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.
The company acquired nearly 18,000 new ASICs in an all-stock transaction.
The company expects 1,000 more S19 machines by December.
Yet another U.S. mining firm is ramping up its bitcoin hashrate.
Bitcoin’s recent price drop has caught many investors off guard. However, a key metric showing worry among the miners gave a warning several weeks ago.
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.