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Chinese crypto mining giant and ASIC hardware producer Bitmain has announced a launch date of April 9th for its new energy-efficient Antminer S17 series miners. Chinese crypto mining giant and ASIC hardware producer Bitmain has announced a launch date of April 9th for its new energy-efficient Antminer S17 series miners. The news was revealed in an official Bitmain blog post on March 29. As previously reported, the new miners will be fitted with Bitmain’s 7nm (nanometer) ASIC mining chip — dubbed “BM1397” — designed for mining cryptocurrencies that use the SHA256 algorithm for their proof-of-work (PoW) — most notably Bitcoin (BTC) and Bitcoin Cash (BCH). Three different Antminer S17 miners have now been specified as slated for release on April 9: the models Antminer S17 Pro, Antminer S17 and Antminer T17. Yanxhin — Bitmain’s product manager for the new Antminer S17 series — is quoted in the blog post as saying that the new miners offer a “a steep improvement in the hashrate in terms of..
The company thinks an uptick in Bitcoin prices prior to the halving will spur demand for mining hardware. Embattled cryptocurrency mining giant Bitmain has allegedly hinted the release of its new mining hardware could hinge on the 2020 Bitcoin (BTC) block reward halving. The news was reported by English-language Asia news outlet South China Morning Post (SCMP) on March 27. Bitmain, which has seen a testing six months as market volatility triggered redundancies and a failed public flotation, reportedly said next year’s event could reverse its fortunes. SCMP cited a “a company source with knowledge of the plan.” Block reward halvings reduce the amount of BTC awarded to miners who successfully solve the algorithms to validate blocks of transactions. In May 2020, the reward size will decrease from 12.5 BTC to 6.25 BTC per block. In line with previous events, sources anticipate Bitcoin prices will increase in advance — possibly beginning around June this year. “Bitmain is now betting that ..
A Bitmain critic has stated that the firm’s investors are preparing a class action lawsuit against the company. A critic of cryptocurrency mining giant Bitmain, BTCKING555, said that a group investors are preparing a class action lawsuit against the company in a tweet on March 26. BTCKING555 said in the post that a number of Bitmain’s investors are going to file a class action lawsuit against the company in Hong Kong, seeking to recover their investments after the expiration of Bitmain’s initial public offering (IPO) bid. The post reads: “...already in august I warned many investors and prevented them from investing. Those that did not listen, good luck recovering your moneys. I hear there is class action in works in Hong Kong.” BTCKING555 also claims that last summer, Bitmain rose $700 million and saved the company from bankruptcy. Investors, in their turn, reportedly anticipated that the value of their shares would increase significantly, although that has not yet happened: “Noone w..
Bitmain’s filing to list an initial public offering on the Hong Kong Stock Exchange has officially expired today. Chinese crypto mining titan Bitmain’s filing to list an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEx) has officially expired, according to an updated list of now-lapsed applications on the HKEx website on March 26. In a blog post published the same day, the company acknowledged that its IPO application was now inactive, and simultaneously revealed the appointment of a new CEO, Mr. Haichao Wang. As reported yesterday, Bitmain’s IPO filing — published in English and Chinese on Sept. 26, 2018 — was set to imminently reach the end of a six-month validity window, pursuant to HKEx listing rules. These rules provide a window for a given application to proceed to a closed-door hearing before the exchange’s Listing Committee, which is tasked with giving the final approval or disapproval of the offering. Should this fail to happen within this time frame, th..
Bitmain’s filing to list its IPO on the Hong Kong Stock Exchange will seemingly reach the end of its six-month expiration window today. Chinese crypto mining giant Bitmain’s filing to list its initial public offering (IPO) on the Hong Kong Stock Exchange (HKEx) will seemingly reach the end of its six-month expiration window today, as a crypto community member has noted in a tweet posted on March 25. As the South China Morning Post has previously outlined, HKEx listing rules provide a six-month window for a given application to proceed to a closed-door hearing before its Listing Committee. The Committee is tasked with giving the final approval or disapproval of the offering; should an applicant fail to hear a response within this time frame, the listing formally lapses. The filing — published in English and Chinese on Sept. 26, 2018 — thus appears to have reached the end of its validity window without confirmed reports of a Committee hearing, thus rendering the application obsolete. Th..
