Founder of Bitmain Rival Held by Police Over Possible IP Dispute
The founder and CEO of bitcoin miner maker MicroBT is being held by police. A source says it's to assist an investigation over a business dispute.
Bitcoin miner maker MicroBT rapidly expanded market share by selling over half a million units in 2019, chipping away at rival Bitmain's dominance.
The shortage of new mining machines caused by the coronavirus outbreak could curb computing power growth from Chinese miners who contribute over 65% of Bitcoin’s hash power.
Bitcoin miner manufacturers Bitmain and MicroBT are racing to bring top-of-the-line machines to market ahead of bitcoin's halving event.
MicroBT and Canaan have notified customers they would be delaying ASIC deliveries due to the Chinese government's quarantine of Wuhan following the coronavirus outbreak.
The arrest, noted by the Shenzhen Nanshan District Prosecutor on Dec. 12 and reported by business publication Caixin on Sunday, comes amid ongoing battles between mining giant Bitmain and MicroBT, which has been a rising competitor this year challenging Bitmain's market dominance.