Messages that cryptobinary giant Bitmain, heavily in debt and is desperately trying to raise funds, eliminating their cryptocurrency assets, was leaked on Twitter and many users are not surprised by this situation.
Rumors about the alleged insolvency Bitmain and his desperate attempts to raise money to stay afloat, appeared after Samson MOU, Director of strategy at Blockstream and CEO of Pixelmatic, tweeted a detailed list of companies that are being sued for Bitmain.
Beijing Continental Bit Technology and Shenzhen Yuxin Technologies also appeared in the list of companies that have filed lawsuits against Bitmain.
Problems with the implementation of ASIC-miners
Miner S15 was another problem of the technological giant, as according to MOU, Bitmain sold each of these devices with a loss of 30%.
In addition, the company Taiwan Semiconductor Manufacturing Company (TSMC) to supply chips for Bitmain stated that they did not have supplies 7-nm chips for Bitmain, to produce ASIC-miners, as the existing production capacity of TSMC, have been distributed between Apple, Qualcomm, Huawei and AMD. The latter had to pass after the closing of factories GlobalFoundries to a new provider. Similarly Qualcomm has shifted from Samsung to TSMC. Thus, for Bitmain no space left, even if the manufacturer were suitable for them a viable chip design.
The question arises, what, then, were the devices S15 that Bitmain to potential investors.
Twitter Mow stated that Bitmain didn’t sell out in 2019, instead, raised money to stay afloat. Some users have even noted a potentially dangerous scenario for Bitcoin, which is that the Chinese government is investing in Bitmain, they continued to mine BTC at a loss. In exchange, the government gets access to a large part can see network and use it to attack 51%. This reduces the credibility of Bitcoin, and China is destroying BTC.
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