Bitcoin [BTC] and other cryptocurrency reserves of mining giant Bitmain allegedly running on fumes

Bitmain, the mining giant that came close to controlling more than 50% of hash rate responsible for mining Bitcoin is now down in the dumps, as per the latest rumors circulating the depths of the cryptoverse.
A Twitter user @btcking555 tweeted,
“BREAKING: The insider just wechat Bitmain’s latest crypto holdings are 6k in BTC and 750k in BCH. Thats around $130 mln in total value and almost 90 prc down from a year ago !! Also Bitmain had to liquidate some 500k BCH over Q3 and Q4 to cover losses. No wonder BCH has tanked”
To make matters worse, Bitmain lost half a billion dollars in Q3 of 2018. This further substantiates rumors of Bitmain’s demise, especially when compared to the first half of 2018 during which Bitmain had profits worth $1 billion.
Putting two and two together, one can assume that the aforementioned tweet about the sell-off of their crypto-reserves makes sense since Bitmain is in dire need of funds. Moreover, Bitmain’s dream for an IPO under Hong Kong Stock Exchange [HKEx] has not yet materialized as the exchange said that it was reluctant to allow IPO related to cryptocurrencies, owing to its highly volatile market.
@brcking555 further continued,
“Also Jihan is desperate to raise any capital in order not to sell down any more BCH and is pissed about todays leaks to media about massive Q3 losses. His “smoking mirrors” announcement on 7nm chip may not even help him.”
Alister Milne, the CIO of Digital Currency Fund and a Bitcoin enthusiast replied to the above tweet in agreement,
“Looks like they dumped 16k BTC as well … combined, its probably why $6000 broke.”
@eddyspenserwold commented on the same thread,
“March 2018 Bitmain holdings:
BTC 22,082
BCH 1,021,306
Now
BTC 6,000 (liquidated 70%)
BCH 750,000 (liquidated 25%)
Observations:
Bitmain still believes in Bcash.
In Q3-4 2018, Bitmain sold more Bitcoin than Bcash but Bcash tanked more.”
Another prominent person in the cryptocurrency ecosystem, Udi Wertheimer commented,
“I mean, shitcoin twitter isn’t going to like this reply, but if they liquidated ~50% of their holdings in 6 months that’s pretty bullish for BCH from here on out”
People in the community have speculated that the mining giant’s reallocation of hash power during the Bitcoin Cash hard fork combined with the brutal bear market of 2018 has contributed to Bitmain’s current state.
The post Bitcoin [BTC] and other cryptocurrency reserves of mining giant Bitmain allegedly running on fumes appeared first on AMBCrypto.
Source: AMB Crypto

Bitmain Announces Its Next Gen Bitcoin and Bitcoin Cash Mining Chip

CoinSpeaker

Bitmain Announces Its Next Gen Bitcoin and Bitcoin Cash Mining Chip

Bitmain faced a decline in its 2018 profit margins. However, the company has launched new mining chips in a move expected to put the company back on the profitable track.

Bitmain Announces Its Next Gen Bitcoin and Bitcoin Cash Mining Chip

Continue reading at Coinspeaker
Source: CoinSpeaker

Bitmain’s Game Plan: Rushes in Bitcoin Mining Chip Just a Day Before Reporting $500 Million Loss in IPO

Just yesterday, Bitmain announced the release of a new 7-nanometer Bitcoin mining processor that the company says offers new levels of energy efficiency. BM1397, the new ASIC (application-specific integrated circuit) will reportedly offer improvements in chip size, energy efficiency, and performance in the mining of the proof-of-work (POW) cryptocurrencies that are based on the SHA256 algorithm including Bitcoin (BTC) and Bitcoin Cash (BCH).
Bitmain Technologies said in its official announcement:
“This is a 28.6 percent improvement in power efficiency in comparison with Bitmain’s previous 7nm chip, the BM1391. To achieve this, Bitmain’s engineering team has thoroughly customized the chip design to optimize its architecture, circuit and economics.”

