Polychain Capital and Chinese Bank Join Hands in the Nervos Network STO

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Polychain Capital and Chinese Bank Join Hands in the Nervos Network STO
Polychain Capital has so far said that it will partner with China Merchants Bank International (CMBI) to contribute $5.7 million to the STO Nervos Network scheduled to kick off on October 16.
Polychain Capital and Chinese Bank Join Hands in the Nervos Network STO

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Source: CoinSpeaker

MangoCoin Fraudulently Uses Bitmain’s Name To Sell Cloud Miners

A new crypto platform named MangoCoin was fraudulently using the name of Bitmain to sell its cloud miner. Bitmain quickly responded to it in a blog post stating that it has no association with the company whatsoever. 
Mangocoin Using Bitmain Brand To Sell Cloud Miner
Mangocoin is attempting to sell its cloud miner as “Bitmain Cloud Miner”, a marketing stunt that fraudulently uses the name of Bitmain. Bitmain was quick to caution the crypto community, stating that it has no relation with the app or social platform owned by MangoCoin. In a blog post, published on August 9, 2019, Bitmain states that “Mangocoin (MGC) and any social account, software, QQ groups, etc has no affiliation with Bitmain whatesover. The blog post reads;
The “Bitmain Cloud Miner” on any platform of “Mangocoin (MGC)” is not developed by Bitmain.
MangoCoin’s website is down following Bitmain’s report. In the blog post, Bitmain has also stated that it will use legal means to protect the brand as well as the customer’s rights and interests. While MGC’s website is down, its corresponding exchange and wallet service are live and running.
Bitmain, in its blog, warns its existing and potential customers to follow due diligence to identify the service provider. The blog reads it as follows;
We would like to remind our existing and potential customers to correctly identify the service provider when purchasing products, to sign up for or purchase anything online only after careful deliberation and stay alert to misleading promotions, illegal fund-raising, fraud, and other malicious activities on the internet.
Bitmain is known as the world’s leading manufacturing company for ASIC mining machines. The company, currently responsible for over 30% of BTC mining, reported a loss of $310 million in Quarter 1, 2019.
Image source – Shutterstock
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Source: CoinGape

Bitmain moves ahead with employee-options plan; Jihan Wu left on the sidelines

When in doubt, look inward. Well, that’s the motto Bitcoin mining giant Bitmain is employing. Bitmain, manufacturers of mining equipment used to mint the largest cryptocurrency in the market, Bitcoin, has finished rolling out employee options as their initial public offering [IPO] looms. Jiemian, a local Chinese media outlet, reported earlier this week that Bitmain completed “a […]
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Source: AMB Crypto

This Week in Cryptos: Bitcoin Breaks USD 11K While Facebook Unveils Libra

Key highlights

Bitcoin breaks $11k
Facebook announces Libra
Coinmine launches Bitcoin mode
Bitmain planning US IPO
Lightning Labs launch a mobile app

Bitcoin breaks $11k
In another major “FOMO Trigger” as Tom Lee calls it, Bitcoin prices leaped to USD 11000 in less than 24 hours after Bitcoin price breached $10,000. This breach was the first time since March 2018, when Bitcoin was spiraling downwards ultimately stopping near USD 3500. There is more technical than a fundamental factor that is playing out this rally and a lot technical analyst on the street feel that it’s the resistance levels of USD 11500 to 11700 are crucial. A break of these levels will prove that the coin is in the full-blown bull run and may be heading to its all-time highs. Fundamentally it looks like Libra has triggered this swing but it’s still too far fetched to link the two.
Facebook announces Libra
This week saw the event that everyone was waiting for. Facebook has finally rolled out its plan for Facebook’s own crypto platform called the Libra. Its plans to launch a cryptocurrency with hopes that it will “transform the global economy.” What was surprising to hear that the company intends to share control with a consortium of organizations, including venture capital firms, credit card companies, and other tech giants. Initially, what Facebook plans a P2P transfer mechanism, in long term Facebook hopes Libra will be accepted as a form of payment, and other financial services will be built on top of its blockchain-based network.
Coinmine launches Bitcoin mode
Coinmine, a cryptocurrency mining device aimed at the hobbyist market, has planned to give its users the option to be paid in bitcoin. The device will also be capable of mining Monero, Zcash, grin, and Ethereum at launch. The addition of bitcoin payouts will now give miners more incentive to try the $799 ($699 with a special BTC discount) product.
Bitmain planning US IPO
Rise of Bitcoin has also ignited the plans of Bitmain f going public. And this time the destination is USA. In the news that came this week. Crypto mining hardware giant Bitmain Technologies Ltd. is said to be relaunching its initial public offering (IPO) plans, but this time in the U.S. instead of Hong Kong. According to a Bloomberg report citing “people with knowledge of the matter,” Bitmain is consulting bankers and advisers over a U.S. public listing, potentially in the second half of 2019. The company is planning to lodge documents with the U.S. Securities and Exchange Commission in July.
Lightning Labs launch a mobile app
Lightning Labs, this week, has taken one step closer to bringing Lightning Network payments to mobile with the launch of the Lightning App for iOS and Android in Alpha on the Bitcoin main net. It follows the recent launch of the Lightning App on desktop, bringing the total number of operating systems supported by the program to five.
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Source: CoinGape

