Bitmain’s Chip Supplier Saw a ‘Big Drop’ in Crypto Mining Sales Last Year

Taiwan Semiconductor Manufacturing Company Limited, who provides chips to Bitcoin mining giant Bitmain, says that 2018 saw a downturn in demand for crypto mining chips. In a recent conference call with investors, TSMC CEO C. C. Wei said that cryptocurrency had previously accounted for “a lot” of the company’s orders, but that it had gone … Continued

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More Layoffs: Bitcoin Mining Giant Bitmain Makes Cuts in Amsterdam & Texas

Bitmain’s problems continue, as the world’s largest bitcoin mining firm has announced a fresh round of layoffs. Bitmain is rumored to have lost over $700 million in Q4 2018, and late last month reports broke out that the Chinese mining giant is set to fire 50% of its workforce. Later, the company shut down its

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Is Crypto Hardware Giant Bitmain Poised to Appoint a New CEO?

Rumors are rife that Bitmain Technologies is poised to make a major announcement in regards to the appointment of their new CEO. The crypto mining company’s current head honchos, Wu Jihan and Zhan Ketuan, are to be replaced in an exciting new move for the firm. Bitmain is the largest crypto mining rig manufacturer on

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Why Big Crypto Firms Like ShapeShift & ConsenSys Laid Off Many Employees

This week, a major crypto exchange ShapeShift was forced to lay off 30 percent of the company’s workforce, letting go 37 employees. In a letter to the company and to the users on the platform, ShapeShift founder and CEO Erik Voorhees said that the crypto winter had left the firm with no other viable choice

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Crypto Mining Giant Canaan Eyes New York IPO After Hong Kong Snub

The world’s second-largest manufacturer of cryptocurrency mining hardware, Canaan Creative, is now considering going public in the United States rather than in Hong Kong, Bloomberg reports. According to sources who spoke to the business publication, the ASIC manufacturer is looking into the possibility of holding its initial public offering (IPO) in New York in the

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Bitmain: Chinese Media Reporting Jihan Wu and Micree Zhan to Step Down

The year is not ending on a good note for Bitmain. The Beijing-based bitcoin mining giant is possibly looking at the resignation of its CEOs Jihan Wu and Micree Zhan, according to Odaily, a Chinese media outlet. The company has not officially confirmed any of the media allegations yet. But sources inside the organization have revealed

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Nvidia: Why Low Crypto Mining Demand Didn’t Cause Share Price Woes

Several reports over the past week have suggested that the stock price of Nvidia has dropped due to a drop in demand for crypto mining. Fool.com’s report, for instance, read: NVIDIA’s revenue growth is expected to drop into the single digits this quarter. The reason: weak demand for graphics cards. Cryptocurrency mining was a key

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Bitcoin Exchange Giant Huobi Announces Post-Christmas Layoffs

Chinese mining giant Bitmain Technology and cryptocurrency exchange operator Huobi Group have both announced plans to lay off staff but for different reasons, per reports on the South China Morning Post (SCMP). Bitmain revealed its intention in a statement quoted by the SCMP, calling the layoffs a “minor adjustment” as it restructures to build a

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‘Extremely Bearish’: Crypto VC Says Bitmain Layoffs Could Spell Doom for Bitcoin Cash and Litecoin

Ongoing layoffs at cryptocurrency mega-firm Bitmain could start a fresh wave of selling in Bitcoin Cash and Litecoin markets, according to prominent crypto investor Kyle Samani. The cryptocurrency-focused venture capitalist said in a tweet that the Bitcoin mining giant is — if rumors are true — running out of money to continue its operations across

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GMO Had a Plan to Take Down Bitmain; Now It’s Bidding Bitcoin Mining Goodbye

More than a year after launching an in-house mining business, Japanese internet conglomerate GMO Internet has announced that it will no longer, develop, manufacture, or sell cryptocurrency mining equipment. In a statement, the Japanese tech firm disclosed that the decision was prompted by challenging business conditions which resulted in an “extraordinary” consolidated quarterly loss totaling

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