Posted on

Bitmain’s New AntMiner Z11 Reportedly Sold Out in 20 Minutes

Antminer Z11

Bitmain, the Beijing registered behemoth, a crypto shaper and a world’s leader in the manufacture of ASIC devices, has released a new EquiHash oriented ASIC miner dubbed AntMiner Z11 retailing at $1,242. Claiming to pack three times the processing power of its predecessor, Z9, the roll out is a reprieve for miners angled at mining EquiHash powered proof of work coins like Zcash and Komodo. However, it the desire to upgrade that lead to a surge in demand and the AntMiner Z11 reportedly sold out in less than 20 minutes.

More about AntMiner Z11

In a press release, the new miner outperforms competitors in both efficiency, energy consumption and other measures. It weights a mere 5.4 kilograms, has a hashing power of 135 KSol/s and by revamping its internal circuit structure, Bitmain were able to increase energy efficiency by 60 percent as the Z11 consumes 10.50 J/KSol. For better energy dissipation, Bitmain employed the latest Bare Die molding technology to create a proprietary TSMC 12nm chip. Better still, the safety of the miner has been taken into consideration and the new generation Antminer is stable and prevents dust accumulation.

Since Bitmain commands a majority market share of ASIC miners and operates a private mining farm, any decision could have a ripple effect. In that case, —and considering previous allegations leveled against them and court cases—the chip-set manufacturer is keen to “preserve the Zcash community’s values around security, reliability and accessibility.” As a result, Bitmain is now committed towards improving transparency and to that end, they shall provide “real-time updates to ensure more transparency and will continue to provide shipping updates of the first batch of the Antminer Z11” read part of their official statement.

Zcash and Coins Mineable

Although Zcash utilizes the EquiHash proof of work as consensus and is the most liquid in this category, it is not the only coin that the Z11 can miner. Data from WhatToMine reveals that miners can shift their hash power to other similar networks like Komodo (KMD), Zcash Classic (ZCL) or Horizen (ZEN) although the decision won’t be as lucrative.

Equihash coins

Mining Zcash for a week turns in a 33 percent profit of $3.87 with a daily return of around 55 cents at current spot rates when we factor in mining difficulty, power costs—rated at $0.10KWH and network reward.

ZEC

What is EquiHash

Based on the Generalized Birthday Problem, EquiHash is an asymmetric
memory intensive PoW system developed by two respected crypto researchers from
the University of Luxembourg. In this consensus system, mining power is
directly proportional to RAM. Encouragingly and to prevent centralization
claims, EquiHash is said to be ASIC resistant made possible by its RAM
demanding nature. Being an expensive resource, ASIC miners would be deterred
from launching their gear. All the same, Z9 and now Z11 is a prove that
developing ASIC resistance over the long haul is challenging.

The post Bitmain’s New AntMiner Z11 Reportedly Sold Out in 20 Minutes appeared first on Ethereum World News.

Posted on

New Bitmain Z11 Antminer Comes With Pledge to Preserve Values of Zcash

The new product comes as Bitmain continues to fight a market slowdown which has resulted in cost-cutting moves.

Cryptocurrency mining giant Bitmain has released a new version of its Antminer Z series machines for Equihash algorithm coins, the company confirmed in a blog post on March 19.

The Antminer Z11, which comes around ten months after the release of its predecessor the Z9, claims to treble the hashing power available for its target cryptocurrencies.

Equihash is the algorithm used in altcoins such as Zcash (ZEC) and ZenCash (ZEN).

The move sees Bitmain continue to forge ahead with new products despite challenging market conditions within the mining industry, the company previously closing down some aspects of its operations.

“The new Antminer is now pre-selling on Bitmain’s official website and will start shipping shortly,” the blog post confirmed.

In February, Bitmain rolled out its latest offering for SHA256 algorithm cryptocurrencies, such as Bitcoin (BTC) and Bitcoin Cash (BCH).

Similar to that hardware, the Z11 is an ASIC miner, with the Zcash community previously debating over whether to make the coin’s network resistant to ASICs.

Concerns focused on ASICs making the mining landscape less diverse and increasing the possibility of a hostile entity gaining control.

In light of the debate, Bitmain appears to want to offer more transparency to its target market.

“To preserve the Zcash community’s values around security, reliability and accessibility, Bitmain had previously Tweeted real-time updates to ensure more transparency and will continue to provide shipping updates of the first batch of the Antminer Z11,” the blog post said. It continued:

“These commitments to transparency will continue to provide the Zcash foundation and community with the security, reliability and accessibility they desire of manufacturers.”

Posted on

Rumor: Jihan Wu and the Jenke Group to Retire as CEOs of Bitmain

With the New Year only hours away, news reaching Ethereum World News indicate that the giant Bitcoin mining and ASIC manufacturing company of Bitmain might be undergoing some radical top management changes. According to reports by both Cointelegraph and Odaily, Jihan Wu and the Jenke Group will soon be retiring as CEOs of the company.

