Bitmain - a story of success and failure
Bitmain started when it toke over the company Antmine. The first company to seperate the mining functionality from the sharing of node operation and leading into an unbelievable fight over hashpower and Bitcoin Earnings. Also the company started to raise and IPO struggled and finally supported the hardfork to Bitcoin Cash through his promoter Roger Ver. This liason brought Bitmain in a lot of trouble and finally Bitmain started again to support Bitcoin. In this times it had a lot of attraction with the so called "Asic Boost Scam".
They sold a lot of antminer S9 to high value customers which have been overclocked and promised 20% more revenues. The problem: SegWit was on its way to cut datas of a block and fill more transaction in a 1MB Block, so you can adress up to near 4MB in a 1MB block.
Because of the failure promises that Bitcoin Cash will become Bitcoin and the nodes of Bitcoin agreed SegWit and stayed on the original Bitcoin network, the effect of the boost has been blown away more over some blogs get informations of this trick. Trust lost in Bitmain and the main investors looks like to leave Bitcoin. So Bitmain agreed using a lot of hashpower from Bitcoin User for Bitcoin Cash to pay them back for the losses. After the second disappointment about splitting BCash to BSV Bitmain went back to the roots and now mainly mine Bitcoin and break up with Roger Ver who started a hash war against Craig Wright. New models came and the success came back to Bitmain. Finally they kicked of the CEO and since then they have a lot of internal fights
Bitmain Leadership Feud Continues As 10,000 Antminers Go Missing
Bitmain leadership feud continues as 10,000 antminers have been stolen from a facility in China. Some sources say that the missing rigs concern the ongoing struggle to rule the company between cofounders Jihan Wu and Micree Zhan, as we are reading more in the latest cryptocurrency news today.
Back in mid-June, the reports show that the power struggle between the Bitmain cofounders as for many years now Bitmain has been the most dominant ASIC mining rig producer as the Bitmain leadership feud continued. For quite some time now, the cofounders Micree Zhan and Jihan Wu have been at odds but now regional reportsshowed that 10,000 Antimners worth millions went missing or were transferred illegally from a Bitmain mine in Mongolia. There’s no exact count on what was taken but 10,000 Antminers included miners such T17, S17, T15, and S17 pro models.
Since Bitmain does KYC for his customers we should be prepared to hide the facilities of Bitcoin Mining in the future or use alternatives but they are rare. From a product Bitmain Antminer stays as a solid invest. Hardware is better now but build on cheap items. Read full article here