- Telecommunications Giant Vodafone Leaves the Libra Association
- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
The drama in the crypto mining arena just got a lot more intense and interesting as the founder of Bitmain’s top rival firm MicroBT is currently still in the Chinese police custody.
The suspect, who was reportedly nabbed by the police at the end of October this year, happens to be one of Bitmain’s ex-employees. Yang Zuoxing was one of Bitmain’s finest chip designer at a time, and he is lauded for his role in helping Bitmain achieve the position of the world’s largest maker of Bitcoin(BTC)trade mining rigs.
Yang, who currently owns his own company MicroBT, is reportedly in the police net for embezzling about 100,000 yuan. According to the prosecutors, Yang is being held in relation to a legal dispute with his former employer and legal procedures are allegedly ongoing.
We all love to watch a good fight from time to time, however, some people have cause to believe this isn’t just another ‘catch.’ Bitmain reportedly holds a long-standing track record of going after ex-employees who seem to be doing well for themselves. As a matter of fact, Bitmain once accused Yang of infringement of its patent right. The case was dismissed, though. But, could this be another form of payback?
Fierce Rivalry in the Crypto Mining Industry
MicroBT is, undoubtedly, one of Bitmain’s top rivals. Since its inception, the firm has put up a good fight in the industry, clawing market shares away from Bitmain.
This year has not been much different either. MicroBT’s mining equipment dubbed Whatsminer 20 series is one of the best-selling Bitcoin mining rigs on the cryptocurrency market. I am not sure for how long, though. With Yang away from the firm, the firm is believed to be struggling with making key decisions.
Should Yang be put away for a long period of time, MicroBT may find it difficult to keep its competitive edge. Besides being a major tech mastermind with expertise in cryptocurrency mining hardware, Yang happens to be the big brain behind the smooth running of the firm. That would be a big loss for MicroBT and the sky might just be totally empty for Bitmain to occupy once he’s removed.
It’s important to mention that every sector of the economy has got its fair share of competition. From the small shop by the roadside to the multi-billion dollar company in Silicon Valley, every industry has its own rivalry and contention.
Consequently, I do believe the long-standing fierce competition in the crypto mining industry is just as healthy as it can be. Nonetheless, it seems the battle is a little fiercer than we thought.