Category Archives:

Auto Added by WPeMatico

Bitmain Sues Ex-Employees for $4 Million

Hong Kong Protests Nudge Bitcoin Demand Up (2)

Bitmain, one of the largest Bitcoin mining equipment manufacturers in the world, is now suing three former staffers behind rival mining pool Poolin.

The chip manufacturer is seeking USD 4.3 million in damages after claiming that the Poolin co-founders were in violation of non-competition clauses, although the defendants are saying that these clauses were made void when Bitmain did not pay their salaries on the agreed time.

Bitmain, who also owns, which is the biggest mining pool in operation, has been operating mining pools, which allows individual miners to contribute their computing power to a group, thereby increasing their chances of finding blocks together. Bitcoin block rewards are then split commensurately between the pool participants. Last year until June, this alone accounted for USD 43.2 million of the firm’s revenues. Hardware sales in the same period raked in USD 2.7 billion in revenue.

There are six lawsuits pending in the Beijing Haidian District court. The three Poolin co-founders – CEO Zhibiao Pan; COO Fa Zhu; and CTO Tianzhao Li – had, in fact, filed their own preemptive lawsuits pending in the Beijing Haidian District court, demanding non-competition release.

Bitmain’s counter sue is not only asking for damages by significant losses after operating a competing pool but also to ask for a legal resumption of non-competition.

Last January, in a public commemoration of the 10th anniversary of Bitcoin, a Chinese media outlet published a WeChat post written by Zhu that explained briefly the work the three did while working with Bitmain, launching its original Antpool before proposing a parallel one called

In May, Bitcoin News reported that Bitmain had recorded an 88% drop in internal mining operations.


BitcoinNews is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews:

Image Courtesy: Pixabay

The post Bitmain Sues Ex-Employees for $4 Million appeared first on

Anonymous Bitcoin Miners Fill Void as Bitmain Sizes Down

Anonymous Bitcoin Miners Fill Void as Bitmain Sizes Down

Blockchain research unit Diar has published new data which illustrates the degree to which anonymous Bitcoin miners are now validating more blocks than any other pool.

This research follows recent announcements that Bitmain, the world’s largest maker of cryptocurrency mining chips, is reported to be laying off up to 50% of its staff in 2019 following huge staff cuts in 2018 in its 11 mining farms operating in China. This forced the company to lay off 3,000 of its staff in December having initially grown from 1,000 employees.

With larger producers such as Antpool,, and ViaBTC now validating fewer blocks than this time last year and Bitmain pulling back from mining, it appears that “unknown” miners are becoming a dominant factor of the space. Diar reported:

“[Unknown] miners closed December having solved a whopping 22 [percent] of the total blocks, up from 6 [percent] at the start of last year… The Bitcoin network is currently less likely to experience an attack given the fact the controlled pools have lost dominance over the network.”

At the beginning of 2018, Bitmain’s mining pools represented 53% of Bitcoin’s hash power, but with the recent reduction of the company’s influence on the crypto mining industry, those wary of 51 percent attacks are now expressing relief that such attacks will now be far less likely in the future. This means that the world’s flagship cryptocurrency is becoming more decentralized due to Bitmain’s diminishing influence along with the return of anonymous miners.

However, Diar has warned that the growth in hash rate observed over January may be unstainable, especially if Bitcoin returns on its 2018 bearish trend. Bitmain will be watching the market and significant changes could see a return to the former giant’s mining dominance.


Follow on Twitter: @bitcoinnewscom

Telegram Alerts from

Want to advertise or get published on – View our Media Kit PDF here.

Image Courtesy:

The post Anonymous Bitcoin Miners Fill Void as Bitmain Sizes Down appeared first on

Bitcoin Wallet Released on Huawei App Store

Huawei has developed a partnership with to offer new smartphone owners access to a mobile cryptocurrency wallet, giving Huawei customers the ability to use Bitcoin for commercial transactions.

Huawei has continued to maintain its place as a leading global smartphone manufacturer with a massive stake in the Chinese market. This is a large and influential market, with mobile devices used extensively to access the internet in China, with substantial online commercial activity.

However, it is currently very problematic for many Chinese residents to access cryptocurrency wallets with no access to apps in the Google Play store. There was also a complete ban on ICOs and cryptocurrency exchanges by the Chinese authorities. The addition of a Bitcoin wallet to Huawei phones is potentially the first chance many Chinese people will have to interact with cryptocurrency.


The Huawei app store, known as AppGallery, will provide access to’s Bitcoin wallet for new smartphone customers. This will enable them to use the wallet to send, receive, and store the cryptocurrency. is a leading digital wallet for cryptocurrency users. It is part of the now well-known Bitmain Group headquartered in Beijing in China. The Group offers a suite of successful crypto-technologies with extensive involvement in cryptocurrency mining.

Dr Jaime Gonzalo, vice president of Huawei Mobile Services, commented, “We expect to see massive growth in global cryptocurrency adoption habits in the near future. That is the reason why Huawei selected as our recommended quality app to manage digital currencies.” is offering an additional incentive to the new owners who may feel some reticence about taking advantage. Ganzalo confirmed, “In addition to being simple and secure to use, offers an exclusive reward to all AppGallery users by gifting a starting amount of cryptocurrency.”

The wallet is recognized as a secure Bitcoin and Bitcoin Cash wallet. It is suitable for new and advanced users. It ensures users can securely store their private keys and provides them with complete control of their cryptocurrencies.

Alejandro de la Torre, vice president of Business Operations for stated, “ is democratizing Bitcoin by breaking down barriers to entry and ensuring new users can access Bitcoin and Bitcoin Cash in a simple, secure and trusted environment.”

Consumers who buy a higher end model of the new Huawei or Honor smartphones will find the Huawei app store already installed on their device with access to the wallet. Phone owners with earlier models will get access to AppGallery in the future.

China has become one of the largest users of cashless mobile transactions. As commercial and user acceptance of cryptocurrencies continues to grow across the globe, there is an opportunity for them to become the currency for many transactions. and Huawei have provided a new opportunity to expand this activity, and it will be interesting to see the outcomes.


Image Source: Flickr – Kārlis Dambrāns

Follow on Twitter at

Telegram Alerts from at

The post Bitcoin Wallet Released on Huawei App Store appeared first on