Chinese language cryptocurrency {hardware} producer, Bitmain, remodeled $300 million in revenue within the first 4 months of 2020. This information
Chinese language cryptocurrency {hardware} producer, Bitmain, remodeled $300 million in revenue within the first 4 months of 2020. This information comes regardless of the COVID-19 outbreak and up to date rumours about in-house issues, a current report suggests.
Bitmain allegedly earns over $300 million, rewards workers with large bonuses
In accordance with the business weblog, Wu Mentioned Blockchain, Bitmain introduced internally that the corporate had earned over $300 million thus far this 12 months. Additional, the mining big reportedly regained some market share because it opened 4 new mining amenities and noticed the hashrate improve on two of its mining swimming pools.
Notably, the report talked about that Bitmain’s Synthetic Intelligence, or AI, enterprise has additionally grown quickly. The corporate entered the sector in 2018, planning to make use of its ready-made chip designs to energy AI techniques and software program.
After a January report suggesting large employees layoffs, the agency is now mentioned to be rewarding its workers with particular person bonuses of as much as 70,000 yuan (about $9,900) on the Labor Day, which is scheduled for Might 1. The bonus funds will quantity to “hundreds of thousands of yuan”, as per the report.
New report contradicts earlier rumours and authorized issues
The brand new report may come as a shock, on condition that Bitmain is taken into account one of many greatest victims of the “crypto winter”, and the upcoming Bitcoin halving can be anticipated to hinder mining income. Together with the above talked about job cuts, Bitmain skilled a noticeable market share decline within the second half of 2019. The pandemic has additionally reportedly undermined the mining business in China, though a Bitmain consultant has beforehand informed Cointelegraph that it prompted the corporate to discover alternate strategies of working.
Newer issues for Bitmain embrace experiences suggesting that its mining rig, Bitmain S17/T17 Antminer, has a excessive failure price. There may be additionally a nicely documented authorized combat between two of its co-founders, Jihan Wu and Micree Ketuan Zhan. In October 2019, Wu ousted Zhan, who was Bitmain’s companion and chairman on the time, from the corporate. Moreover, Wu warned workers to stop any interplay with the ex-senior government, threatening to fireplace those that disobey.
Since then, Zhan has filed two complaints in opposition to Bitmain and its AI subsidiary, Fujian Zhanhua Intelligence Applied sciences, trying to regain his place as a shareholder. Bitmain believes that Zhan’s claims are baseless, and reassures that the outcomes of the case is not going to have any influence on the corporate’s operation.
Cointelegraph has reached out to Bitmain for additional remark, however has but to listen to again from the corporate. This story might be up to date, ought to we obtain a response.