RATE Group | Inside Bitewei: The $20 Million Bitcoin Miner Being Hailed as a Bitmain Rival
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Inside Bitewei: The $20 Million Bitcoin Miner Being Hailed as a Bitmain Rival

12 Sep Inside Bitewei: The $20 Million Bitcoin Miner Being Hailed as a Bitmain Rival

Posted at 05:20h in Bitcoin News by

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Things haven’t been easy of late for Bitmain.

After CoinDesk revealed the China-based crypto mining giant was planning an initial public offering (IPO) for September, the company has faced a wave of perhaps unprecedented scrutiny. On social media, allegations emerged Bitmain was everything from insolvent to presenting a rosy outlook for its financials, all the while investors linked to the funding effort backed away from the deal.

Now it appears Bitmain is facing a new and well-capitalized competitor.

Revealed exclusively to CoinDesk, Bitewei, a Shenzhen-based mining chip manufacturer led by Yang Zuoxing, the former director of design at Bitmain, has raised 140 million yuan (around $20 million) to bring to market mining chips that long-time mining industry insiders believe could lead it to rival at least one area of Bitmain’s business.

Tyler Xiong, COO of the bitcoin mining pool operator Bixin, which joined Bitewei’s initial investment, told CoinDesk that it believes the…

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