Japanese Exchange Liquid Becomes Unicorn Citing New Funding From Big Players

With Bitcoin skyrocketing trending graph on Coinmarketcap, other altcoins also chasing new figures. Beside cryptocurrencies, exchanges are also obtaining new and potential opportunities to outperform the competitors – one such trading platform called ‘Liquid’ which has recently announced its Unicorn status or the valuation of over US$1 billion.
Liquid Closes Funding Round and Becomes Unicorn
Announcing the valuation, Japanese regulated Liquid exchange (operated by leading fintech company, QUOINE) reveals that they have received funding in a Series C from market leaders Bitmain and IDG Capital. So far Japan’s startup space had only one tech Unicorn – following the funding; Liquid Exchange has also bagged Crypto Unicorn status. Consequently, there are two tech startups in the Japanese tech sector now. While the investing firms are known, the amount of capital raised is out of sight.
To remind, IDG Capital had previously contributed towards other crypto companies including Bitmain, Kakao’s Crypto Unit, Ripple and Coinbase.
Nevertheless, Bitcoin Miner Bitmain itself is running tough since it had recently confirmed the lapse or inactive  initial public offering (IPO) and lay-off announcement – the investment towards players like liquid which is based in Japan might intend to gain significant ROI. To note, Japan is one such country that has favorable regulation towards cryptocurrency. Concerning the announcement, Jihan Wu, Bitmain co-founder says that;
“Japan is one of the leading nations in putting the crypto industry under proper regulations, and Liquid Group has proven itself to be the exemplary player within such compliant rules. This is a very important and unique moat amid global competition.”
The new amount of investment received from Bitmain and IDG Captial will be used for exchange’s global expansion, product development as well as the upcoming security token offering. It’s common for a platform to secure funding to expand service across Globe – besides escalation plan, Liquid wants to enter into security token market.
Mike Kayamori, Liquid’s present CEO says that;
As we enter into a new age of digital disruption in financial services, consumers are increasingly placing a higher value on digital assets and technologies they can trust and use with greater ease. Our vision is to make financial services accessible to all, which means bringing more people into the digital asset space so that anyone can be a part of it. This first round of Series C funding from our two highly respected investors, IDG Capital and Bitmain, puts us in an incredibly strong position to make a global impact in 2019
Do you think to fund from Bitmain and IDG Capital worth Liquid exchange? Share your opinion with us.
The post Japanese Exchange Liquid Becomes Unicorn Citing New Funding From Big Players appeared first on Coingape.
Source: CoinGape

Liquid.com Hits $1 Billion Valuation Closing Its Latest Funding Round

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Liquid.com Hits $1 Billion Valuation Closing Its Latest Funding Round
Owing to the investments made by Bitmain and IDG Capital in Series C funding round, crypto trading platform Liquid.com has become a new crypto unicorn.
Liquid.com Hits $1 Billion Valuation Closing Its Latest Funding Round

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Source: CoinSpeaker

Bitmain’s IPO filing officially lapses this week without Listing Committee hearing

