Samson Mow Profile picture
Aug 28, 2018 7 tweets 4 min read Twitter logo Read on Twitter
.@Caijing, a major financial publication in #China, just published an in-depth piece on the #BitmainIPO fiasco: massive Q2 losses, pre-IPO investors jumping ship / denying involvement, tech team behind S7/S9 left and now no new advancements, AND patents are rendered invalid.🍿📉
I'll sum up key points in the article: Bitmain only survived the bear market of 2015-2016 because of Yang Zuo Xing's chip designs in the S7/S9. He is also the reason they were able to capture a large market share. (Yang is no longer with Bitmain. Started competitor ShenMa.)
After Yang Zuo Xing left, Bitmain was unable to produce any new chips successfully. Bitmain's 16nm BM1X89, 12nm BM1X90, 10nm BM1X93, all failed. Bitmain is working 7nm chips now but gains are minimal.
Bitmain's altcoin miners are all outclassed by competitors and their Sophon AI chips consume 3x more power than those of their competitors. #BitmainIPO
Bitmain sued Bitewei (ShenMa) over a serial power supply circuit patent to prevent manufacturers from working with Bitewei. However, in April 2018, China’s State Intellectual Property Office invalidated Bitmain's patent. Reason? Bitmain tried to patent common knowledge/prior art.
It then quotes @lightningasic talking about the patents - he can translate his own stuff. 😉 Next part pulls quotes and data from Allen Guo's article that I translated here:…. Then a quote from Wu Wen Jie saying "miners only care about price & efficiency."
Wrapping up, 3 large mining co's are trying to IPO in HK. This week Bitmain has started the @HKEXGroup IPO process. Other mining companies are bringing out new products & waiting to get a slice of the pie. Staying #1 will be hard. #BitmainIPO 🍿…

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More from @Excellion

Sep 21, 2018
Let’s take a closer look at Bitmain’s announcement at #WDMS #miningconf for their “next gen” 7nm ASIC chips. To most people this may seem like a big deal and good news, but actually the announcement shows things aren’t looking too good for Bitmain. Read on. #BitmainIPO
For context, pre-Blockstream I was the COO at BTCC and running the exchange and mining business units.
First, the announcement is mostly hand wavy forward looking statements. Bitmain “will soon” mass produce it’s 7nm chips. When is soon? When will the actual miners be on sale?
Read 9 tweets

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