Bitmain’s dream turned into a nightmare!

Bitmain’s dream turned into a nightmare!

Bitmain’s dream turned into a nightmare: the company lifts its giant projects into a rack Mining equipment manufacturer Bitmain is about to lose its leadership position in the sector due to errors in the administrative level.

Bitmain was planning to build a gigantic mining facility in Rockdale, Texas, but the mining giant seems to have picked up the plan for now.
The company has announced that it will shrink both the business scale and the number of its staff with the impact of the deterioration in the crypto money market. According to Texas Public Radio, Bitmain, Rockdale’da $ 500 million investment in mining and data center plans to give up gave instant. Milam County Judge Steve Young said:

I was really disappointed. We really wanted this and we waited for it. We welcomed the project, it was a really big project. We need positive news in the district. The tax base needs to be expanded.

In mid-2018, the company announced plans to build a huge-scale Bitcoin mining center in North America. At that time, Bitmain, Alcao Aluminum factory in the area, in 2019 would create employment opportunities for 500 people said. Apparently, things are not going as expected in the town of Milam. So much so that the town’s former judge, Dave Barkemeyer said the town has lost 30% of its tax revenues in the last 10 years.

Bitmain has not yet made a statement. However, the spokesman of the Bitmain hinted that the company has been shrinking in its operations in the United States. The company is continuing layoffs in various departments. Bitcoinist announced on Thursday that Bitmain’s founders will leave their administrative posts and a new CEO will be appointed to the company. Since December of last year, Bitmain has devoted some of its employees in R & D and Bitcoin Cash development department.

The company suffered a record loss of $ 700 million in the third quarter of the year due to the decline in Bitcoin Cash. As a result, as Bitmain’s monopoly in the sector weakens, things in the company will continue to deteriorate. As it is to be remembered, in the middle of 2018, Bitmain-controlled Bitcoin mining pools Antpool and BTC.com were close to controlling 51% of the total hash rate in the network. At present, the total dominance rate of these two mining pools is 26.2%.

Bitcoin Cash’s disagreements on the company’s managers have also severely damaged Bitmain. The co-founders of Bitmain, Jihan Wu and Ketuan Zhan, are finally preparing to withdraw from the CEO position. But once the spoon was broken. Jihan Wu, along with Roger Ver, thought that Bitcoin Cash would defeat Bitcoin. But Wu’s dream is now turning into a nightmare.

Earthquake in Bitmain: Founders will resign

Earthquake in Bitmain: Founders will resign

According to the latest reports from China, the founders of Bitmain, Jihan Wu and Micree Zhan will resign from their positions in the company.

One of China’s leading news platforms, Sina News, according to the news, the founders of Bitmain Jihan Wu and Micree Zhan, will resign from the company.

The Bitcoin mining giant was planning to have an IPO in the Hong Kong Stock Exchange last September. This IPO could not be realized in September due to the bad course of the crypto money market and other factors. Works are still ongoing for public offering. In the initial public offering plan, Jihan Wu and Micree Zhan would appear as co-CEOs, but one source claims that Wang will take the post as CEO after the resignations.

Until now, nobody knows who Wang is. The source said that the final decision has not yet been made and that Wang had joined Bitmain a while ago.

There are a few predictions about who Wang is. One of them was Haichao Wang, head of product engineering in 2017, who started working in Bitmain. Wang is reported to be close to Zhan from Bitmain. However, Zhan and Wu are said to be in the power struggle in the company for a long time.

On the other hand, Wang is alleged to be Shengli Wang, former board member of Huawei. It is noteworthy at this point that Shengli Wang, who recently resigned from Huawei’s board of directors despite his outstanding performance.

Last November, Wu’s position in the company was reduced from a manager to a supervisor. With his new position, Wu’s right to vote on the board of directors was taken away from him and his power in the company was reduced.

In the meantime, Bitmain, with the dismissal recently comes to the agenda. At least 50 percent of the company’s staff will be separated with ways.

