Bitmain originally sued MicroBT and its CEO Yang Zuoxing in 2017 for infringing a patent that Bitmain was awarded for its technology used in designing an ASIC for Bitcoin mining.
Zhongjia Bochuang announced plans to buy millions' worth of specialized ASIC mining machines from hardware manufacturer MicroBT.
The first shipment would take place in January 2022, and will be followed by monthly shipments with the last batch of mining rigs scheduled to arrive by December 2022.
The Canada-based block reward miner will use the funds to provide a US$2.9 million deposit to purchase 5,400 new Whatsminer M30S ASIC mining machines from MicroBT.
Over five digital currency companies have expressed interest in going public–experts warn that both equities and digital currency are in a bubble.
The Chinese block reward miner manufacturer is preparing for an imminent initial public offering (IPO) that could see the firm debut on the Nasdaq over the coming weeks, according to reports.
MicroBT, has managed to increase its market share while industry leader Bitmain struggles with supply chain setbacks and internal strife.
Although Bitmain has long been recognized as the number one hardware supplier, MicroBT’s Whatsminer series has risen in popularity for ASIC miners.
Yang Zuoxing, founder and CEO of MicroBT, has been arrested and charged with embezzling nearly $15,000.
The new Whatsminer M30S claims some of the highest hash rates on the market with relatively comparable energy consumption rates.
Shenzhen police have arrested Zuoxing Yang, founder and CEO of crypto miner manufacturer MicroBT, according to news outlet.