

Mining Giant Bitmain Sues Unknown Hacker for Alleged Theft of $5.5...

Bitman sues unknown hacker who allegedly stole $5.5 million worth of crypto by using Binance and Bittrex wallets for manipulation of MANA token. China-based Bitcoin (BTC) mining giant Bitmain has sued an anonymous hacker for the alleged theft of cryptocurrency worth $5.5 million from Bitmain’s account on Binance in April, according to a lawsuit filed with the U.S. District Court for the Western District of Washington at Seattle on Nov. 7. As stated in the court document, an unknown hacker, referred to as “John Doe” in the case, managed to take over Bitmain’s Binance account and used stored Bitcoin to manipulate the price of altcoin Decentraland (MANA) and then steal the profits. Bitmain says in the court document that the amount of the company’s losses “exceeds” $5.5 million in “Bitcoin and other digital assets,” and specifying that the defendant was able to steal “approximately 617 BTC.” The document cites that the unauthorized action took place on April 22, when Bitcoin was trading ..

Mining Giant Bitmain Hurries to Deploy 90,000 S9 Antminers Ahead of...

Ahead of the imminent Bitcoin Cash hard fork, mining giant Bitmain has rushed to deploy around 90,000 Antminer S9 machines to the western Chinese region of Xinjiang. Ahead of the imminent Bitcoin Cash (BCH) hard fork, mining giant Bitmain has rushed to deploy around 90,000 Antminer S9 machines to the western Chinese region of Xinjiang, Chinese blockchain news source DeepChain reports Nov. 8. As reported, the BCH network will hard fork on Nov. 15, and Bitmain is reported to be strategizing its role in the forthcoming computing “power war” by reaching out to local mining farms in the coal-rich region of Xianjing. Local mining pool operator Yu Hao told DeepChain that the mining titan has been in talks with “almost all” the local mining farms since late October, and persuaded them to host almost 90,000 of its S9 machines: “[Bitmain’s] AntPool requested that a single mining farm should host over 5,000 machines. But in fact, only a few mining farms can satisfy their demand.” An unnamed sour..

China: Bitcoin Mining Behemoth Bitmain Releases New 7nm Antminer Hardware

Bitcoin ( mining behemoth Bitmain has officially released two new 7nm (nanometer) “Antminer” crypto mining machines, designed to mine with the SHA256 algorithm. Bitcoin (BTC) mining giant Bitmain has officially released two new 7nm (nanometer) “Antminer” crypto mining machines, according to an official tweet posted Nov. 5. Bitmain indicated in September that it would be equipping its new Antminer models with next-generation Application-Specific Integrated Circuit (ASIC) chips. ASIC chips are geared to compute optimally for a specific hashing algorithm and, as Bitmain’s tweet confirms, these latest “acceleration” chips use an SHA256 algorithm, which is based on 7nm Finfet semiconductor manufacturing technology. Today’s tweet from the company reads: “We are officially announcing the release of our new 7nm miners which possess industry-leading hash rates designed to mine with the SHA256 algorithm. Two models will be offered, the Antminer S15 and T15. Available for purchase on 11/8 [Nov. ..

Chinese Mining Giant Bitmain’s New Firmware Update Reignites AsicBoost Controversy

Major Bitcoin mining company Bitmain releases new firmware days after compatibility warnings from competitor Slush Pool. Chinese cryptocurrency mining giant Bitmain confirmed it would roll out a firmware update for so-called ‘Overt AsicBoost’ to all its Antminer models in a blog post Monday, Oct. 22. Bitmain, which holds a monopoly on Bitcoin mining through its subsidiary mining pools BTC.com and Antpool, said the release would begin with its most recent Antminer S9 product, extending to older versions next week. Overt AsicBoost refers to a method of increasing mining “effectiveness” for Antminers, Bitmain says, in a way that does not produce “any negative impact on the Bitcoin protocol.” “Initially, we decided against activating this mathematical function in mining hardware produced by us, largely because of the legal uncertainty surrounding the use of AsicBoost,” the post reads: “As an organization, we didn’t want to violate patent laws or act in any way that was untoward.” Bitmain ..

