The internal problems of Bitmain, the largest manufacturer of Bitcoin mining machines, continue.
The other dominant mining equipment manufacturer, Nasdaq Canaan, is also facing difficulties.
The company’s share price fell from $ 8.98 to $ 2.12, losing 76% since they were listed on the US stock exchange seven months ago.
This paves the way for new entrants of machinery for mining Bitcoin , although it is difficult to break into this industry.
The production and distribution of machines around the world requires partnerships with major semiconductor manufacturers. The two largest companies in the industry work with the Taiwanese semiconductor company, which is the largest such manufacturer along with Intel.
It is difficult for new entrants to acquire a steady stream of mining chips, and it is a challenge to distribute them worldwide. But the Bitmain scandals and Canaan’s poor performance provide unique opportunities in the sector.
Last week, Dovey Wan said that Mikree Jean had broken into Bitmain ‘s Beijing office with private security to regain control of the company.
“Mikree today led a team of private bodyguards to Bitmain’s Beijing office – they stormed in and tried to regain control (after Jihan’s coup and his scandalous behavior).”
She added that Jean seemed to have taken control of the office and encouraged employees to work for him.
“It seems that Mikree has regained power. An official statement signed by him was issued today (after the aforementioned ‘invasion’), in which he called on employees that ‘it’s time to go back to the office and seize this opportunity.’ ”