In yet another blow to #Bitmain, @caijing (a major Chinese financial publication) just published an exposé on the #BitmainIPO debacle. m.caijing.com.cn/api/show?conte…
To sum it up: 1) Alleged Q2 losses in the $600-700 million range due to BCH holdings 2) Tencent and Softbank have denied pre-IPO involvement 3) Team behind S7/S9 now at Whatsminer 4) AND lost a patent case against Whatsminer
Yang Zuo Xing was the former director of design at Bitmain, and the supposed brains behind the S7/S9 miners. There have been serious concerns about whether Bitmain will be able to continue to innovate and produce miners at the same caliber without him leading the charge.
Yang Zuo Xing left to start Whatsminer, which recently announced a 16nm Bitcoin miner that's suppose to be ridiculously good and puts even more pressure on Bitmain. btcbitcoinnews.com/news/186452
Keep in mind some of this is speculation, but none of it looks good for Bitmain. Competition to stay #1 is going to be fierce with 3 other mining companies also looking to IPO soon in HK.
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