The Bitmain’s investors are looking to drag the entire group along with Bitmain to the court. It seems that they manipulated and even omitted financial information presumably with regards to the company profits.
Bitmain has found a way to turn up the heat after the news that Bitmain’s earning over Q2 did not turn out as planned. An anonymous Twitter account, who claimed to be an insider, sprayed the rumors regarding Bitmain’s failures which attracted the attention of traders and news websites alike.
BREAKING: Rumors – recent investors threatening to sue Bitmain for misrepresenting financial info & MATERIAL OMISSION. Warrantors in the Agreement defined as Jihan Wu and Ketuan Zhan. Also Liable – Group Companies: Bitmain Technology, Blocktrail, Hashnest, Tospring (to name few)
— BTCKING555 (@btcking555) September 17, 2018
Soon after that Bitmain took the lead with the announcement of a new 7nm application-specific integrated circuit (ASIC) processor which will offer better hashing power and energy efficiency.
The company is planning for the mass production of the new ASIC chip but has not released the detailed specification for the new ‘7nm FinFET’.
A Japanese tech giant GMO also stated to launch the “world’s first” 7 nm ASIC that will provide a has rate of 24TH/s with a power consumption of 1950W per unit.
According to Bitmain, BM1391 uses an advanced semiconductor manufacturing technology called 7nm FinFET, integrates “more than a billion transistors” and is optimized for energy efficiency. Wu further said that, in tests, the chip “can achieve a ratio of energy consumption to mining capacity that is as low as 42J/TH.”