These new chips are made using TSMC, (Bitmain’s chip supplier, Taiwan Semiconductor Manufacturing Company) which the company says it is “a testament to Bitmain’s improvements in chip design methodology and deep understanding of the most advanced semiconductor fabrication technologies.”
The BM1397 chip that will feature new Antminer models the S17 and T17, to be announced at a later date by the company, is designed to provide a better mining experience while aiming to “set a new benchmark in ASIC chip technology.”
Bitmain Losses $500 Million in IPO Filing
Now, just a day after, the world’s largest maker of crypto mining equipment has reportedly made a loss of $0.5 billion in quarter 3 of 2018, reported CoinDesk. Citing a source, who saw the filing, during the first nine months of 2018, the company made a revenue of $3 billion while Quarter 3 saw only $200 million.

The Beijing-based company that filed for an Initial Public Offer (IPO) in September last year recently provided its financial results update to the Hong Kong Stock Exchange (HKEx). However, according to HKEx rules, “the latest financial period reported on by the reporting accountants for a new applicant must not have ended more than six months from the date of the listing document.”
Bitmain is currently going through a rough patch as there had been news of office closures and staff layoffs due to the slump in cryptocurrency prices as its main businesses are manufacturing the mining equipment and operating the mining pools.
The post Bitmain’s Game Plan: Rushes in Bitcoin Mining Chip Just a Day Before Reporting $500 Million Loss in IPO appeared first on Coingape.
Source: CoinGape

Bitmain S15 Firmware “Very Buggy”, Will This Claim Affect BTC Prices?

Bitcoin prices bullish, road to $3,800
A Twitter user picks out a Bitmain S15 vulnerability
Transactional volumes low, expansion above 35 k ideal

Although Bitmain is a central player in the ASIC mining sphere, their latest firmware S15 has a weakness, a Twitter user has revealed. Luckily, BTC prices are steady, and with a combination of favorable candlestick arrangements and fundamentals, Bitcoin may end up trending above $3,800.
Bitcoin Price Analysis
Fundamentals
A Twitter user claims to have identified a possible vulnerability in Bitmain’s S15 firmware. However, he has his terms saying he will only point out the weakness once Bitmain submit and complies with GNL License.

@BITMAINtech tried and failed to lock down the S15 firmware, I identified the vulnerability and @00whiterabbit wrote/tested the attack code. Once @BITMAINtech complies with the GPL licenses for the firmware I will disclose the vulnerability to them so that they can fix it. pic.twitter.com/zwsAaPQjRL
— James Hilliard (@james_hilliard) February 12, 2019

The GNL License is a copyleft license that gives the end user the freedom to “share and change all versions of a program–to make sure it remains free software for all its users” according to the definition of the GNU Organization.
In a Reddit Post, James says Bitmain firmware is “very buggy.” He goes on to say it is essential for people to fix the bugs the Beijing based mining giant introduces in their latest S15 firmware. In high-performance mode, AntMiner S15 has a 28 TH/s hash rate with an energy consumption of 1596 W.
Candlestick Arrangements

Bitmain is the leading player in ASIC mining. Obviously, this undisclosed weakness is likely to trigger other problems and even affect sales. All the same, BTC prices are steady and likely to reverse losses of the last few days.
Notice that our previous BTC/USD trade plans are valid and as long as prices trend above $3,400-500 zone—our immediate support zone, traders stand to profit once prices race above $3,800. That is to say, the level as per our previous iteration is the first minor resistance level. Once prices breach this level,  risk off traders can initiate long positions with modest targets at $4,500.
From candlestick arrangement, this projection is highly likely to be validated. Firstly, aside from prices reversing from the 78.6 percent Fibonacci retracement level, there is a double bar bull reversal pattern complete with a wide range, high volume bar of Feb 8. Everything else constant, this is very bullish. After a prolonged accumulation from early January, a fitting breakout above this congestion is on the cards.
Technical Indicators
From an effort versus result perspective, bulls are in control. The view is even stable thanks to the failure of sellers to extend their reach, reversing gains of Feb 8. A standout, therefore, is the high volumes of Feb 8. Then, volumes were at 32k exceeding those of Jan 28 and Jan 20. But, they were less than those of Jan 10—35k.
As aforementioned, we need to see prices break above this congestion and print above $3,800. Accompanying this breakout should be high volumes exceeding today’s averages of 10k and most importantly 32k.
The post Bitmain S15 Firmware “Very Buggy”, Will This Claim Affect BTC Prices? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Austria’s Premium Blockchain Summit Attracts Billion Dollar Businesses to Line up ahead of Launch

