Blockstream chief strategy officer Samson Mow, who used to work at a competitor to Bitmain, discusses the recent news that the crypto mining manufacturer suffered a $500 million loss in the third quarter of 2018. He talks about possible reasons, including difficulties in selling its most recent miner and its stockpile of Bitcoin Cash, which has dropped more precipitously than Bitcoin during the last year. We also cover the extensive layoffs that the company has undergone in recent months, the shakeup in company leadership and what the prospects are for its IPO filing.
Thank you to our sponsor!
CipherTrace: http://ciphertrace.com/unconfirmed
Episode links:
Samson Mow: https://twitter.com/Excellion
Bitmain: https://bitmain.com
CoinDesk article on Bitmain’s Q3 loss: https://www.coindesk.com/mining-giant-bitmain-posts-500-million-loss-in-ipo-financial-filing
CoinDesk on Bitmain’s original IPO plans: https://www.coindesk.com/crypto-unicorn-bitmain-weighs-18-billion-ipo-one-of-worlds-largest
CoinDesk on Bitmain layoffs: https://www.coindesk.com/layoffs-underway-amid-business-adjustments-bitcoin-miner-bitmain-confirms
Dovey Wan on the layoffs: https://twitter.com/DoveyWan/status/1076717693087080448
Dovey on Jihan launching a spinoff: https://twitter.com/DoveyWan/status/1100002158261428225
Unchained episode on Asia with Dovey Wan and Eric Meltzer of Primitive Ventures: https://unchainedpodcast.com/asia-edition-mining-a-crypto-yuan-and-the-two-main-reasons-the-chinese-are-interested-in-crypto-ep-102/
