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New Chinese Miner, Rival of Bitmain, Raises $20 Mln in Investment

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Yuri Molchan
Bitmain company encountered a great scrutiny. Social and mass media kept say the leading mining chips maker had presented profit reports only for the Q1 of 2018
New Chinese Miner, Rival of Bitmain, Raises $20 Mln in Investment
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After Bitmain had planned an IPO, the company encountered a great deal of scrutiny. Social and mass media kept saying that the leading mining chips maker had presented profit reports only for the Q1 of 2018, provided exaggerated outlooks for its future profits. Also, the mentioned by press big investors like Tencent rushed to assure everyone they had to intention to participate in Bitmain’s IPO.

Now, news has appeared that a former director of design at Bitmain has opened a potential rival to Jihan Wu’s giant. The new company, Bitewei, is also based in China, in Shenzhen. It has already raised quite a substantial amount of investors’ money, about $20 mln, and plans to throw a new generation of mining chips to the market. Experts believe that this company can bring some fresh blood to the field.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.