Bitmain Confirms Social Media Rumours In New Blog Post

Bitmain Technologies Ltd, a manufacturer of hardware for mining Bitcoin in a blog post titled “2019’s Focus is on Customers,” confirmed a number of rumors that were circulating about the company. Among these, is the expiration of the company’s Initial Public Offering (IPO) application to the Hong Kong stock exchange (HKex).

Bitmain Confirms News About Expiration of IPO Filing to HKex

Per the blog post on March 26, Bitmain confirmed the news that its IPO application which was submitted to HKex in September 2018 has expired. It intends to file for another even though the time frame was not outlined. According to the company, the listing process has made it more transparent and standardized.

There were also a lot of rumors going on in late 2018 that the hardware manufacturer is about to lay off half its staff. While making comments in that regard, Bitmain said it had to make changes to its personnel at that time. Its former staffs were duly compensated even over the legal requirement.

According to Bitmain:

…As we aligned our focus on cryptocurrency and artificial intelligence (AI) chips, as well as products and services based on such chips… It was a difficult but necessary decision as we continue to build a long-term, sustainable and scalable business

Bitmain Carries Out a Change in Its Leadership

Furthermore, Bitmain said it has carried out a change in its leadership. Mr. Haichao Wang is now the company’s CEO, while Mr. Micree Zhan and Mr. Jihan Wu who are its co-founders will continue to oversee the role of directors in the company.

Bitmain also pointed out that they have been rated as the second largest chip manufacturer in China and one of the highest earners in 2017. It also said that the growth has brought about the company’s need to innovate, optimize, and streamline in order to bring about an improvement on the Internet of Money.

New Antminers for Mining Cryptocurrencies Launched

As part of that contribution, the Antminer Z11, Antminer S17, and T17 were recently released. While the Antminer Z11 is based on its 12nm ASIC, the other two features a new 7nm chip BM1397 which reportedly, has more than 1 billion transistors. It also uses power optimally thanks to its low power consumption technology.

“The energy efficiency ratio of the new chip is as low as 30J/TH, saving energy by 28.6% compared with the previous generation, and its overall performance is more stable,” the company added.

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