Bitmain, one of the world’s largest Bitcoin [BTC] mining firms and Application-Specific Integrated Circuit [ASIC] chip producers, was in the news in 2018 following news surrounding an Initial Public Offering [IPO]. The mining firm is back in the spotlight yet again after Dovey Wan, Founding Partner at Primitive, pointed out that Bitmain’s Hong Kong Stock Exchange initial public offering filing would expire this week on 26 March, 2019. She stated,
“Wow, just randomly checked the calendar and found: Bitmain’s HKex IPO filing will officially expire on coming Monday (was initially submitted on Sep 26th 2018), which will officially mark the failure of its IPO attempt RIP Bitmain HKex IPO”
She further added,
“There is a 6 months window for an IPO filing to be moved into IPO hearing stage, if the hearing does not happen in 6 months it will automatically expire Bitmain’s next attempt can be NASDAQ but it needs to find another underwriter, and fix its financials”
Bitmain however, did not address the issue on its official platform. The official filing for the IPO was made on 16 September, 2018 and so far, there have been no reports pertaining to the Committee hearing. In December 2018, a report by South China Morning Post had stated that the mining firm was seeking to raise over $3 billion through this Initial Public Offering.
It also stated that according to the Hong Kong Stock Exchange’s listing rules, a six-month window [closed-door hearing] for all listing applications was given. In this timeframe, the Listing Committee decides whether to approve or disapprove the listing after their queries are cleared. If this did not happen, the listing would formally lapse. Further, regulators have expressed their concerns over approving fundraising plans for a cryptocurrency-based business “before proper rules are in place.”‘
Additionally, Samson Mow, the CSO of Blockstream, commented on Bitmain’s IPO, stating that “it is incredibly risky” for an investor because of concerns of BCH investment.
The post Bitmain’s IPO filing officially lapses this week without Listing Committee hearing appeared first on AMBCrypto.
Source: AMB Crypto

Bitmain’s latest Antminer Z11 sold out in 20 minutes; Norway branch shuts down following revoke of electricity subsidies

Bitcoin mining behemoth Bitmain’s latest Z11 miner roll-out was reportedly sold out within 20 minutes after the pre-selling phase on its official website. Bitmain unveiled a new version of its Antminer Z series machines to mine Equihash-powered Proof-of-Work coins like Zcash on March 19.
Dubbed as the Antminer Z11, the new release claims to pack three times more hashing power than its precursor Z9. In a blog post, the exchange claimed,
“It is by far the leading model by performance to mine such cryptocurrencies.”
According to the Beijing-based mining giant, the latest miner offers a hashing power of 135 KSol/s and is three times more powerful than the Antminer Z9, which was released in May 2018. The post further claims that the miner saves up to 60% of electricity cost as compared to its predecessor Z9.
Antminer Z11, which uses Bitmain’s latest proprietary 12 nm chip, is equipped with a newly designed internal circuit structure with a power-efficiency of 10.50 J/KSol. Another feature that the latest version of Antiminer boasts of is ‘light’ weight, which stands at 5.4 kg despite its massive hashing capability.
Antminer Z11 will initiate the shipping process shortly, the blog confirmed.
The previous Z9 was launched at a time when the ZCash community voted against prioritizing research efforts to discourage the use of ASIC mining equipment. Talking about the huge turnout against gearing toward ASIC-resistance, Andrew Miller, the president of the Zcash Foundation, said,
“This is a fairly strong signal of disagreement. My interpretation of this is that we’re not going to make any hasty decisions like diverting all of the Zcash Foundation resources to promoting ASIC resistance.”
Earlier, Bitmain had been notoriously secretive about its operations but has now claimed to provide more transparency to the Zcash market. The blog stated,
“These commitments to transparency will continue to provide the Zcash foundation and community with the security, reliability and accessibility they desire of manufacturers.”
The world’s largest producer for ASIC machinery, Bitmain, has been surrounded with reports of facing a huge loss of approximately $500 million in Q3 last year. Also, the company was reportedly selling their old generation S15 miners at around 30% below their actual value. Samson Mow, the CSO at Blockstream, who also happens to be a Bitmain critic, had earlier tweeted that the exchange’s financials were weak.
Bitmain’s revenue and its userbase fell sharply during the beginning of the crypto winter in 2018 in a colossal difference as pictured during the 2017 bull phase when Bitmain recorded a remarkable profit with its annual profit ranging between $3 to $4 billion.
The post Bitmain’s latest Antminer Z11 sold out in 20 minutes; Norway branch shuts down following revoke of electricity subsidies appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Cash [BCH]: UnitedCorp files opposition to dismiss against Roger Ver, Bitmain and Kraken in hard fork fraud claims

