He was partly responsible for the rise of the Bitcoin-Mining-giant Bitmain. But as the CEOs of their Chip-Designer Yang Zuo Xing inability to 2016 own shares in the company, he left the company in the direction of independence. Two years later, he sees his Start-up MicroBT on a similar path as his former employer. Bitmains technology is strong, but his own was at least equal. He represents the fight of David against Goliath.
The differences could hardly be greater: Bitmain is the world’s largest Mining Chip manufacturer for Bitcoin and other crypto-currencies, the value of the company is estimated to be about 14 billion US dollars. The net profit from Bitmain was in the year 2017 to about € 2.5 billion alone in the first quarter of 2018, the market leader in Mining technology have taken, according to a leaked E-Mail US $ 1.1 billion.
For comparison: MicroBT, in contrast, has taken in the year 2017, only 186 million dollars. But even if Bitmain play financially in a different League, so this does not seem to be the case:
“We can technically compete in any area. Their technology is great and all, but our it is also“,
Yang Zuo Xing said.
Bitmain dominated in addition, with Bitcoin Cash
Even if the fight against the industry leader may appear to be in pure contemplation of the transactions is hopeless, so it can change with the right cash injection quickly. Currently MicroBT fights, as well as Bitmain to future investors. It was Bitmain Challenger this year, funds in the amount of 22 million US collect dollars. Discussions with other institutional Bitcoin investors are still in progress. Similar to the industry giant plans an IPO want to start smaller, Start-up’s IPO. In addition, MicroBT keeps no Bitcoin, Cash different than Bitmain, it is estimated that over one million Bitcoin Cash. For investors who are not convinced of the digital currency, represents MicroBT also an interesting Alternative.
Success brings competition: against the wind against Bitmain grows
As every successful company must also claim Bitmain against the emerging competition, in order to confirm the success. The company seems to take the former employee very seriously: in the past, the Mining-giant is suing him because of a violation of the patent laws, without success. Yang Zuo Xing sees himself, at least in a good Position, Bitmain challenge – as a mechatronics engineer, he had worked for many large companies and since 2014 experience in Mining Chips.
The strong Position of Bitmain in the Mining market is currently undisputed. Bitmain, however, in the criticism. As the market leader in centralized Bitcoin Mining, increasingly, what the competition is desirable.