Reportedly Bitmain is Accused of Being Probed in China

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Key Takeaways:

  • In the Chinese community, there are allegations that Bitmain is being probed. 
  • Du, the CEO of Bitmain’s mining operation, categorically rejected it.

Bitmain was one of the first companies to develop an application-specific integrated circuit (ASIC), which is a powerful, specialized machine for bitcoin mining. It was founded in 2013. ASICs have allowed miners to scale up their operations while also increasing the difficulty of mining tremendously.

Bitmain had signed a contract with Taiwan Semiconductor Manufacturing Company (TSMC) to supply advanced computer processors, which is a major bottleneck for crypto mining hardware producers.

In July, the business finished a year-long process to spin out its Antpool mining pool services unit and prepare for an IPO. Canaan, a top crypto mining machine manufacturer based in China, went public on Nasdaq in November 2019.

Bitmain had decided to halt global sales of its Antminer devices in order to aid the industry’s transition.

In the Chinese community, there are allegations that Bitmain is being probed. However, the CEO of Bitmain’s mining operation firmly rejected it.

Belarus, Sweden, Norway, Angola, and Congo are among the countries where Bitmain and Chinese miners are looking for cheap electricity, according to Bitmain.

Bitmain and its clients have been looking for “excellent” power supplies in countries such as the United States, Canada, Australia, Russia, Kazakhstan, and Indonesia. To avoid financial risks, China’s State Council, or cabinet, committed to crack down on bitcoin trading and mining in late May.

Following Beijing’s ban on bitcoin mining, Bitmain, China’s largest maker of cryptocurrency mining devices, paused sales of its products on the spot market to assist relieve selling pressure.

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Chetna Prakash
Chetna Prakash

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