The Bitcoin Cash [BCH] hard fork that occurred on November 15, 2018, captured multiple headlines with many marking it a major event in the field of cryptocurrencies. The hard fork is the one that resulted in the split of the BCH blockchain to give birth to two different cryptocurrencies: Bitcoin Cash [BCH] and Bitcoin SV [BSV].
The fork was dominated by two camps, the Bitcoin ABC team led by Roger Ver and Bitmain’s Jihan Wu while the Bitcoin SV was led by nChain’s Craig Wright and Calvin Ayre. Post the fork, Ver and Wu were both sued by United Corp, an American management company who claimed that the ABC camp including popular cryptocurrency exchange Kraken, had flouted rules and regulations to benefit from the fork. The initial lawsuit said:
“The defendants [Bitmain, Bitcoin.com, Roger Ver and Kraken] collectively engaged in unfair methods of competition and through a series of unconscionable, deceptive and unfair practices, manipulated the Bitcoin Cash network for their benefit and to the detriment of UnitedCorp and other Bitcoin Cash stakeholders.”
The lawsuit was refuted by the alleged parties, citing lack of evidence and bogus claims. Following this, UnitedCorp has filed a new opposition to dismiss in its lawsuit. The company challenged the defendants to explain their actions under oath and stated that they will pursue discovery by way of deposition or under subpoena of the defendants.
The latest lawsuit made it the first antitrust action brought in the United States that involves the cryptocurrency industry. The new release from the company said:
“Miami‐based United American Corp announced today that their legal counsel Akerman LLP has filed a Consolidated Opposition to Defendant’s Motions to Dismiss Complaint in its suit against Bitmain Group, Bitcoin.com, Roger Ver, Jihan Wu, Kraken, Jesse Powell, Amaury Sechet, Shammah Chancellor and Jason Cox (the “Defendants”). The opposition was filed after the Defendants filed a motion to dismiss the UnitedCorp action on February 1st 2019.”
UnitedCorp also specifically pointed out to Bitmain’s usage of the Overt ASICBoost as a method to enhance Bitcoin ABC’s version of the fork. The company further stated that the firmware was made available in advance of the last Bitcoin Cash update by Bitmain only to Bitcoin ABC-supported pools, which are operated by the Roger Ver owned Bitcoin.com. The lawsuit also added:
“UnitedCorp alleges that these activities are evidence of not only a violation of the accepted standards and protocols associated with Bitcoin since its inception, but a violation of US antitrust laws including parts of the Sherman Act.”
The post Bitcoin Cash [BCH]: UnitedCorp files opposition to dismiss against Roger Ver, Bitmain and Kraken in hard fork fraud claims appeared first on AMBCrypto.
Source: AMB Crypto

Bitmain’s overproduction of ASIC miners led to lower mining profits, claims miner

Bitmain and other crypto companies suffered massive losses during the bear market. However, Bitmain’s effect on Bitcoin’s price, performance, and its decentralization was discovered to be more than what was previously anticipated.
James McAvity, a Bitcoin enthusiast and miner, posted a series of tweets explaining how Bitmain’s overproduction of ASIC miners ultimately affected the coin’s miners.
Source: Twitter | James McAvity
When the Bitcoin frenzy reached its peak in 2017, so did the price. This resulted in the relentless production of Bitmain’s famed, top of the line, ASIC miners, that came to be used by most of the miners.
McAvity also pointed out the increase in Bitcoin mining’s electricity usage from 2017 to 2019. The electricity usage at the start of 2017 was around ~$250,000, which later surged exponentially to $4,000,000 a day [McAvity assumed 75 watts/TH]. The graphs attached below show the same correlation,
Source: Twitter | James McAvity
Source: Twitter | James McAvity
Bitmain controlled massive amounts of the hash rate for Bitcoin, at one point in the past. However, decisions taken by the company resulted in its dominance over Bitcoin mining weakening. According to some reports, Bitmain even sold most of their crypto holdings to survive the crypto winter that enveloped the coin market.
In a subsequent thread, McAvity tweeted,
“BITMAIN is the gift that keeps on giving.
Not only did they (in)voluntarily give up their position as the leading mining manufacturer, fostering greater decentralization.. but they also flooded the market with ASICs, sentencing their customers to waning profitability.”
As a result of the above, McAvity suggested that Bitcoins so purchased, would be from a “distressed miner” who would have to sell those BTCs to keep the mining farm alive. Most Bitcoin enthusiasts attributed the drop in BTC’s price from $6,000 to $3,000, to a reallocation of hash power by Bitmain during the hash wars.
McAvity tweeted,
“Look at the drop from $6400 BTC to $3300, at the time that was 10c KW/H breakeven to ~5c. Hashrate got crushed as high OPEX production got REKT. I predict we would drop to 20mm TH/s if the halving happens today, cutting network-wide miner electrical OPEX by 60%.”
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Source: AMB Crypto