CoinSpeaker

Austria’s Premium Blockchain Summit Attracts Billion Dollar Businesses to Line up ahead of Launch

The inaugural ANON Blockchain Summit Austria will be held April 2-3, featuring Microsoft, IBM and Accenture plus other big names.

Austria’s Premium Blockchain Summit Attracts Billion Dollar Businesses to Line up ahead of Launch

Continue reading at Coinspeaker
Source: CoinSpeaker

Bitmain’s control over the Bitcoin [BTC] network dwindles by a massive 16-month low

Bitmain, once the largest miner of Bitcoin, has now seen a massive drop in its control over the Bitcoin network i.e., the Bitcoin hashrate, over the course of 16 months.
Jihan Wu’s co-founded company, Bitmain, has been weathering the cold winds of the bear market as its losses reach an unprecedented level. The bear market that started after Bitcoin hit its all-time high on December 17, 2017, has now become the longest bear market ever recorded in the history of Bitcoin [BTC].
Bitmain’s mining pools include Antpool and BTC.com which together contributed to a total of 42% of the total hashrate present on the Bitcoin network as it came very close to being capable of a 51% attack.
As per the latest information obtained from Blockchain.com, Antpool’s mining percentage is at 14% while that of BTC.com is at 17.3% and cumulatively it is at 31%.
Bitmain had a really good run when the price of Bitcoin was above the break-even cost which means that miners would be able to turn a profit considering the resources that they had put in. Ever since Bitcoin’s decline, Bitmain and many other mining firms have seen its effect, as Bitmain was speculated to go public but it never happened.
Moreover, the decrease of mining hashrate could be speculated to the price of Bitcoin falling below break-even and its struggle to convince the Hong Kong stock market regulators for the IPO. In December, Bitmain laid off a lot of the employees and said that it was done as they were reorganizing their staff.
Furthermore, Bitmain’s offices in Israel were shut down in December, while more recently, the Amsterdam office in January 2019. A major workforce was laid off from its Texas mining firm as well.
A recent report published by Diar even showed that there were unknown miners taking over the Bitcoin network as Bitmain’s hold over the mining hash rate decreased.
The report stated:
“Unkown miners closed December having solved a whopping 22% of the total blocks up from 6% at the start of last year. The Bitcoin network is currently less likely to experience an attack given the fact the BTC.com controlled pools have lost dominance over the network.”
The post Bitmain’s control over the Bitcoin [BTC] network dwindles by a massive 16-month low appeared first on AMBCrypto.
Source: AMB Crypto

Crypto Mining Chipmaker’s Continue To Struggle As Bitcoin Prices Fail to Rise

Bitcoin had a terrible last year when the top coin slipped to sub USD 3000 levels from the peaks of USD 20000, impacting the miners and chip makers the most. The impact of this fall is clearly seen on the financial numbers of most chipmakers as the struggle to find ground.
Nvidia blinks again as it Cuts Q4 Revenue Forecast by $500 Million
After being bashed for investors for past two quarters, The Chief Executive Officer (CEO) of Nvidia took the stage with another set of bad news. Sending out a letter to the investors, the top boss at Nvidia warned investors that its last financial quarter was another difficult period for the company.
As a result, the firm has lowered its revenue guidance for the fourth quarter of the 2019 fiscal year down to $2.2 billion, plus or minus two percent. While people were aware of the slowdown what came as a surprise was that the revised revenue guidance is $500 million lower than the previous revenue forecast for the fourth quarter, which was $2.7 billion. Needless to say, the letter didn’t go well with the investors and Following the announcement, shares of Nvidia plunged as much as 17 percent on Monday

