Thursday, May 13, 2021

Bitmain’s Antminer says Bitcoin rig sales won’t be affected by CEO departure

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Bitcoin (BTC) mining rig producer Bitmain has issued a discover to prospects stating that enterprise operations will resume as regular in gentle of former chairman and CEO Jihan Wu’s departure from the corporate.

Orders of Bitmain’s ASIC mining rigs had been beforehand halted quickly in 2020 throughout an inner energy battle on the Beijing-based {hardware} firm.

In a dramatic saga that noticed Bitmain’s two co-founders, Micree Zhan and Wu, try and oust each other from the management of the corporate, Zhan quickly stopped a Shenzen subsidiary from delivery merchandise to prospects, as reported by native outlet The Block Beats on the time.

On Wednesday, hours after Wu amicably left the corporate (after buying $600 million worth of shares from Zhan and different shareholders), the staff behind Bitmain’s flagship Antminer product released a press release telling prospects to anticipate enterprise as regular:

“Antminer is right here to tell you that product supply and gross sales companies is not going to be affected by Bitmain’s inner modifications. Our gross sales coverage for patrons stays unchanged, and all signed contracts will proceed to carry out in accordance with the phrases and circumstances.”

Bitmain was based in 2013 by Zhan and Wu, and by 2018, it had develop into the most important producer of ASIC machines for Bitcoin mining on the planet. The corporate additionally runs two mining swimming pools, Antpool and BTC.com, which collectively account for round 20% of all Bitcoin mining and 30% of Bitcoin Money (BCH) mining.

The corporate’s affect has seen it on the forefront of a number of Bitcoin-related dramas through the years, not least through the 2017 arduous fork that noticed Bitcoin Money break free from Bitcoin. Bitmain sided with Bitcoin Money through the arduous fork, which arose because of ideological disagreements over facets of Bitcoin’s design — particularly, the dimensions of blocks.

Regardless of uncertainty relating to the management of the corporate, Bitmain secured a contract for 15,000 of its Antminer S19 collection machines from Riot Blockchain, a Nasdaq-listed cryptocurrency mining agency, in December 2020 in a deal value $35 million.

Considerations about stockpiles of unsold merchandise might have been silenced considerably over the New 12 months interval as Bitcoin mining profitability increased by over 330%, in accordance with the newest knowledge from BitInfoCharts.