Zcash Gets A Positive Push In Price With The New Bitmain Antminer Z11

Bitmain, the largest manufacturer of cryptocurrency mining hardware in the world has released a new Antminer 11 hardware for Equihash Algorithm. The cryptocurrencies that currently follow Equihash protocol are Zcash, Bitcoin Gold, Komodo and so on.
The price of Zcash – $59.87, was trading 6.5% higher on the daily at 11 00 hours UTC on 20th March.
According to Bitcoin, the new Antminer Z11 will provide three times the hashing power than its predecessor Antminer Z9.
The new Antminer is now pre-selling on Bitmain’s official website and will start shipping shortly.
Antminer Z11: Most advanced Zcash Miner
The Antminer Z9 will offer a hashing power of 135 Ksols/s. Built on the most advanced microprocessor technology at Bitcoin, the miner is lighter than Antminer Z9.
Zcash has advocated ASIC resistance for a long time; however, in June last year, the Zcash Community decided to focus on other developments and updates.
Furthermore, Bitmain has also pledged towards transparency and uphold the Zcash community values by maintaining transparent shipment records for the new age miners. According to their blogpost:
To this end, we will tweet real-time updates from our QA teams and shipping warehouse via our official account (on 19th June, all Tweets, including these Z9 mini updates, relating to Antminer series and all other products sold on shop.bitmain.com moved to twitter.com/Antminer_main), using the hashtag #Z9QA.
Zcash Price Analysis
The Zcash ticker increased by 16.5% momentarily on 20th March where the price recorded gains from 0.0138 BTC to 0.0168 BTC. However, it corrected to 0.0148 soon as the HODLERs booked profits in the short term.
Zcash/BTC 1H Chart on Bittrex
A significant rise in trading volume with a huge buy wall pushed the price of Zcash. Nevertheless, it lost is momentum almost instantaneously due to lack of market support.
Moreover, with increased mining efficiencies, the GPU miners who were bearing a loss until now can resort to more profitable hardware for mining Zcash. The increased sustainability for miners reinforces the strength of the Zcash Community.
Do you think the GPU mining age is over with Zcash and Ethererum? Share your views with us.
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Source: CoinGape

Bitcoin (BTC) Medium Term Trend is Set, $6,000 A Low Lying Picking

Bitcoin price recovering, may clear $6,000
Jihan Wu, the former CEO of Bitmain is a billionaire
Transactional volumes low, must spike above 440k countering Q4 losses

With newfound financial weight, Jihan Wu can now move towards achieving his goals. In the meantime, Bitcoin (BTC) prices stand to benefit. Should buyers have the upper hand, any surge past $4,500 will be trend-defining in short to medium term.
Bitcoin Price Analysis
Fundamentals
Rumor from multiple sources, insinuates that Jihan Wu, credited for backing Bitcoin Cash during the last hash war to the detriment of asset prices, will in coming days cut ties with Bitmain.

Jihan Wu is leaving Bitmain, starting a new company multiple non-official sources said so …
according to various sources, the new company is more like a spin out of Bitmain (so far not sure of the equity ownership structure), with primary focus around BCH and Defi
— Dovey Wan (@DoveyWan) February 25, 2019

Nothing is yet to be confirmed but with enormous losses, downsizing and a general decline in Bitcoin prices, the chipset behemoth like all crypto firms, is under duress and may let go of Jihan. Already he has the financial muscle to do whatever he likes.
At a tender age of 33, Forbes ranks Jihan as one of the youngest billionaires under 40 with a net worth of $1.5 billion.
Candlestick Arrangements

What we have in the weekly chart is a beautiful sight. After five months of severe draw-down, Bitcoin (BTC) is recovering—although not at a rapid phase as expected. However, at this pace, prices are likely to print above $4,500. It all depends on the underlying momentum and how bulls will flow back once key resistance levels no longer hold.
Technically, bulls appear to have the upper hand. While the bear bar of the week ending Nov 25 is conspicuous and could trigger sells as Bitcoin trade within a bear breakout pattern, it is the rejection of lower lows and renewed interest of week ending Dec 23 that is trendsetting. Prices are moving within this bar, and in an effort versus results point of view, that is bullish.
At the moment, it is a series of tight ranging, higher highs with firm anchors rooted at week ending Feb 1 that is important for our analysis. Like in all our previous BTC/USD trade plans, risk off traders can take advantage of this bullish candlestick arrangement and load up on every dip. First targets remain at $4,500, and this plan is applicable as long as BTC prices are trading above $3,500.
Technical Indicators
Week ending Nov 25 is our base bar. While prices recover, volumes/participation must also expand at a faster rate eliminating the disparities between Q4 average volumes—150k and those of Q1 2019—120k. For a trend resumption and cancellation of late Nov 2018 draw-down, Bitcoin prices must rally above $4,500 and $6,000 with high transaction volumes above 434k of the week ending Nov 25. That’s almost three times the recent averages. Only that will invalidate the possibility of bears ushering in bulls aiming at $11,000.
The post Bitcoin (BTC) Medium Term Trend is Set, $6,000 A Low Lying Picking appeared first on NewsBTC.
Source: New feedNewsBTC.com

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

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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