Rumor that Bitmain is going belly up! can't pay its chip builder!

[gentlemand]

https://twitter.com/Excellion/status/1104635332274749446

Though there is some insider information, Bitmain selling only 1k units is just false.

If he had any desire for credibility he'd create a separate account and ID. No one's going to believe him coming from his own account. Whatever truth is in there, he's the definition of compromised.

[1713855532]

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[1713855532]

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[mikeywith]

https://twitter.com/Excellion/status/1104635332274749446

Though there is some insider information, Bitmain selling only 1k units is just false.

it's most likely fake, but the S15 has been more "out of stock" than in stock, also based on the coupons distrubitons which i talked about in this thread >https://bitcointalk.org/index.php?topic=5114713.0 , despite the fact that statistics i had at my disposal were fairly small,  i am almost certain that bitmain did not sell anything above 10,000  S15s at best case scenario.

but i am starting to doubt the theory about them going broke what so ever, the 1,1 billion profit they hit last year will keep them going until the next bull cycle whereby they will boost their production and profit again, i strongly believe that bitmain will dominate the mining market for decades to come.

[stompix]

https://twitter.com/Excellion/status/1104635332274749446

Though there is some insider information, Bitmain selling only 1k units is just false.

That account is posting like 20 tweets a day, has he any record of some leaks that turned true?

but i am starting to doubt the theory about them going broke what so ever, the 1,1 billion profit they hit last year will keep them going until the next bull cycle whereby they will boost their production and profit again, i strongly believe that bitmain will dominate the mining market for decades to come.

They've "lost" 500 million in Q3,  Q4 was even worse and 2019 isn't looking pretty neither for the price nor for the gear sales, but I'm saying this just from looking at the hashrate (which isn't going anywhere, we're at July levels) and from the profits of mining somewhere around 3-4 cents, no inside data  

[philipma1957]

I am nowhere the scale of bitmain.  

But I made out really well in 2017 so well  that all of 2018 I concentrated on trying to create cheap power. I lost money in 2018 but now have a big improvement in power.  Soon to be even bigger.

So if you make 4-6 units  in 2017 lose 1 unit in 2018 lose 1 unit in 2019.
you are up 4 units.  Not saying it is true but bitmain may have made as much as 4-6 billion for 2018.
  
A 1 billion loss for 2018 and a 1 billion loss for 2019 means they have 2-4 billion profit for the three years.
If they did what I did i.e. make a much better power setup  they will be okay.

[stompix]

I am no where  the scale of bitmain.  

Unfortunately, as I would rather see your farm with that much hashpower than Bitmain.

So if you make 4-6 units  in 2017 lose 1 unit in 2018 lose 1 unit in 2019.
you are up 4 units.  Not saying it is true but bitmain may have made as much as 4-6 billion for 2018.

Again, this is according to some documents I can't vouch for but they've had a profit of 1bil in 2017.

According to some they've had yet another 1.1 billion in profit in the first half of 2018, not all of 2018. And those were times with mining at 10k per coin (average) and selling an s9 and 1300(1100 ) and even so having all batched sold out.

So at this point, they had 2 billions stashed.

In q3 they end up with minus 500, and we don't know how q4 looks but if we are pessimistic we could say another -500, seeing how their btcash hoard went down and how much hashpower they've used in their hashwar. That would lead to a year with 0 in profits.

So they would have a reserve for 1 or two years in a bear market while spending like crazy and keeping bcash afloat.

Not saying they will go belly up but they are going to have to change something, and I don't know if this is going to be good or bad for us.

[Wind_FURY]

That account is posting like 20 tweets a day, has he any record of some leaks that turned true?

But before that, can you share which of the leaks were, or are, untrue?

Although some of the leaks might have the wrong information, he was right that some details on Bitmain's reports and financials for its IPO application were doctored to hide the truth about the state of the company.

[Sundance_]

I think excellion and worse btcking555 get a bit of a free pass based on the fact that 'we' all hate bitmain.. I don't mean to lump the two in the same camp in terms of what they actually post(though i would speculate they are the same or similar/shared entity) as btcking555 is much more ludicrous... I haven't observed that much from excellion that was correct// i keep meaning to go back through and fact check.. as u say.. plenty . of claims made all the time by SM

[stompix]

But before that, can you share which of the leaks were, or are, untrue?

Although some of the leaks might have the wrong information, he was right that some details on Bitmain's reports and financials for its IPO application were docotored to hide the truth about the state of the company.

You got that wrong but it's also probably my fault for not asking it in a better way as I don't have a clue who is behind that account, nor his history, that's why I've asked if he has done in the past a scoop like that and it turned to be true. With the avalanche of "crypto experts" and "insiders" these days it almost impossible to keep track of them unless you really dedicate a lot of time to it. And I can't do that .

But well, in the end, you answered my question. He is sometimes right, sometimes wrong, so only time will tell us which one of those is this time.

[Wind_FURY]

You got that wrong but it's also probably my fault for not asking it in a better way as I don't have a clue who is behind that account, nor his history, that's why I've asked if he has done in the past a scoop like that and it turned to be true. With the avalanche of "crypto experts" and "insiders" these days it almost impossible to keep track of them unless you really dedicate a lot of time to it. And I can't do that .

But well, in the end, you answered my question. He is sometimes right, sometimes wrong, so only time will tell us which one of those is this time.

I believe in Samson Mow's credibility, although there some people, like franky1, who don't, which makes it easier to believe in Samson Mow's credibility.