Nvidia shares drop 13% in early trading after cutting Q4 revenue guidance. CEO Jensen Huang cited an "extraordinary, unusually turbulent, and disappointing quarter.” https://t.co/DB0sGbQgAf pic.twitter.com/Va2VuYLr0g
— Bloomberg (@business) January 28, 2019

Asian Chip manufacturers also bleed
While the Western chip makers are seeing calamities of the crypto plunge, the situation in the east is not much different. In Taiwan, Bitmain’s chip manufacturer United Microelectronics Corporation saw a roughly 10% decrease in revenue in the fourth quarter of 2018. The company too attributed some of its losses to the slowdown in demand for the cryptocurrency.
The Co-president of the company Jason Wang was quoted as saying:
“ Looking into the first quarter of 2019, we anticipate further deceleration in customers’ wafer demand, due to a softer than expected outlook in entry-level and mid-end smartphones as well as falling cryptocurrency valuations. Although UMC’s ongoing transformation will need time to reach its full synergy and potential, our progress so far has enabled the company to better endure these current headwinds.”
AMD outshines but predicts a significant decline in GPU Sales
Nvidia’s competitor on wall street, the American semiconductor chip maker Advanced Micro Devices, more commonly known as AMD brought out its quarterly numbers which showed that the company had “highest profitability in [seven] years”. While the numbers for this quarter were amazing, the crypto impact is expected to be seen in the coming quarter where the company is expecting a revenue drop due to the plunge in cryptocurrency mining, a major market for the company’s graphics cards. The quarterly statement release clearly mentioned the crypto impact as it clearly said
“The sequential decrease is expected to be primarily driven by continued softness in the graphics channel and seasonality across the business. The year-over-year decrease is expected to be primarily driven by lower graphics sales due to excess channel inventory, the absence of blockchain-related GPU revenue and lower memory sales.”
One of the major reason AMD survived this bitter period of the crypto plunge was due to its foresightedness as AMD’s CEO Lisa Su predicted a fall in the GPU market as early as October 2017 when the cryptocurrency market was showing tremendous growth projection.
Well, things look really meek for the crypto chipmakers for now and the outlook spelled out by each of these companies next two quarters also looks shaky. Now everything seems to be on the Bitcoin prices to revive their fortune in 2019
Will Chipmakers find their magic back in 2019? Do let us know your views on the same.
The post Crypto Mining Chipmaker’s Continue To Struggle As Bitcoin Prices Fail to Rise appeared first on Coingape.
Source: CoinGape

