What happened to Bitmain yesterday Series 17 (Who does the TSMC goddess favor)

What happened to Bitmain yesterday?

In response to the "robbery" of mining machines, Zhan Ketuan issued a reply, saying that the ownership of the "robbed" mining machines belonged to Fujian Zhanhua, a subsidiary of Beijing Bit, and Wu Jihan transferred the ownership to Chongqing Silicon Yuan, a subsidiary of Singapore Bit, but these companies are all subsidiaries of Cayman Bit. So it's a mess, and each side has its own reasons.

Another letter from Wu Jihan contains a lot of information, which mentions whether Zhan Ketuan can make the core of the mining machine: TSMC. This trillion-dollar behemoth may become a key factor in the internal struggle of Bitmain.

The article reveals several important information:

1: Zhan Ketuan told customers that "TSM has already produced thousands of wafers". (Wu Jihan said this was deceiving customers, and it is reported that this is indeed quite different from the actual situation, both in terms of quantity and time)

2: Hong Kong Bit controlled by Wu Jihan has always been the contracting entity between Bitmain Group and TSMC.

3: Hong Kong Bit enjoys all intellectual property rights related to the BM chip (Bitcoin) produced by Bitmain Group.

4: Beijing Bit needs to obtain Hong Kong Bit’s consent if it wants to place an order for a very small number of test wafers.

Currently, both sides are unwilling to give in. Before the long lawsuit in Cayman ends, there will likely be two "Bitmain" and "Antminer". Wu Jihan has no supply chain, and Zhan Ketuan has no chips, but both are trying to make up for this link to build profitable mining machines.

This letter revealed that Hong Kong Bit, which is controlled by Wu Jihan, is the contracting entity of TSMC. Therefore, Wu Jihan has sufficient chips. Since the mining machines are relatively simple except for the chips, the supply chain can be rebuilt quickly, and it is reported that they can be shipped this month.

The problem for Zhan Ketuan is that although he controls the Shenzhen factory, he still needs to re-tape the chips, which takes a long time. And TSMC must also pay the advance payment, which requires a huge amount of funds. This is also the reason why Zhan Ketuan recently risked breaking the law to "grab" the mining machines and sell them off.

At least half of the credit for Bitmain's success goes to TSMC. TSMC's technology is better than Samsung's, which is also the core reason why Bitmain's S19 can perform better than Samsung's 8nm machines of Shenma and Canaan. Of course, TSMC also made a lot of money because of Bitmain. TSMC's female salesperson was once called the "Bitcoin Queen".

As for the relationship between the two parties and TSMC, it is said that Wu Jihan led the team to negotiate with TSMC at first; but later it was Zhan Ketuan who was responsible for the relevant communication and went to Taiwan in person every few months to take care of it. It is possible that both parties have a relatively close relationship with TSMC. As for TSMC, due to the release of Huawei's production capacity, the current production capacity is relatively sufficient.

In short, TSMC is the absolute dominant party, and its only goal is to get Bitmain to ship more and continue to buy its chips. TSMC has not yet responded to this. Which side will it support? Will it provide a large number of chips to Zhan Ketuan? It is still unknown at present, but it will be the determining factor in which side the scale will lean towards. I believe both sides are making every effort.

Zhan Ketuan responded:

Wu Jihan’s statement regarding TSMC: