Bitmain has been under immense pressure due to the bear market. The cryptospace is full of rumours and speculations about Bitmain’s S15 miners, as well as its alleged “distancing” from the Bitcoin Cash [BCH] Project.
@BTCKING555, a Twitter user known for providing an inside scoop into all-things related to Bitmain, tweeted,
Breaking: TSMC did not give Bitmain capacity! All given to 5G customers. There is nothing until Q4. Bitmain has ruined reputation and TSMC puts it in “low priority” customer list. Antminer 17 will be in very limited capacity – OK yield wafers perhaps 1200 at most! Thats peanuts
— BTCKING555 (@btcking555) May 2, 2019
On March 10, 2019, Samson Mow, CSO of Blockstream, tweeted a thread detailing multiple lawsuits Bitmain was facing, alleging that the company was “deep in debt.” In the aforementioned thread, Mow also said that Bitmain was trying to cherry-pick S15 miners from a total of 1000 miners that were produced and present them for demo to potential investors, in order to raise capital.
Another piece of news revealed by Mow was that Taiwan Semiconductor Manufacturing Company [TSMC], a chip supplier to Bitmain, said that they did not have the 7nm capacity required to provide Bitmain for crypto ASICs, since the existing capacity at TSMC was already sold to Apple, Qualcomm, Huawei, and AMD, among others.
If what Samson Mow alleged was true, then @BTCKING555’s tweets raise even more questions, when coupled with previous allegations of Bitmain having unpaid “assembly, component, production, and repair companies.” @BTCKING555 further alleged that there could be few Antminer S17s out in the market.
Additionally, @BTCKING555 also claimed that the person leading the S7 and S9 project had left Bitmain. He tweeted,
“Sources say Dr. Yang who led S7 and S9 and left to start Shenma has better chip on 8/10nm node. Letting Dr.Yang and his team go was probably as dumb as selling all of the BTC and going all in for BCH 😭”
If there’s a grain of truth to these claims, Bitmain is in more trouble than previously anticipated.
Bitmain’s presence on crypto-twitter was unparalleled during the Bitcoin Cash hardfork. However, post the hardfork, Bitmain has been facing a lot of issues, ranging from a failed IPO to rumors of insolvency. Bitmain shared its plans to go public via a $12 billion IPO round on the Hong Kong Exchange. However, plans failed as the company let the IPO lapse, leading to speculations that Bitmain had shelved the IPO idea.
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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