Bloomberg recently reported on an ex-chip designer from Bitmain who began his own mining chip company and now claims his technology can easily compete with or surpass anything Bitmain can offer.
The designer, Yang Zuoxing, worked at Bitmain until 2016 when his offer for a stake in the company was turned down. One month later he opened MicroBT, and now is saying he is ready to compete with Bitmain on a technological level.
MicroBT has already raised $22 million in funding and is strongly considering filing for an IPO next year. While Bitmain still dwarfs MicroBT in terms of finances, Bitmain seems to have peaked and is on the decline, while small businesses like Yang's are on the rise.
After Yang started his company Bitmain sued him, unsuccessfully, over his chip design. A Chinese court decided that Bitmain had patented a widely used circuit design and revoked the patent instead.
Whether or not this small company will grow to be a threat to Bitmain remains to be seen. Until then, stay tuned to Chepicap for any and all updates!