Mining giant Bitmain’s future remains uncertain after a forgetful 2018

2018 was a very disappointing year for the cryptocurrency market, especially towards the end of the year as prices plummeted from the heights of 2017. The falling prices adversely affected traders, crypto exchanges and even, mining operators and manufacturers of mining equipment. However, it would seem that the Chinese giant, Bitmain was more affected than most, so much so that presently, its future hangs in the balance.
Falling demand for mining equipment
Bitmain was the king of mining operations and has also long been a leader in the field of manufacturing mining equipment. In fact, so popular was its Antminer equipment that during the boom of 2017, they were often sold out and were found to being sold for triple the price on the black market. However, when Bitcoin and other cryptocurrency prices came tumbling down, so did the demand for their equipment.
An investment with no returns
That alone hasn’t contributed to Bitmain’s recent position. In fact, it can be argued that Bitmain’s struggles today can be attributed to how much it overextended itself in light of the Bitcoin Hard Fork and poured in more resources than necessary to develop Bitcoin Cash specific mining resources. Since the hard fork, BCH has largely encountered a bearish market and has seen a consistent downslide in value, which is why none of Bitmain’s considerable investment into BCH mining operations has returned any profits.
Bitmain has also been forced to lay-off several people, including many involved in developmental projects across the world. The BCH development teams were worst hit with a reported 85% lay-off rates but, other projects weren’t immune too. In fact, entire developmental projects in places such as Israel and Amsterdam have been shelved as they were considered auxiliary and were deemed detrimental to the scalability and long-term sustainability of all operations.
Reigning uncertainty about IPO plans
Uncertainty over Bitmain’s IPO plans hasn’t helped the recent fortunes of the company either. While plans for Bitmain to go public through an IPO and join the Hong Kong Stock Exchange have long been in the works, there still remains regulatory uncertainty over the same. The recent statements by the CEO of the Hong Kong Stock Exchange at Davos are unlikely to alleviate worried investors. He said,
“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 CEO also went on to suggest that such companies cannot adapt to a new market of regulators and that the market itself is too volatile and risky for anyone who may be interested in investing.
Bitmain has had its share of management issues as well as its Founder and CEO Jihan Wu was ousted after he was blamed for the huge losses incurred by Bitmain in Bitcoin Cash mining operations. Wu has since been absconding.
Conclusion
Bitmain operated mining pools collectively once contributed over 45% of all hashing power in the Bitcoin mining pool globally. However, this is down to 23%, a reflection of how other mining pools have rushed in to fill the vacuum left by Bitmain. Even in the field of manufacturing, Bitmain has sold most of its flagship S9 miners for a loss over the past year, at a cost that wasn’t even able to recover the breakeven cost of mining.
All these factors over the past year and a half have contributed to the uncertainty that is associated with Bitmain in 2019. With a new management, hundreds of layoffs and after struggling to recover from huge losses incurred in grand investment schemes, it might take a while for Bitmain to actually dominate the market as it once did.
And while Bitmain’s present condition has broken their monopoly and encouraged small scale miners to build up their enterprise, a behemoth like Bitmain would bring down cryptocurrency prices even more if it continues to struggle. It is therefore perhaps in everyone’s interest that Bitmain recovers soon.
The post Mining giant Bitmain’s future remains uncertain after a forgetful 2018 appeared first on AMBCrypto.
Source: AMB Crypto

Chinese Crypto Exchanges Seek Backdoor Listings in Hong Kong

As the bear market continues with no signs of a change in trend crypto exchanges and mining giants in China seek ways to stay afloat. One method which has been increasing is a reverse merger in Hong Kong as IPO hopes fade.
Reverse Mergers Becoming The Easy Route
Hong Kong regulators are growing increasingly wary of Chinese crypto firms trying to get listed to avoid the digital blackout in their own country. According to the SCMP, citing ‘people familiar with the matter’, chief executive of the Hong Kong Exchanges and Clearing, Charles Li Xiaojia, said companies seeking to go public should show consistency in their business models. The comments are in direct reference to media comments on high profile IPO plans from Bitmain, Canaan and Ebang, though he did not mention them specifically.
It appears that reverse mergers are becoming a popular way to get listed without going through the IPO process which can be lengthy and arduous. As recently reported by NewsBTC Singapore’s Blockchain Exchange Alliance has attempted a similar technique for its majority owned Korean exchange Bithumb by buying out a US publicly listed blockchain company. If Bithumb, currently the top crypto exchange by reported volume at $1.3 billion, did get listed in the US it would be the first crypto exchange to do so. Mike Novogratz did something similar with Galaxy Digital on Canadian markets after a reverse merger with publicly listed shell company Bradmer Pharmaceuticals.
Last week OKC Holdings Corp, the parent company of OKCoin, bought a controlling share in Hong Kong-listed construction engineering firm Leap Holdings Group. The reverse merger allows the crypto exchange to get a ‘back door listing’ without going through the IPO procedure.
Chinese cryptocurrency exchange Huobi has made a similar move when it purchased a 66% stake in Hong Kong listed Pantronics Holdings in August last year. These reverse mergers have become the method of choice to get a relatively easy listing in the wake of tumbling profits as the bear market drags on. Cryptocurrency analyst with Beijing-based research firm Symbt, Xiao Lei, said;
“Hong Kong is one of the easiest markets for reverse IPOs, because there are many small-cap stocks,” before adding “It did not go well for hardware manufacturers like Bitmain to go public, what more for companies directly dealing with cryptocurrency trades,”
The year-long crypto bear market is showing no signs of abatement and if industry analysts are correct there is more pain to come for cryptocurrencies and blockchain companies.
Image from Shutterstock
The post Chinese Crypto Exchanges Seek Backdoor Listings in Hong Kong appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitmain Outlines Its Plans For 2019 After A Forgetful 2018

