Growing competition: A technician inspects bitcoin mining machines at a mining facility operated by Bitmain in Ordos, Inner Mongolia, China. The company is facing growing competition from players including Canaan Inc and Ebang International Holdings Inc. — Bloomberg
HONG KONG: Bitmain Technologies Ltd, the designer of cryptocurrency mining chips that’s planning a landmark initial public offering, may be losing its technological edge, according to Sanford C. Bernstein & Co.
The Beijing-based company, co-founded by 32-year-old billionaire Jihan Wu, may need to write down the value of its inventory as makers of rival mining gear catch up, analysts led by Mark Li at Bernstein wrote in a report.
Already a subscriber? Log in.
Subscribe or renew your subscriptions to win prizes worth up to RM68,000!
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