Odaily went to name a single successor with a surname of Wang. The report went on to state that Bitmain is in a transitory period as the changes are implemented.

Earlier Reports of Jihan Wu Losing Executive Power at Bitmain

The unconfirmed reports of major changes at the top leadership at Bitmain come a month after similar rumors surfaced that Bitmain had undergone a massive board reshuffle. In the restructuring, Jihan Wu had lost his seat as the board’s executive director and was now serving as a supervisor. His position at Bitmain had been replaced by Zhan Ketuan.

Possible Shut Down of Mining Operations at the Mining Giant

Odaily went on to add that the firm could also wind down all mining operations carried out by Bitmain. In addition, the firm will sell all its currently operational Antminer S9s. Once again, we would like to remind our readers that this are unconfirmed reports.

Layoffs Already Underway

Only one week ago, Ethereum World News had indicated that Bitmain was laying off up to 50% of its staff as part of streamlining operations due to the cryptocurrency bear market. With a staff count of over 2,000, the Bitmain layoffs might shake the crypto-verse further if they are accompanied by the aforementioned ceasing of mining activities. Such an event would shift the balance of mining operations and open the doors for a reentry of small scale miners into the BTC network.

A Continual Domino Effect

Earlier on in the month, we had analyzed why the Bitmain IPO would probably not be approved by the Hong Kong Stock Exchange (HKEX). A summary as to why the HKEX would be reluctant to list Bitmain is as follows.

  • $740 Million in Q3 losses excluding cost of financing Hash Wars
  • $10 Million in combined costs from both BCH camps for financing the hash wars
  • Bitmain allegedly liquidating its stash of BCH to pay off supplier debts
  • Lawsuit against Bitmain and BCHABC supporters for allegedly hijacking the BCH blockchain
  • Earlier rumors of Jihan Wu losing Executive powers at Bitmain

Conclusion

Summing it up, the rumors indicating that Bitmain might be in financial trouble have continued to pile up from around the third quarter of 2018. What remains, is official confirmation from Bitmain that all is not well at the ASIC (Application Specific Integrated Circuit) chip manufacturer and crypto mining company.

What are your thoughts on the unconfirmed reports that Jihan Wu and the Jenke Group will be resigning as Bitmain’s COEs? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Rumor: Jihan Wu and the Jenke Group to Retire as CEOs of Bitmain appeared first on Ethereum World News.

Posted on

Unconfirmed: Chinese Media Reports Jihan Wu, Jenke Group to Soon Resign as Bitmain CEOs

The CEOs of leading mining ASIC producer Bitmain will be allegedly soon be retiring to give place to a successor surnamed Wang.

Jihan Wu and the Jenke Group will be reportedly soon retire as CEOs of leading mining ASIC producer Bitmain. Rumors about their departure were reported by Chinese local media Odaily on Dec. 28.

Odaily quotes an unnamed source familiar with the situation that Bitmain is currently in a transition period. Furthermore, the article also reports that employees allegedly weren’t optimistic about the outcomes of the double-CEO system.

The Chinese local outlet also notes that their successor is supposedly surnamed Wang, without providing further information.

In mid-November, Chinese local media reported that Wu would no longer be able to influence corporate decisions at the mining manufacturer, alleging that he had been demoted from the position of director to that of supervisor.

Odaily also reported today that unspecified sources declared that Bitmain is planning to cease all mining operations and already commissioned the relevant dealers to sell the used Antminer S9s. This, according to the article, would mean that the company will lay off over 500 employees.

In mid-May, Wu had told Bloomberg in an interview that the manufacturer was considering turning to artificial intelligence (AI) amid China’s crypto crackdown. At the time, Wu predicted that AI chips could account for around 40 percent of Bitmain’s revenue in the next five years.

The Odaily article referenced the AI division, noting that layoffs would include those from the AI, mining, overseas, and BCH Copernicus client teams.

At the end of December, Chinese social media sources reported that Bitmain had already allegedly fired its entire staff of BCH developers.

Bitmain has not responded to Cointelegraph’s request for comments on the CEO changes or the layoffs by press time.

The downward trend reported by the prices of cryptocurrencies this year also hasn’t spared graphics processing unit (GPU) producer Nvidia. As Cointelegraph reported today, Nvidia is facing a class action lawsuit over the losses reported by the company when lower crypto prices diminished demand for GPUs by miners.

According to the complaint, Nvidia “touted its ability to monitor the cryptocurrency market and make rapid changes to its business as necessary.” This assumption — according to the indictment — is a false and misleading statement.

As Cointelegraph also recently reported, after the decrease in GPU demand by miners, Nvidia was the worst performer in S&P 500, losing 54 percent of its stock price.

Posted on

Report: Crypto Industry Giants Bitmain and Huobi to Layoff Staff

Cryptocurrency mining giant Bitmain and major crypto exchange Huobi have reportedly confirmed plans to lay-off staff.

Cryptocurrency mining giant Bitmain and major crypto exchange Huobi have reportedly confirmed plans to lay off staff amid the 2018 price rout of the crypto markets. Hong Kong English-language newspaper South China Morning Post (SCMP) reported on the layoffs on Dec. 26.

