Bitmain’s Bitcoin Mining IPO Sees More Vulnerabilities and Secrets Get Unwanted Exposure

Bitcoin Mining Giant Bitmain Roasted After Exposure Of Vulnerabilities And Secrets

The Chief Strategy Officer of Blockstream, Samson Mow, has recently revealed several facts and opinions about Bitmain, the Chinese mining giant which is about to launch its Initial Public Offering (IPO). The executive talked about the history of Bitmain and exposed the vulnerabilities and suspicious activities of the system on social media.

According To Samson Mow, Bitmain Lost Its Way After Yang Zuo Xing Left

According to him, the company has lost a lot without Dr. Yang Zuo Xing. He was the designer of the Antminer S7 and S9 chips, which were not built by the original developers of the company. Therefore, the two flagship products of the company were mostly made by this person.

Samson Mow seems to believe that it was because of Zuo Xing that the company was able to get such a high percentage of the market and become so successful. However, Zuo Xing has left Bitmain to start his own mining company, ShenMa, which will compete with Bitmain.

The new chips that Bitmain made after Zuo Xing left the company, the 16nm BM1X89, 12nm BM1X90 and the 10nm BM1X93 failed to achieve a good number of sales in the market.

Bitmain Attacked ShenMa For Patent Violation

After Zuo Xing left the company to start ShenMa, his former company accused the competitor of patent violation. However, the authorities decided that the information provided by Bitmain did not prove that there was, indeed, a patent violation, so the allegations were invalid.

The suit was about a serial power supply circuit patent. However, the problem was that Bitmain tried to patent something that was common knowledge, so it could prevent manufacturers from working with ShenMa.

Competitors Overpower Bitmain Just Before The IPO

The CSO of Blockstream has revealed to the market that the competitors of Bitmain were finally able to overpower the company and that its miners have been outclassed by the competitors. When Zuo Xing spoke about developing chips for Bitmain, he said that he used a full-custom design method to help Bitmain to design the chips.

All these issues appeared just before the controversial Bitmain IPO. The company released pre-IPO investments and was accused of misrepresenting the funds that it received. Many newspapers and portals have also reported that investors like Tencent and Softbank denied investing in Bitmain.

It looks like Bitmain’s problems are just starting. Will the company succeed? Follow us for updates.

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