While 2018 was a year to forget for crypto mining companies, Bitmain has taken to its blog and announced its plan for 2019. Calling 2018 a busy year, Bitmain expects 2019 to be stabilizing and maturing.
Bitmain’s Positives from 2018
In the latest blog post, Bitmain, the crypto mining giant has given a complete roundup of 2018 which wasn’t the best for the company. With failed IPO attempt to closing offices and laying off people, Bitmain had seen it all. Although there were some negatives, 2018 also had some positives for the company.
Bitmain highlights various achieves which included the launch of new exciting products by the company and its funding of promising open-source developers and projects. The company also pointed out its investment in Circle via a US $110 million Series E round.
The tough year’s struggle did help Bitmain get a little stronger as it continued to stay committed to transparency. During the year the company also developed a transparency policy which started governing the way the company mine’s cryptocurrencies and how it communicates with the communities that it operates and functions in.
2018 also saw Bitmain taking a giant leap with its investments in the United States as it opened a  new blockchain datacenter in Rockdale, Texas and a new facility in Washington. With these investments in place, Bitmain also tried to stay connected with Americans and went on to sponsor an American Basketball team, the Houston Rockets.
With 2018 already gone and expecting 2019 to be a better year, Bitmain announced in its post that it is preparing itself to take on new challenges in the new year. To move ahead in greater speed, Bitmain mentioned that it had to rationalize its business and had to choose businesses that would optimize and streamline its flows and bring back focus to core mission and activities that the company wants to achieve.
Bitmain outlines 2019 as the year of development
In 2019, the company expects the crypto industry to stabilize and mature and expects big institutional investors to enter the crypto markets. The company also sees ASICs playing a fundamental role in securing and transforming the complexity of cryptocurrency into useful and trusted assets for everyone.
Bitmain also anticipates greater adoption of crypto finance, starting with regulators recognizing the major role cryptocurrencies can play in the current financial system and moving away from the sentiment that these coins and tokens are a threat to stability.
Bitmain ends the post saying
“Our mission is to produce hardware and software, as part of our commitment to contribute towards the security and stability of a multitude of cryptocurrencies. We look forward to continuing this effort this year, and contributing to a distributed, decentralized world that empowers everyone”
With 2019 expected to better than 2018 for cryptos, Bitmain with this consolidated focus and renewed energy could scale back to its glory days. It only a matter of time for the sentiment to change and Bitmain would be scaling newer heights again
Will Bitmain win back its lost ground in 2019? Do let us know your views on the same.
The post Bitmain Outlines Its Plans For 2019 After A Forgetful 2018 appeared first on Coingape.
Source: CoinGape

Bitcoin Crash Hitting the Chinese Crypto Miners & Price of Mining Devices Hard

With Bitcoin currently down over 82 percent, the prices of crypto mining devices are falling hard and crypto miners are shutting down as business is falling.
Mining Computers’ Price Plunge, Businesses Shut Down
Crypto winter has been now going for over a year now. Bitcoin is currently down more than 82 percent from its all-time high (ATH) at $19,000 in December 2017. At the time of writing Bitcoin has been trading around $3,550.
This ongoing winter might be productive for crypto firms that are engaged in building the foundation and infrastructure, however, it is hitting the miners hard. According to the latest report by Nikkei Asia, Chinese miners are facing setbacks since the prices burst.
In the Shenzhen’s Huaqiangbei district, a place is known for electronic shopping and second-hand mining computers, many vacant booths can be found. The prices of these machines that vary by the model have come under 400 yuan ($59), seeing a significant fall from 30,000 yuan, they once fetched.
Lu Qing, a young crypto enthusiast who ran a mining business recently returned home after his business failed. With 7,000 mining computers in mid-2018, the business was still making a profit when the downturn first surfaced due to the low cost of electricity in Qinghai. However, the business collapsed with Bitcoin crash and Lu has to sell off the mining computers.
The leader in cryptocurrency mining, Bitmain is also affected by this market upheaval. The company sought to debut on the Hong Kong stock market last year but couldn’t gain approval.
Bitmain’s performance has been considerably disappointing and the reports of the company’s co-founder and CEO Jihan Wu stepping down has been making the rounds in the market.
Taiwan Semiconductor Manufacturing Company Limited, that provides chips to Bitmain, recently said that last year saw a downturn in the demand for crypto mining chips.
“This year, we don’t forecast — we become conservative in forecasting this volatile business. So the cryptocurrency mining this year is much, much less than last year.”
The publication, however, mentioned that amidst the struggle Beijing is having in the trade war with the US, the Chinese government is “looking to funnel money into the company.” According to a Shanghai venture capital firm, the govt. is counting on the firm’s ability to develop semiconductors.
As we recently reported, Diar Research states that while major miners are suffering, new ones are joining the race. Also, the difficulty of the network is yet again have started moving upwards in around mid-January after going through a drop from October to December last year, which means new miners are entering the market.
The post Bitcoin Crash Hitting the Chinese Crypto Miners & Price of Mining Devices Hard appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] mining pool dominance dwindles and shifts to unknown miners