[franky1]

I believe in Samson Mow's credibility, although there some people, like franky1, who don't, which makes it easier to believe in Samson Mow's credibility.

samson mow lost his job when BTCC went belly up with their IPO with DCG (sound familiar)
i think samson is actually talking about the only thing he does have knowledge of ... BTCC and his own job loss experience

need i forget to add some of the pools tagged as "antpool" are not actually managed by bitmain.
something samson has no clue about.

anyway
samson been saying about 'bitmain dead' since last summer..
yet q1+$500 q2+$500 q3-$500 = still+$500..... not -$500
yet they made s15.. since then
yet they made s17 since then
yet bitmain still has exahasha of hashrate. still has jihan working for them

wait didnt samson say jihan lost his job 6 months ago..
hang on.. 6 months later.. dang that is some long resignation period

P.S its not about credibility. its about DO YOUR OWN RESEARCH OUTSIDE YOUR ECHO CHAMBER OF BUDDIES
P.S you think bitcoin is limited to your lil group of friends. and im the only opposing voice.. then you really have locked yourself into a small room.

[aswithin]

Anyone else think that Jihan is possibly friedcat?  Or that bitfountain and Bitmain are related?

[HagssFIN]

Anyone else think that Jihan is possibly friedcat?  Or that bitfountain and Bitmain are related?

I don't think that Jihan is friedcat.

Friedcat had the ASICMiner project.
Eg. ASICMiner Cube https://bitcointalk.org/index.php?topic=352658

The Antminer S1 and ASICMiner Cube were competing in the market about at the same time era (winter 2013).

[Sundance_]

Also Friedcat was technically competent, if I recall correctly..

Whereas Jihan is the business side of the duo behind Bitmain.

[irritant]

no he wasnt, the performance of his chips sucked

[sidehack]

If ASICMiner hadn't fallen apart before the BE300 got past engineering samples they'd have been the best thing on the market for several months. Demonstrated efficiency was better than the S5, with bottom clock almost on par with the S7 which rolled out nine months later. Those chips are the reason I started building miners.

ASICMiner's problems were managerial shortcomings, not technical. Bitmain's problems are managerial overreach and greed. Different problems, different people.

[Sundance_]

If ASICMiner hadn't fallen apart before the BE300 got past engineering samples they'd have been the best thing on the market for several months. Demonstrated efficiency was better than the S5, with bottom clock almost on par with the S7 which rolled out nine months later. Those chips are the reason I started building miners.

ASICMiner's problems were managerial shortcomings, not technical. Bitmain's problems are managerial overreach and greed. Different problems, different people.

I didn't know to what extent, but contrary to the post above yours, i did not think friedcat was incompetent like they suggest

anyway @phillipma
I didn't know where to ask, since i thought it should be public anyway, but can you start a thread on speculating what you expect the halvening to do? People i know in the industry are confident. "we've been here before and it went well". I only started following Bitcoin like this recently, I'd love some thoughts from you and others that have ridden out the past halvenings versus what you think will happen this time similarly/dissimilarly.

[philipma1957]

anyway @phillipma
I didn't know where to ask, since i thought it should be public anyway, but can you start a thread on speculating what you expect the halvening to do? People i know in the industry are confident. "we've been here before and it went well". I only started following Bitcoin like this recently, I'd love some thoughts from you and others that have ridden out the past halvenings versus what you think will happen this time similarly/dissimilarly.

Done and I like your idea so I gave you a merit.

New thread

https://bitcointalk.org/index.php?topic=5126990.0

[philipma1957]

Bitmain is almost dead now.

Do you think so?

It would be really interesting to see them fold and shut down all their cloud platforms

bitdeer  and hashnest to fold = huge issues

[gmaxwell]

Anyone else think that Jihan is possibly friedcat?  Or that bitfountain and Bitmain are related?

My understanding is that Friedcat's name was Jiang Xinyu.  https://news.8btc.com/tracking-friedcat-after-his-missing-in-2015  (I especially like how Ayn Rand is spelled in it...)

Jihan knew about my private communication with Asicminer.  Unless I misunderstood his explanation, he worked with asicminer before he started bitmain.

I thought this was public knowledge, but searches aren't turning up one thing... unfortunately "asicminer" is essentially ungooglable because it's a generic term.

The above link says about Xie Jian, "He invested more than 1000 bitcoin and bought 11,000 FC shares, which made him one of the board members of Bitfountain." Another article says about Jihan Wu: "Wu Jihan and his friend Crazy Xiaoqiang (web writer, first-generation bitcoin speculator) each bought 15,000 shares and 12,500 shares of the roast cat company's virtual stock.".  So this suggests that Jihan Wu would have been a board member?

Yang Zuoxing, the former bitmain engineer that they were suing for making a rival chip claims to have done design for asicminer. He might be the right person to ask if someone really wants the straight dope.

[QuintLeo]

You can still get s9's from bitmain. They're just reluctant to advertise it.

They've had S9j models listed on their sales page every time I've looked for the last couple months - though sometimes out of stock.

I don't seem them going out of business anytime soon, though they had to retrench a TON when their $Billions of 7/10nm generation TSMC "risk dies" FAILED and they had no new miners to sell for many months, which seems to have been what led to their dump of most of their their BCH and BTC and other altcoins "stash" to fund operations through that rough period.

They seem to be back to operationally profitable at this point, selling lots of S15 S17 and new altcoin machines.