Heads of Bitmain, Binance and Other Crypto-Related Businessmen Among China’s Richest

Blockchain’s richest are becoming regular features in world-renowned wealth reports. The rise of blockchain technology and cryptocurrencies have made many people rich, but the world’s smartest entrepreneurs in the space are beginning to make waves among the world’s richest conventional business minds. The Hurun Research Institute released its annual China Rich List on October 10. Included in this list of 1,893 individuals are 14 people who have made their fortune from cryptocurrency and blockchain related business ventures. According to the Hurun list, the 14 new names on the list from the blockchain space make the industry the fastest growing in terms of representatives from one specific industry. Bitmain dominateIt is hardly surprising that global crypto mining giant Bitmain and its directors are leading the pack in their industry, given the meteoric rise in value of the Chinese company. Since its inception in 2013, the company has established itself as the biggest manufacturer of ..

Bitmain IPO: Trial by Fire for the Mining Equipment Giant

While Bitmain’s IPO launch date is getting closer, recent retractions of large investor participation, increased competition, and possible losses may affect the company’s leading position on the market. The views expressed here are the author’s own and do not necessarily represent the views of Cointelegraph.com Bitmain, the world market leader for mining equipment, on the eve of an epic IPO — which could become the largest in the entire history of the IT market — is experiencing an equally epic publicity and information attack. Despite the fact that the upcoming IPO is getting closer, as demonstrated by a draft application for registration recently filed by the company on the Hong Kong Stock Exchange, its success may be questionable. The fact is that, since Aug. 21, official refutations have started to appear on the internet from companies that were previously listed in the Bitmain investor list. Beginning with SoftBank, the rumor about participation in the company's IPO was als..

Bitmain Files Draft Application for Listing on Hong Kong Stock Exchange

China’s crypto mining giant Bitmain has filed a draft application for listing shares on the Hong Kong Stock Exchange. Chinese crypto mining giant Bitmain has filed a draft application for listing the company’s shares on the Hong Kong Stock Exchange (HKEX), according to an official application document published Wednesday, September 26. Bitmain has provided a draft application proof that is required for public listing on the HKEX, aiming “solely” to disclose information to the public in Hong Kong, and “not for any other purposes.” By providing a detailed business overview, Bitmain has stressed that the application proof is represented in a draft form, as it is a subject to future elaborations due to its incomplete status. In the application’s introduction, Bitmain has described the company as “China’s second largest and among the world’s top ten fabless IC design companies in terms of revenues in 2017,” providing a short description of the equipment supplied by the firm. The company em..

Bitmain Unveils Next-Generation ASIC Chip to Be Integrated into New Antminer...

Bitcoin mining behemoth Bitmain has unveiled its next-generation ASIC chip soon to be used in the firm’s new “Antminer” crypto mining machines. Bitcoin (BTC) mining behemoth Bitmain has unveiled its next-generation ASIC chip soon to be used in the firm’s new “Antminer” crypto mining machines, Reuters reports September 21. An Application-Specific Integrated Circuit (ASIC) chip is a piece of tailored mining hardware geared to mine cryptocurrency based on a specific hashing algorithm. Bitmain CEO and co-founder Jihan Wu reportedly announced the new crypto-mining-specific ASIC chip BM1391 during his keynote lecture at the World Digital Mining Summit in Georgia. According to Wu, Bitmain has now started to mass produce the chip and plans to integrate it into its next-generation Antminer machines. The new “acceleration” ASIC chip is said to use an SHA256 algorithm and is based on a highly-advanced semiconductor manufacturing technology, 7nm (nanometer) Finfet. It reportedly integrates “more ..
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