What happened to Bitmain yesterday? Series 6 (selling mining machines)

What happened to Bitmain yesterday? (Welcome to read the series collection)

On the morning of the 17th, the Bitmain official account controlled by Zhan Ketuan released a shipping notice: it said that Century Cloud Core (a wholly-owned subsidiary of Beijing Bitmain) has recently shipped more than 10,000 S/T17+ series supercomputing servers. This notice also hinted to customers to "take sides". It is reported that Zhan Ketuan is currently inspecting in Shenzhen and asked employees to obey the company's legal representative.

In fact, Shenzhen Century Cloud Core is indeed a subsidiary of Beijing Bit, and the legal representative is a member of the Zhan faction. At present, we cannot understand why Wu Jihan did not take any action on the Shenzhen supply chain after his return, which led to this situation.

A week ago, several miners revealed to WuShuoBlockchain that Zhan was selling off about 14,000 T17+ series units at a price of about 104 per ton to recover cash flow. In addition, it is likely that futures are being sold to collect funds for subsequent production. However, due to the well-known instability and risks, the price will be lower than normal.

Wu Jihan issued a statement on the 13th , saying that Zhan Ketuan signed a "sales agency agreement" with Hainan Continental Ark Data Technology Co., Ltd., in which he holds shares, in an attempt to embezzle Beijing Bit's assets. Zhan Ketuan replaced the shares held by the original Beijing Bit subsidiary with his personal shares.

At present, we cannot determine whether these 14,000 mining machines were sold through Continental Ark, but it is highly likely. On the 14th, Zhan Ketuan also issued a statement: saying that the cooperation between Bitmain and Hainan Continental Ark is a normal business transaction and a win-win strategic cooperation. But he did not explain why he personally holds shares and whether he personally benefits from the company's business transactions.

According to common sense, the mining machine sales of both parties may fall into a dilemma: Zhan has the supply chain but no money. Apart from selling inventory, miners dare not buy futures unless at extremely low prices; Wu has money but no supply chain, and is unlikely to find a new supply chain for production. The futures that have been paid for before are facing delivery problems, but once the goods are produced, they will become Zhan's inventory.

Given this dilemma, both parties will most likely negotiate to resolve it as soon as possible. Otherwise, one party will have no money to operate, and the other party will face pressure from customers. Reaching a certain compromise is a rational approach.

As for Bitmain employees, due to the collective return of former executives who were not trusted by employees, and the unprofessional behavior of HR exposing employee privacy and arbitrarily accusing them of violations, most employees have not chosen to go back to work. This is also a stupid move that Zhan made after gaining the upper hand.