Bitcoin Cash is in Shock

Bitcoin Cash is in Shock

Bitcoin mining company Bitmain according to the news once again will remove the staff. It is reported that the company’s IPO is mllion dead ın due to rumors that the company’s third quarter loss is over $ 700 million.
According to Blockstream CSO Samson Mow, the company is rumored to have fired the entire team of Copernicus. Mow also refers to the posts of company employees in LinkedIn China. The Copernicus team was responsible for developing the Bitcoin Cash GO client for Bitmain.

According to another report, layoffs will be more extensive than this, and half of the team of Bitmain will be affected by this process. The company closed its research department in Israel at the beginning of the month and 20 people in the department had been out of work.

Bitmain, who fully embraces Bitcoin Cash, seems to have paid off the bill. Rumors of IP big financial loss ve in the third quarter caused the company to be questioned financially, and the next IPO plans could be hit.

The second quarter was tough for the company. BCH prices have fallen, there was hash battles in Bitcon Cash. As such, Bitmain’s monopoly in the Bitcoin mining sector was in danger. In other news, US-based IT company UnitedCorp recently filed a lawsuit with Kraken, Bitcoin.com, and Roger Ver, claiming that Bitmain had manipulated the BCH network.

Bitmain is not the only company that went down in the blockchain and crypto coinage this year. Many companies, including the Ethereum company ConsenSys, Steemit and Status, put some of their staff on the door and decided to continue with a smaller team.

Why does the public offering of Bitmain still not come true?

Why does the public offering of Bitmain still not come true?

The public offering of the leading crypto-money mining equipment manufacturer Bitmain did not occur.

The Beijing-based leader in crypto-money mining equipment producer Bitmain was expected to be offered to the public earlier this year. Bitmain, founded by Jihan Wu and Micree Zhan in 2013, has become one of the most important companies in the crypto money sector after five years. Bitmain also owns Antpool and BTC.com, one of the largest Bitcoin mining pools.
Bloomberg announced earlier this year that Bitmain would be offered to the public on the Hong Kong Stock Exchange with a valuation of $ 8.8 billion. Many thought that the public offering of the Bitmain would raise the company’s profile. However, after a while, the claims of the Hong Kong Stock Exchange were reluctant to end the IPO. CoinDesk claimed that the Hong Kong Stock Exchange did not want to approve the IPO because of the volatile nature of the crypto money sector.

There is no smoke from where there is no fire. This statement gives some ideas as to why the IPO still has not occurred. According to confidential information at the heart of the financial world, the Hong Kong Stock Exchange does not want to be the first mainstream stock to list a crypto money company that is likely to fail.

Bitma has recently become a party to the hash battles between Craig S. Wright and Roger Ver due to the bifurcation of Bitcoin Cash. In addition, Bitmain is known to hold large amounts of Bitcoin and Bitcoin Cash due to mining pools. Therefore, in the IPO process, institutional investors may not want to invest their funds in a sector in which there is no regulation and chaos.

Another reason for the lack of IPO is the financial difficulties experienced by Bitmain. The investors and miners lost their excitement due to the bear season, which had impacted the crypto money sector. Bitmain is among the companies most affected by the depreciation of the crypto money market. In summary, these three reasons are thought to be indirectly effective in the failure of the end-of-life IPO.

Bitmain close its doors in Israel

Bitmain close its doors in Israel

The decline in the crypto money market seems to be creating a surge in the sector. A large number of Blockchain businesses were forced to terminate their activities and lay off some of their employees to survive. The last of these was Bitmain .

According to the Israeli-based news site Globes, the giant mining company Bitmain is closing down Bitmaintech Israel, the development center in Israel due to the bear market.

The development center in Israel was established two years ago and will be closed this week. The company also dismissed 23 employee.

Gadi Glikberg, the chairman of Bitmaintech Israel , who is the deputy chairman of Bitmain, will also leave the company’s roads.

