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.

.@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.)