Bitmain, the Beijing-based cryptocurrency mining company, recently called off its plan to formally go public with its IPO application at the Hong Kong Stock Exchange after it lapsed. The IPO listing was predicted to be the world’s largest crypto-related IPO, but the collapse of the application added to the news of the firm’s economic retrenchments.
The mining giant is one of many looking forward to the Bitcoin halving in 2020.
However, Samson Mow, CSO at Blockstream, stated that Bitcoin halving would not help Bitmain’s case if they were still around in May 2020.
Mow argued that Bitmain’s main issue was not its failed IPO listing, but the non-competitiveness of Bitmain’s mining machines in the market.
Mow had previously explained that Bitmain’s previous marketing info was misleading. The Antminer S9 chip launched in 2016, for instance, was initially touted to be 75J/TH. However, the mining chip itself ran at 98J/TH, which accounted for a 30% increase in power consumption.
He further raised concerns about S15 as well as the newly announced S17 chip’s efficiency.
The CSO of Blockstream stated that S15’s efficiency was 57 J/TH, whereas it was claimed to be 42 J/TH when announced. Now, Bitmain claims the efficiency of S17 to be 30J/TH. According to Mow, however, it will likely be closer to 41 J/TH, which is similar to Ebang’s E11++ miner chip. The advantage E11 held over Bitmain’s miner was that it was cheaper since it used 10 nm chips.
Mow claimed that the S17 was likely to?go down the same path as the S15 and it would be sold at a loss like the giant’s previous products.