On tables in the modest office Janja Czwalina (Yang Zuoxing) scattered mining hardware; tired engineers waiting for a clamshell, because they don’t have the strength to go home. Here, a few minutes drive from the campus of the prestigious University of China, Beijing, Tsinghua, Yang and several of his subordinates are trying to “overthrow” Bitmain.
According to Yan, he helped develop a unique technology, providing Bitmain leadership in the market of ASIC machines for mining. Just two years ago, Yan worked for the manufacturer of the miners, but left when the leadership refused to sell its stake in the company. A month later, the engineer founded his own office for designing of chips — MicroBT. He claims that equipment manufactured MicroBT, is no worse and maybe even better devices Bitmain.
“We can compete [with them] in all parameters,” said Yang.
According to estimates by Frost & Sullivan, by 2022 the market capitalization of specialized chips for mining will increase five-fold to $17 billion. Yan motive is quite clear: given the expected growth of the segment, the knowledge and understanding of the main competitor at the technical level, as well as precarious position Bitmain (previously, several publications reported the possible bankruptcy of the company), MicroBT took the position that with proper strategies is easily transformed into a winning one.
At high pressure from competitors and significant wave and the supply of resources, Yan believes that MicroBT viable business that will continue to develop. First, says the engineer, unlike Bitmain, his company does not have any ambiguous relationships with Bitcoin Cash. The asset, which in this year fell by 60%, enjoys public support from the leadership Bitmain; according to unconfirmed information, it is Bitmain owns a larger share of the BCH. According to the September request Bitmain to conduct IPO in the first half of the ASIC giant lost $103 million due to the decrease in the total cost of a private crypto-currency reserves. In addition, according to analysts Sanford C. Bernstein, in the same period Birmain had to write off unsold goods valued at $253 million.
Yang, involved in the design of chips for mining in 2014, is confident in the potential of the company. So, according to him, the flagship model MicroBT Whatsminer M10 is superior to the Antminer S9i for energy efficiency:
“Their technology is very good, but our — too.”
Now MicroTB constantly trying to optimize their build to remain competitive. Next year, Yan wants to apply for the IPO, thus leaving the market for public securities.
He has already won a case against Bitmain in court and made design Corporation to recognize the vulnerability of their position: in response to the request of Bloomberg representatives Bitmain refused to comment about the conflict with the Yan and the presence MicroBT on the market, but noted that increased competition poses a potential threat to your business. And perhaps the industry did not have a small startup to do away with almost absolute hegemony of Bitmain.