Bitmain Antminers failures blamed by Jihan on ousted co-founder

Two Bitmain Antminers are reportedly raising concerns of high failure rates. Precisely, the users of T17 and S17 Antminer are reporting efficiency failures with the miners, which is far beyond the company’s expectation.

Bitmain Antminers raise technical issues

Bitmain, one of the leading cryptocurrency mining equipment providers, expected that both Antminers should have a failure rate as high as 5 percent as a normal range. However, the recent statistics provided by the CSO of Blockstream, Samson Mow, contradict the speculation of the company.

Mow disclosed that the two Bitmain Antminers see a failure range as high as 20 to 30 percent, which also relates to the customers’ complaints. The users complained of technical issues with both Antminers, which includes the failure of the power supply fan.

Another complaint laid by the customers was about the heat sink. According to Mow, the users reported that the heat sinks are falling off, which results in shorting out the machines.

Bitmain founder blames Micree

In response to the development, the founder and CEO of Bitmain, Wu Jihan, pleaded with the customers for a second chance of the S19 Antminer. However, he went further to blame the now-dismissed co-founder, Micree Zhan, for the failures.

In October 2019, Jihan dismissed Zhan from the company. According to Jihan, the decision was made to save the company from sinking. 

Mining industry struggles as Bitcoin halving nears

The report today comes after the price for the Bitmain Antminers was recently reduced by the company. Initially, customers had purchased the mining equipment at a high price in mid-February before the price slash.

The company launched coupons, in compensation to the customers who bought at a high price. According to Bitmain, the coupon can only be effective when purchasing mining equipment from their website. 

The upcoming Bitcoin halving is notably placing all crypto miner makers in competition on who will come up with competent and profitable equipment. This is due to the fact that the event will reduce miners’ rewards, forcing many out of the market.