Bitewei Launches M10 Miner, Will It Be Enough To Disrupt Bitmain’s Monopoly?

Earlier this week, an event took place at Shenzhen for the launch of the new WhatsMiner M10 miner manufactured by the China-based cryptocurrency mining firm Bitewei. Bitewei was founded by the former chip designer of Bitmain, Yang Zuoxing, who left his company and founded Bitewei as a competitor.

https://twitter.com/whatsminer/status/1042384733706104832

Bitewei is based in Shenzhen, and they manufacture mining chips. Zuoxing, which many people remember as the former director of Bitmain, has already raised about 140 million yuan, which is approximately $20 million. The first goal is to bring in market mining chips that will help to compete against other cryptocurrencies.

The history of Bitmain and Yang goes far back in the past when Bitmain gained success for its Antiminer S7 and S9. Yang was an employee at the mining firm Fried Cat, founded by Jiang Xinyu. At the time, Yang was completing the design of the BE300 mining chip with the full custom method. However, Fried Cat’s Founder disappeared after the bear market that took place in 2014-2015, leaving Yang’s idea unutilized.

Later, Yang gave the chip design to Bitmain’s Micree Zhan as the expert did not want the product to be kept from the public. The implementation of the ‘full-customization methodology’ helped in the reduction of costs and energy used in crypto-mining. Soon, Yang left Bitmain and founded his own company but returned to Bitmain on part-time bases to help them cope with the losses, as stated by a Chinese news portal previously.

Samson Mow, the Chief Strategy Officer of the blockchain security firm Blockstream also attended the event. He is known to stand against the practices opted by Bitmain the crypto-mining industry. He even took up to Twitter to congratulate the team.

https://twitter.com/Excellion/status/1042489076752891904

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