Bitmain blames the bearish market for the recent fall in Bitcoin prices for this shutdown process and is currently dominating the crypto money industry. In fact, Bitmain is not the only Blokchain company that has to fire its employees to survive.

Glikberg said in a statement to the staff of Bitmain Israel:

Iyor The crypto money market has been experiencing a turbulent period in the last few months. This led to reviewing Bitmain’s various activities around the world and making some changes.

Bitmain is the world’s largest manufacturer of ASIC devices and operates a mining pool under the same name as Antpool. Earlier this year, the company had begun its efforts to establish a $ 500 million mining farm in Texas, which will begin its first operations in 2019. However, time will show whether everything will go as planned.

Great Devil in Mining Giant

Great Devil in Mining Giant

A trial was opened against Bitmain claiming that users were using their equipment to profit.

In the case filed through the US Northern California district court, it was claimed that Bitmain made mining on its behalf for several years using the hardware of its customers. Bitmain’s users are estimated to have cost about $ 5 million.

Bitmain’s miners’ equipment was claimed to be working on behalf of Bitmain during the launch or installation. This process can be extended to about one or two hours. At the same time, many hardware companies working for Bitmain causes the company to generate revenue without any expense. The number of people opened by the case is not yet known, but hundreds or thousands of users are estimated.

The allegations will have to be proved in court, probably the defense of Bitmain will be that the users accept the terms. However, these conditions will be challenged due to unfair competition and unfair rules. Blockchain’s lawyer Nelson M. Rasario said the following about the case:

If the claims are true, this is not going to be very good. Even if users have accepted the terms, some problems will arise in terms of the legality of the situation. Unfair earnings and simply stealing goods can not be accepted.

If Bitmain defends his defense, anyone who has ever bought equipment from Bitmain will have the right to sue. However, it remains unclear whether second-hand purchasers can qualify. The second hand is undergoing a controversial start-up phase, which requires re-installation. Bitmain was planning to organize an IPO next year.

Billionaire Cryptosist Sells 1 Million BCHSV

Billionaire Cryptosist Sells 1 Million BCHSV

With the start of BCHSV trading, a large sales wave can begin. Jihan Wu gave the first sign of this.

Bitmain’s billionaire co-founder Jihan Wu can sell 1 million Bitcoin Cash SV (BCHSV) after the successful completion of the Bitcoin Cash hard fork. Ne I wonder when I will be able to send and sell my BSV toppers.

As of November 19, BCH’s original chain Bitcoin Cash ABC is 42.7% and 9 blocks ahead of BCHSV in terms of business evidence. Most of the BCH blocks are being excavated by Bitcoin.com, BTC.TOP and ViaBTC without the intervention of Bitmain.

Despite the threat of BCHSV supporter Craig Wright, major stock exchanges such as Coinbase and Kraken supported the original chain and provided a great advantage over the BCH BCHSV in the battle of hash. This threat from Craig Wright, who threatened to sue developers and miners who supported the BCH before the Hard Fork, turned out to be an outcry; no developer or miner was sued. SV wing’s 51% attack plan was prevented. BCH developers have integrated a checkpoint into each block excavated for this purpose.

Although BCH seems to have won the battle, both the BCH and BCHSV have lost blood. “No one wins a battle ,  said Roger Ver, CEO of Bitcoin.com Only some of them lose less than others. 

After that, the fate of both crypto money depends on the course of the market. If the owners of large amounts of BCHSV token (ironically such persons as BCH supporters) engage in bulk sales, BCHSV may lose a lot of value. This wave may even begin with the sales that Jihan Wu intends to do.

Source: cryptoslate.com

bitmain

Surprise Change in the Role of Mining Giant Bitmain

Bitcoin mining giant Bitmain experienced significant changes in the upcoming IPO board.

Bitmain, the world’s largest Bitcoin mining company, has been experiencing turbulent days recently. According to local news sources, the board of directors of the company stated that there were some important developments before the upcoming IPO.

