Bitmain Promises Big Discounts as Founder Wu Returns to Action
Bitmain’s Wu Jihan has made his first address to clients following the conclusion of a bitter power struggle with the company’s former head – and has announced a series of measures aimed at boosting the Bitcoin (BTC) mining industry.
Per Bloomberg, Bitmain, the world's largest producer of Bitcoin mining equipment, wants to allow miners to get their hands on crypto mining rigs in exchange for “deposits as low as 20%” – essentially betting big on a massive Bitcoin revival in 2020.
A number of experts have expressed hope that the next Bitcoin mining reward halving, expected to take place next year, will breathe new life into the industry – and drive up global mining interest.
The news agency says that Wu made his presentation to a group of anonymous clients, and claimed,
“The Bitmain you are familiar with is back.”
The mining company has recently issued a new line of mining hardware, and earlier this year revived plans for an initial public offering (IPO) in the United States, following a failed listings attempt in Hong Kong. Their main competitor, Canaan, completed its IPO on November 21.
Wu and fellow co-founder Micree Zhan, thought by many to be among the world’s richest Bitcoin billionaires, launched Bitmain in 2013. But the two have spent the past few years engaged in a relentless feud, which Zhan earlier this year appeared to have won.
In the past few months, though, Wu has succeeded in wresting control from his former partner – and has pledged to return Bitmain to the top of the increasingly competitive Chinese mining industry.
Zhan has since been ousted from the company, although he stated last month that he intended to take legal action against Wu – vowing to return as Bitmain’s CEO.
Learn more: Top 5 Bitcoin Mining Machines Ahead Of Halving