Bitcoin mining has faced a lot of pushback as many miners decided to quit mining due to the collapse of BTC prices below the break-even point.
Bitmain, one of the largest Bitcoin mining company in the world had a huge dominance over the Bitcoin market for the past few years. Its hold on Bitcoin mining has since reduced as they have been shutting down their mining farms and laying off employees non-stop.
A recent report by Diar further substantiates this by providing proof that Bitcoin mining pool dominance has dwindled and has shifted towards unknown miners.
The report published on January 14, 2019, stated:
“Unkown miners closed December having solved a whopping 22% of the total blocks up from 6% at the start of last year. The Bitcoin network is currently less likely to experience an attack given the fact the BTC.com controlled pools have lost dominance over the network.”
Source: Volume 3 Issue 1 – Diar
The above chart shows how the Bitmain owned pools, BTC.com and Antpool’s hold on the mining power has reduced as 2018 came to an end. Relatively, it can be seen that unknown miners are stepping into the ‘Bitcoin mining game’ as Bitmain’s power over the mining wanes.
In the whole of 2018, the Bitcoin mining revenues surpassed $5.8 billion, but the surprising fact is that in January 2018, Bitcoin miners earned a whopping $12 billion, but that reward reduced by 83% as of December 2018. The miner rewards, in total reduced to $210 million.
The report stated:
“Efforts of small miners turned sour in September 2018 as record hash power made profitability near non-existent with Bitcoin’s falling price.”
It clearly mentions that the mining power has shifted from Bitmain and into the hands of unknown miners. It also recently abandoned its Amsterdam operation. Moreover, it also shut down the Texas mining farm and it is rumored that Bitmain has lost over $700 million in Q4 of 2018.
Furthermore, Jihan Wu and Micree Zhan have stepped down from their position as CEOs of Bitmain. This news has also poured cold water on their plans to go public as they’ve failed to convince the Hong Kong regulators to approve its IPO.
The post Bitcoin [BTC] mining pool dominance dwindles and shifts to unknown miners appeared first on AMBCrypto.
Source: AMB Crypto

