What does Bitmain do? (Is Bitmain worth it?)

08/17/2023 06:22 • AI & Tech Insights • 66 views

What does Bitmain do? According to CoinDesk, according to Bitmain’s internal documents, on August 1, 2018, Bitmain was controlled by Jank Group. Eleven days later, Wu Jihan and Jank Group filed a lawsuit in the Hong Kong court. At that time, both parties signed a non-legally binding and protestive opinion letter (not public) accusing each other of the illegal transfer of more than 50 million yuan worth of Bitcoin and other digital currencies. Prior to this, Bitmain had also tried to raise $200 million through an IPO. What is Bitmain currently doing?

Is Bitmain worth it?

Editor’s note: This article is from Fengchao Finance News (ID: fengchao-caijing), author: JXkin, authorized by Odaily Planet Daily for reprint.

After going public, Bitmain faces unprecedented pressure and crisis. Its CEO, Wu Jihan, stated that he has sold most of his shares and converted them into RMB. But in the long run, will he continue to stay and develop in the company? Is this the future direction of development or should it return to its original ideals?

Bitmain still has a long way to go before an IPO is achieved, but in the next two years, this round of financing will certainly be absorbed by the market. (Note: According to the prospectus, on April 1, 2019, Bitmain completed its 10th round of A+ strategic investment and achieved equity interchange)

In June 2018, Bitcoin mining hardware manufacturer Canaan Creative submitted a registration statement draft to the Hong Kong Stock Exchange on the US Securities Exchange. According to the content of the document, according to Article 9 of the Securities Trading Law of the People’s Republic of China and the Regulations, when new shareholders or new employees join, they must obtain the company’s business license, business license, and other related qualification certificates as well as corresponding tax reports and other materials. Therefore, once the company formally applies for establishment, it can be recognized as a legally compliant enterprise without having to comply with national legal requirements. Otherwise, it will not be able to operate normally and can only suspend or shut down for a period of time. If a similar situation arises again, Jank Group may be dismissed due to suspected violation of the Anti-Monopoly Law; in addition, as a result of a previous fine imposed by the Hong Kong Securities and Futures Commission, Jank Group may also face criminal prosecution. At the end of August 2019, “Tianyancha” discovered that three companies, “Ant Financial”, “Xindong Technology”, “HiSilicon”, “Ebony International”, and “Avalon Intelligent” (Shenma), have all been filed for investigation by the industry and commerce department. These companies are all controlled by Jank Group himself. However, for those who do not directly hold any cryptocurrencies, this practice does not seem to be cost-effective. Because they did not raise funds as planned.

From December 17th to 19th, 2019, Shenzhen Financial World published an article titled “Why is Bitmain worth it?”

In late February this year, media reports stated that Bitmain was signing a contract with Beijing Bitwei to jointly develop chip design and production. However, during the same period, the two parties reached an agreement. Subsequently, Bitmain also signed a list of sponsors with multiple overseas institutions to expand its sales scale and establish a new R&D center in China through this collaboration. At the same time, the announcement stated that the company plans to establish a subsidiary specifically responsible for ASIC products – the Chinese version of the S7Pro series products and the world’s largest blockchain digital asset custody service platform. “Chinese version of T7” (also known as “Chinese version of S7”) is currently being developed with technical support, technical consulting, risk management, data analysis, and other assistance from Bitwei. In addition, it is currently unclear when specific details will be released.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/ai/24654.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

What does Bitmain do? (Is Bitmain worth it?)

Is Bitmain worth it?

Related recommendations