{"id":6617,"date":"2019-03-29T11:19:26","date_gmt":"2019-03-29T09:19:26","guid":{"rendered":"https:\/\/forklog.media\/?p=6617"},"modified":"2019-04-02T16:12:17","modified_gmt":"2019-04-02T13:12:17","slug":"after-postponing-its-ipo-listing-bitmain-could-launch-new-7nm-chip-miners-ahead-of-next-bitcoin-halving","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/after-postponing-its-ipo-listing-bitmain-could-launch-new-7nm-chip-miners-ahead-of-next-bitcoin-halving\/","title":{"rendered":"After Postponing Its IPO Listing, Bitmain Could Launch New 7nm Chip Miners"},"content":{"rendered":"

Despite calling off plans to go with its IPO application at the Hong Kong Stock Exchange, the beleaguered mining giant Bitmain Technologies is reportedly looking forward to the Bitcoin halving in May 2020. The company hopes it will boost the sales of its new 7nm chip miners planned to launch by the end of this year, South China Morning Post<\/a> writes.<\/p>\n

According to publication, the Beijing-based company is betting that its next flagship product will turn out to be a winner in the mining gear market, capturing an expected Bitcoin price rally. Citing a company source familiar with the matter, the publication says that the launch of yet another new Bitcoin mining rig by the end of 2018 will be the first time that Bitmain has put its 7nm chips into full-scale production.<\/p>\n

Last November, Bitmain rolled out two new models known as the S15 and T15 \u2013 the first major update to its Bitcoin miner product line in nearly 2.5 years, as well as the first time it put its 7nm chips into test. By then its smaller rivals like Canaan Creative had caught up with their own 7nm chips, prompting analysts including Bernstein’s Mark Li to conclude that Bitmain \u201cmay be gradually losing technological edge\u201d before its IPO application.<\/p>\n

Now Bitmain is reportedly planning to release new S17 and T17 Bitcoin miners, powered by the second generation of 7nm chips, which are about 30 per cent more efficient than the first generation.<\/p>\n

It was the same strategy Bitmain pulled off in 2016, the SCMP\u2019s source said, when the company launched its Antminer S9 model on the eve of Bitcoin\u2019s last halving. The following year, the S9 accounted for an estimated 60 per cent of shipments among all Bitcoin mining hardware.<\/p>\n

However, since the demand for mining rigs is still low, and because Bitmain\u2019s chip supplier, Taiwan Semiconductor Manufacturing Co (TSMC), has no capacity available for its 7nm chips for now, both the 15 and 17 series are only transition products, the source added.<\/p>\n

A TSMC spokeswoman declined to comment; Bitmain, while refraining from commenting on the issue, referred to its previous statements about the company\u2019s adjustments.<\/p>\n

Bitmain Delays Hong Kong IPO<\/h3>\n

Earlier this week, Bitmain has postponed its stock market listing after failing to gain approval from the Hong Kong stock exchange (HKex). Bitmain filed last September<\/a> for an initial public offering on HKex, but the company said Tuesday that its six-month application period had expired without receiving approval.<\/p>\n

“We will restart the listing application work at an appropriate time in the future,” the company said on its website<\/a>.<\/p><\/blockquote>\n

The Hong Kong exchange has not revealed details about its review process. Many suspect that the bourse questioned the stability and sustainability of the crypto-mining sector.<\/p>\n

“We do recognize that despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value,” Bitmain said. “We hope regulatory authorities, media and the general public can be more inclusive to this young industry.”<\/p><\/blockquote>\n

Bitmain said it has taken steps for “rationalization and optimization,” including job cuts and a leadership change. The company also has integrated chip design, hardware and software operations.<\/p>\n

Bitmain\u2019s IPO listing was predicted to be the world\u2019s largest crypto-related IPO, but the collapse of the application added to the news of the company\u2019s economic retrenchments.<\/p>\n

Samson Mow, CSO at Blockstream and one of the Bitmain\u2019s starkest critics, stated that Bitcoin halving would not help Bitmain\u2019s case if they were still around in May 2020. Mow argued that Bitmain\u2019s main issue was not its failed IPO listing, but the non-competitiveness of Bitmain\u2019s mining machines in the market.<\/p>\n

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\u201cIf Bitmain is still around next May, it\u2019s unlikely that the halving would help to rescue them,\u201d said Samson Mow, one of the company\u2019s most outspoken critics. \u201cThe issue is that their machines are not competitive at all.\u201d #BitmainIPO<\/a> https:\/\/t.co\/JEJCXLpwiJ<\/a><\/p>\n

\u2014 Samson Mow (@Excellion) March 28, 2019<\/a><\/p><\/blockquote>\n