Crypto Mining Giant Bitmain to Appoint New CEO, Texas Plant Plans Shelved

The bear market of 2018 has hit crypto mining companies particularly hard as mining on certain types of hardware is no longer profitable. Falling prices and hashrates have dropped difficulty somewhat but not enough to prevent the founders of the world’s largest mining company to step down as it readies to appoint a new boss.
Bitmain has been in the news recently for all the wrong reasons, laying off employees and downsizing is bad news for the crypto industry but inevitable in the circumstances. However, as company co-founders Wu Jihan and Zhan Ketuan step aside the firm is poised to hire a new CEO according to the SCMP.
Citing ‘sources familiar with the matter’ the report went on to state that the new boss will be Wang Haichao, who is currently product engineering director at Beijing based Bitmain. He has reportedly already taken over managerial duties in a transitional period that started last month. According to Chinese media Wang previously worked as a software programmer and product manager at a semiconductor design company.
Wu and Zhan will not completely disappear from the Bitmain picture as they remain as the company’s co-chairs. According to the IPO prospectus they hold 21% and 37% of the company respectively, and although roles will be diminished they will still be a part of Bitmain moving forward.
Texas Datacenter Shelved
In a related report the mining giant has shelved plans to build a $500 million datacenter in Rockdale, Texas. The computer server facility was expected to generate 400 jobs but with recent layoffs elsewhere in the company it has been put on the back burner.
The new facility was planned to take over the Alcoa aluminum smelting plant. It was confirmed this week that the plans would not be proceeding but Bitmain may still setup a smaller operation as the area is still desirable due to its low electricity prices.
According to analysts Bitmain’s recent downsizing is not necessarily a ‘big deal’. Bitmain currently accounts for 75% of the world’s crypto mining hardware but reducing staff has been inevitable considering the bloat that went on for most crypto companies during the bull run of 2017 and expectant continuation in 2018.
As a result Bitmain’s long awaited IPO has also stalled but that does not mean it is game over for the Chinese mining behemoth. When crypto markets eventually start picking up again the mining machine will fire up with fury and the good times will roll once again.
Image from Shutterstock
The post Crypto Mining Giant Bitmain to Appoint New CEO, Texas Plant Plans Shelved appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitmain Secretly Replacing Company’s Product Engineer As its New CEO

When it comes to bitcoin mining pool, Bitmain’s name often appears on top. Very recently, Beijing based Bitmain which is the world’s biggest crypto mining firm has confirmed the layoff plans as a part ‘to live up the company’s mission’.
Co-Founders To Step Aside
Per the South China Morning Post, Bitmain Technologies is naming a product engineering director as the new CEO by replacing the present co-founders Wu Jihan and Zhan Ketuan. Significantly, a people in a related matter reported SCMP that the product engineering director of the company, Wang Haichao will be the new chief executive officer (CEO) of the Bitmain Technologies.
The report broke out after an anonymous person (who asked to have his identity hidden) detailed the matter to SCMP (South China Morning Post). He said that the CEO duties to Wang Haichao were carried out since December 2018. However, the official declaration of Wang as the CEO is still a secret but a person told ‘Wu and Zhan’ will still be the company’s co-chair. As such, the co-founders will remain anonymous for day-to-day business dealings but still be responsible for key matters of the company.
Bitmain So Far
Bitmain Technologies is the brainchild of Wu and Zhan who established it in the year 2013. Wu holds as much as 21 percent stake of the firm whereas 37 percent stake is held by Zhan. The IPO prospectus details the dual-class share structure which has given 10-1 voting rights to both beyond ordinary shareholders.
The firm sees to have a huge plan before entering into the new year 2019 and consequently, they focused on ‘best talent’ that fits the company’s mission statement. As such, Bitmain in the statement of laying off its staff said;
“A part of that is having to really focus on things that are core to that mission and not things that are auxiliary. As we move into the new year we will continue to double down on hiring the best talent from a diverse range of backgrounds,”
Beside widespread presence, Bitmain has had the tough 2018 with the flagship cryptocurrency losing more than 70 percent of its value. Moreover, its fundraising plan application or IPO was not accepted by the Hong Kong’s regulators and stock market operators. The regulators then signaled reluctantly towards the filing and declared it is ‘a premature for a crypto trading platform in Hong Kong’.
So what do you think of Bitmain’s co-founder stepping aside? Let us know your thoughts.
The post Bitmain Secretly Replacing Company’s Product Engineer As its New CEO appeared first on Coingape.
Source: CoinGape

LTO Network Offers Unique Multi-Layer Architecture and Will List Soon on BitMax.io

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LTO Network Offers Unique Multi-Layer Architecture and Will List Soon on BitMax.io

European blockchain project LTO Network partners BitMax.io to boost the adoption of blockchain tech significantly improving automating processes amongst organizations through decentralized workflows or Live Contracts.

LTO Network Offers Unique Multi-Layer Architecture and Will List Soon on BitMax.io

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Source: CoinSpeaker