Bitmain was reported to have been cut off from chip supply by TSMC? Official response: Rumor

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On November 4, CoinGeek reported that Bitmain will no longer obtain chips from its main chip supplier TSMC. Bitmain owes TSMC more than $300 million. Specifically, Bitmain currently owes TSMC about $1 billion in debt, but they can only pay $700 million and cannot pay the remaining debt.

In addition, CoinGeek said its sources revealed that even if Bitmain is able to repay its final debt, TSMC is unlikely to continue to cooperate with Bitmain.

Later, Wu Jihan tweeted: “FYI: CoinGeek is controlled by a fake Satoshi Nakamoto.”

On November 5, Bitmain responded that the rumor of "owing TSMC $300 million in debt" was a lie. It also stated that CoinGeek continued to maliciously fabricate low-quality rumors about our company, and the content of the rumors had no credibility at all.

On the same day, in response to the news that "Bitmain owed TSMC $300 million in debt" reported by foreign media, TSMC agent Sun Youwen said in an interview with "Bit Finance" that "there is only a trust relationship between us and our customers! The payment situation between customers and suppliers is normal."

In fact, this is not the first time that CoinGeek and Bitmain have gone to war, and the focus of the conflict between the two sides is undoubtedly the long-standing infighting in the BCH community.

It is understood that Calvin Ayre, the founder of CoinGeek, is a supporter of Bitcoin Cash (BCH) and owns the largest BCH mining pool. In August 2017, he acquired the cryptocurrency news website CoinGeek.com. He invested a lot of money in BCH mining to purchase equipment to help achieve the growth of BCH computing power. He has said on many occasions: We are not going to fork BCH, but to prevent forks.

The Wormhole project, which was officially launched on August 1 this year, is the BCH smart contract solution supported by Bitmain. Some industry insiders said that "Wormhole is Ethereum on BCH". Based on the Wormhole protocol, issuing tokens, establishing decentralized exchanges, and creating smart contract virtual machines can all be achieved on the BCH blockchain. Among them, the native token of the protocol is Wormhole Cash (WHC). Users holding BCH can burn 1BCH to generate 100WHC after the Wormhole protocol is officially launched.

The "Wormhole Project" was the fuse of the conflict between the two parties. Since then, CoinGeek and Bitmain have been taking turns to appear on the stage.

As the focus of CoinGeek, according to preliminary statistics from Xiaocong, since August 1, CoinGeek has published nearly 30 news articles about Bitmain on its official website, some of which directly target Bitmain.

On August 23, CoinGeek quoted analysts as saying that Bitmain will lose its advantage in the face of increasingly fierce competition.

On September 9, CoinGeek published an article titled “Is Bitmain going bankrupt?”

On September 10, CoinGeek published another article: "Bitmain's IPO will be canceled..."

In addition to posting on his own website, Calvin Ayre continued to "fight" on Twitter, saying that Bitmain will terminate its IPO and try to reorganize. "The problem is that their technology no longer works, and they failed in their reckless untested wormhole fork plan."

In this regard, Bitmain’s attitude is to decline to comment.

On September 21, according to media reports, Bitmain's investors revealed that CoinGeek has been "making up stories" to attack Bitmain due to the BCH fork, and all the news it released was rumors. Bitmain is in a silent period so it can only decline to comment. Bitmain's listing process is progressing normally.

On the evening of September 26, Bitmain officially disclosed its prospectus on the Hong Kong Stock Exchange. However, the market's doubts and concerns about Bitmain still exist.

Chain Tower Think Tank believes that Bitmain faces four major risks: industry risk, crypto market value volatility risk, regulatory risk, and track competition risk. In addition, its R&D progress is slow, there is a risk of being overtaken by competitors, and the transformation of AI business is even more difficult.

Source: Sina Technology

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