One of the giant companies in the field of crypto-money, which we can define as a new sector, which is publicly announced to public. The company’s board of directors experienced fundamental changes.

According to a news release released last week by the China-based news platform 8btc, four of the six executives on the board of Bitmain resigned from the board. These developments in the company based in Beijing found a wide place in the community.

Jihan Wu, the company’s founding partner, is among those who resigned. Wu had previously served as the executive director of the company’s board of directors, and will now continue as an auditor. However, significant changes are being made in Wu’s rights. According to 8btc, Jihan Wu no longer has the right to vote in his new position. A man named Zhan Ketuan was taken to the administrative position of Jihan Wu.

Jihan Wu is not the only one whose job has changed. Wu is accompanied by experienced staff such as former executives Zhao Yifeng, Ge Yuesheng and Zhou Feng. These names served the company in important missions such as board auditor and directorate.

The reasons for this change in the board of mining giant Bitmain have not been fully clarified yet. However, this change took place at a time when both Bitmain and the crypto money sector were critical.

Bitmain’s Binance account has been hacked!

Bitmain’s Binance account has been hacked!

The mining giant, Bitmain, filed a lawsuit claiming that one of his accounts at Binance had been evacuated by an unknown hacker.

The Bitcoin mining giant, Bitmain, has sued a mysterious hacker who allegedly stole Bitcoin from one of his company’s crypto-moneyaccounts.

According to the case filed by the Chinese-based company in the US District Court in Washington’s West District on 7 November, an unknown hacker infiltrated Bitmain’s Binance account in April and stole the company’s funds.

However, the hacker didn’t draw the bitmain ‘s funds into his wallet to better hide his identity , instead they used the relatively small ERC-20 token, the total market value of the Bitcoins virtual reality platform Decentraland, to artificially inflate MANA’s price.

In this way, the price of MANA increased by about 300 percent from $ 0.12 to $ 0.34 in less than an hour. It is estimated that this allows hackers to sell a large amount of MANA already in their hands.

Hacker later uses the BTC / MANA gains to trade on other crypto assets through Binance , Bittrex and other crypto-money exchanges.

He claims that Bitma lost about $ 615 million worth of BTC during hacking.

Hacker’s identity is under way.

Bitmain is preparing to battle with 90,000 Antminer to S9

Bitmain is preparing to battle with 90,000 Antminer to S9

The mining giant, Bitmain, is preparing to deploy 90,000 Antminer S9s for the hashrate war that will be experienced in the Bitcoin Cash bifurcation on November 15th.

Bitmain, the crypto currency  miningequipment manufacturer, reportedly is preparing to deploy 90,000 Antminer S9 ASICs in Xinjiang before China’s Bitcoin Cash forking on November 15th.

According to news agency DeepChain, the goal of the crypto money mining giant is to prepare for the hashrate war between two Bitcoin Cash versions that will occur after the bifurcation to prevent potential attacks . Each Antminer S9 has an estimated power of 14 TH / s.

Yu Hao, a mining farm owner in China’s far west region of Xinjiang, said that since October, Bitmain has been in contact with the mining farms in the region and has been negotiating the deployment of mining equipment in preparation for the hashrate war.

Bitmain ‘s wallets are known to have over 1 million BCH . The company is taking action against possible losses during bifurcation.

An anonymous resource marketing personnel from Bitmain reported that half of them went to Xinjiang to discuss the distribution of equipment with their businesses.

How did it come to this point?

The Bitcoin Cash community could not agree on updates to be implemented on November 15th.

With the team headed by Craig Wright, Jihan Wu and his supporters have different visions of what updates should be applied to the Bitcoin Cash network.

ABC, the original developer team of Bitcoin Cash, has received support from AntPool, ViaBTC, Bitcoin.com, BTC.top and some other leading mine pools. This is roughly 40 percent of the total hashrate of BCH.

The SV version is supported by the largest BCH mining pool CoinGeek and nChain.

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