Beijing-based Bitmain Technology, which has dominated the mining hardware manufacturing horizon this year, is quoted by SCMP as saying in a statement that it is undergoing “some adjustment to our staff this year”  — a statement reportedly prompted by Chinese social media coverage of looming layoffs at the firm. Bitmain reportedly stated:

“A part of [building a sustainable business] is having to really focus on things that are core to that mission and not things that are auxiliary. As we move into the new year we will continue to double down on hiring the best talent from a diverse range of backgrounds.”

As SCMP notes, the exact number of layoffs has not been disclosed, but a spokesperson for the firm has reportedly today denied that Bitmain could lay off over half of its employees, a suggestion first circulated in Chinese social media.

As reported earlier this week, several Chinese commentators have also claimed Bitmain has let go of its entire team of Bitcoin Cash (BCH) developers, some of which had reportedly only just recently joined the company.

Huobi Group has also reportedly confirmed plans — using similarly low-key language — to “optimize” its staffing by firing underachieving employees. The company — which operates from Beijing and oversees the Singapore-headquartered Huobi crypto exchange —  has nonetheless reportedly stressed it continues to onboard staff “for its core businesses and emerging markets.”

Even as exact figures for the planned layoffs remain elusive, SCMP notes that as of June 2018, Bitmain’s IPO filing revealed the firm employed a total of 2,594 full-timers —  including some 840 engineers. Huobi, according to SCMP, has a workforce of over one thousand.

SCMP cites an anonymous Bitmain employee as saying that the layoffs will cover the sweep of the company’s different divisions. The source did not, however, have knowledge of the number of planned job cuts.

Cointelegraph’s Chinese correspondent has meanwhile shared information from social media channel Maimai, a social media platform for employees that is used more often in China than LinkedIn.

Screenshot of Bitmain-related comments on social media channel Maimai

Screenshot of Bitmain-related comments on social media channel Maimai. Source: Maimai

According to one commentator’s claims, if Bitmain employees agree to leave immediately, the company will help them to pay social security in January 2019, with a salary deadline of January 10, 2019. In addition, two months’ salary will reportedly be compensated.

Another Maimai user, “Downstairs,” wrote that Bitmain has 3,200 employees and 1,700 redundancies.

Screenshot of Bitmain-related comments on social media channel Maimai

Screenshot of Bitmain-related comments on social media channel Maimai. Source: Maimai

Earlier this month, Bitmain had announced it was closing its development center in Israel and firing local employees, citing the “shake-up” of the crypto market in recent months.

Also within the past week, reports have surfaced that blockchain software technology firm ConsenSys is also reportedly making significant cuts to its staff. The unconfirmed reports align  with company CEO Joseph Lubin’s recent letter to staff in which he said the firm would act to streamline and toughen its business style to stay “lean and gritty” in a competitive market.

Even as major industry players restructure their businesses to weather straitened times, a Cointelegraph analysis found that jobs for blockchain developers remain one of the fastest-growing emerging roles in the United States.

Posted on

Layoffs Underway Amid ‘Adjustments,’ Bitcoin Miner Bitmain Confirms

Months after it filed an application to go public on the Hong Kong Stock Exchange, Beijing-based cryptocurrency mining giant Bitmain is undergoing a series of business changes that extend even to its China offices, the company confirmed Tuesday. “There has been some adjustment to our staff this year as we continue to build a long-term, […]

Posted on

Reports: Bitmain Allegedly Fires All BCH Developers in Wave of Redundancies

Bitmain has reportedly fired all staff working on its Bitcoin Cash client, and could dismiss over 1,000 more, social media messages allege.

Cryptocurrency mining giant Bitmain has reportedly fired its entire staff of Bitcoin Cash (BCH) developers, Blockstream CSO Samson Mow reported, citing Chinese social media sources on Dec. 23.

The second in what appears to be a phase of staff losses for Bitmain, around 50 workers are reportedly set to go this week.

The messages follow reports on China’s version of LinkedIn warning about a giant wave of redundancies targeting as much as half of Bitmain’s 2,500-strong workforce, with rumors now circling on Twitter after being uploaded by Primitive founding partner and commentator Dovey Wan.

According to Wan, such social media reports are “usually very high accuracy, posted by employees themselves.”

The BCH developers that were reportedly let go had formed Bitmain’s Copernicus team and were working on the company’s Bitcoin Cash GO client.

“Only 1 week notice. Some had just joined the company,” Mow added.

Earlier this month, Bitmain announced the complete closure of its blockchain development lab in Israel amid low prices across Bitcoin (BTC) and altcoin markets, resulting in the loss of 23 jobs.

Controversy around plans to conduct an initial public offering (IPO) in Hong Kong meanwhile continues as rumors regulators are concerned about the volatile state of cryptocurrency markets emerged in mainstream media last week.

Bitmain has yet to provide official comment on the staff layoffs or IPO progress.