Leading crypto mining hardware producer Bitmain is reportedly planning to install 200,000 units of mining equipment in China to benefit from cheap hydroelectric power. Cryptocurrency mining giant Bitmain is reportedly planning to set up 200,000 units of mining equipment in China to benefit from low-cost hydroelectric power in the country, crypto media outlet CoinDesk reported on March 21. A source from China familiar with the matter reportedly told CoinDesk that Bitmain will install 200,000 units of their own mining machines to take advantage of cheap hydroelectric power costs during the summer following the excessive rains in southwestern China. The mining equipment is estimated at around $80 million to $100 million. The crypto mining giant has reportedly entered into negotiations and started making deals with local mining farms to host its equipment. According to the source, Bitmain is looking to deploy its new machines like AntMiner S11 and S15 along with some older models like the..
The new product comes as Bitmain continues to fight a market slowdown which has resulted in cost-cutting moves. Cryptocurrency mining giant Bitmain has released a new version of its Antminer Z series machines for Equihash algorithm coins, the company confirmed in a blog post on March 19. The Antminer Z11, which comes around ten months after the release of its predecessor the Z9, claims to treble the hashing power available for its target cryptocurrencies. Equihash is the algorithm used in altcoins such as Zcash (ZEC) and ZenCash (ZEN). The move sees Bitmain continue to forge ahead with new products despite challenging market conditions within the mining industry, the company previously closing down some aspects of its operations. “The new Antminer is now pre-selling on Bitmain’s official website and will start shipping shortly,” the blog post confirmed. In February, Bitmain rolled out its latest offering for SHA256 algorithm cryptocurrencies, such as Bitcoin (BTC) and Bitcoin Cash (BC..
An earnings report for 2018 is alleged to show the company suffered considerably in Q3 versus H1. Bitcoin (BTC) mining giant Bitmain could have made losses of around $500 million in Q3 last year, industry magazine CoinDesk reported on Feb. 19, citing a company document. Bitmain, which is currently attempting to launch an initial public offering (IPO) under the auspices of the Hong Kong Stock Exchange (HKEx), submitted a report into its earnings in line with listing requirements. According to the publication, that report indicated that for 2018 as a whole, excluding Q4, revenue was $3 billion and profits $500 million. This contrasts with previous figures for the first half of the year, for which profit was $1 billion. If the information is correct, the assumption is that Q3 cost Bitmain $500 million in losses, corroborating a widely-held theory that the accelerating Bitcoin bear market late last year took a serious toll on the mining sector. As Cointelegraph reported, Bitmain’s IPO fil..
Bitmain has announced its next generation 7nm ASIC chip, which reportedly enables faster and cheaper mining. Chinese mining giant and ASIC hardware producer Bitmain has announced its next generation 7nm (nanometer) ASIC mining chip, according to a press release published on Monday, Feb. 18. The new mining hardware, BM1397, is designed for mining cryptocurrencies that use the SHA256 algorithm for their proof-of-work (PoW), such as Bitcoin (BTC) and Bitcoin Cash (BCH). BM1397 requires less power for mining cryptocurrencies, representing a 28.6 percent improvement in power efficiency in comparison with the company’s previous 7nm chip, BM1391. The new chip will be used in new Antminer models — S17 and T17 — which will be revealed later this year. As Cointelegraph previously reported, Bitmain has recently faced difficulties due to the prolonged bear market and at least two class action lawsuits filed against the company. The Chinese giant reportedly shut down a blockchain development cente..
CEO Charles Li Xiaojia warned journalists at the World Economic Forum that companies should not flit between business cases prior to listing. The head of the Hong Kong Stock Exchange (HKEX) has addressed queries about initial public offering (IPO) listings amid confusion over Bitcoin mining giant Bitmain’s application. English-language newspaper South China Morning Post (SCMP) reported the comments on Jan. 24. Speaking at the ongoing World Economic Forum (WEF) in Davos, Switzerland, HKEX CEO Charles Li Xiaojia said that it was important IPO candidates were consistent about their business offerings. “If a company made billions of US dollars through Business A, but suddenly said it will do Business B without showing any performance, or said Business B is better, then I don’t think the Business A featured in their application will be sustainable,” the SCMP quoted him as saying. Xiaojia continued: “Besides, if regulators were hands off [on Business A] in the past but will regulate it in t..