“If Bitmain is still around next May, it’s unlikely that the halving would help to rescue them,” said Samson Mow, one of the company’s most outspoken critics. “The issue is that their machines are not competitive at all.” #BitmainIPO https://t.co/JEJCXLpwiJ
Bitmain was founded in 2013 by Micree Zhan Ketuan, a 40-year-old chip expert, and Wu Jihan, 33, who was then in private equity. Zhan has a 37 per cent stake in the company, compared to Wu’s 21 per cent, according to its IPO filing.
Bitmain made US$742.7 million in profit for the first half of 2018,
The real game changer was the Antminer S7 and S9, two iterations of Bitmain’s bitcoin mining rigs launched in 2015 and 2016, respectively. Within the first few years of release, these two models became the dominant rigs in the market, thanks to their power efficiency at the time. S9, for example, accounted for around 60 per cent of shipments among all bitcoin mining hardware in 2017,
The mastermind behind S7 and S9, however, was Yang Zuoxing, 45, a nuclear physics major-turned chip designer. He helped Bitmain develop its market-leading technologies during his year-long service as a part-time contractor with the company. But after failing to take a stake in the business, Yang quit Bitmain in June 2016. A month later, he started his own mining gear start-up, MicroBT.