Bitcoin crash triggered a chain reaction, an American digital currency mining giant bankruptcy

Source: surging news Liu Qianlin

With the price of other digital currency bitcoin a plunge, once important mining industry is in the cold and shivering bursts. Enter the long xiongtu mines and mining digital currency manufacturers, even outperforming the hash, but still lost to cycle. Recently, headquartered in the United States bitcoin mineral company Giga Watt filed for bankruptcy protection in eastern Washington State bankruptcy court, alleging that the company insolvent, unable to repay maturing debt”. Giga Watt was the world’s largest single mine. According to the disclosure of digital currency media CoinDesk11 20 court documents visible, Giga Watt owes its 20 largest unsecured creditors of nearly $7 million. Creditors including Douglas county infrastructure utilities, claims the amount of over $310 thousand; electricity supplier Neppel Electric (Haibao electric company), claiming that arrears of nearly $500 thousand. According to court documents, Giga Watt estimated residual value of less than $50 thousand, but $10 million in debt to $50 million.

The appearance of Giga Watt mine

Headquartered in Washington, Djiza Watt (Giga Watt) was founded in 2012, formerly known as Mega Big Power, the former Microsoft Engineer Dave Carlson (Dave Carlson) was established in his own house in the basement. Only one year, Giga Watt has turned into a multimillion dollar business location in Douglas County of cheap hydropower resources in the Pacific Northwest, a full set of mining infrastructure to individuals or small miners including electricity, mining machinery, venue rental. The megawatt scale mines by the two companies co operators, one is Giga Watt Inc., responsible for the digital currency mining operations, another is Giga Watt Pte.Ltd, responsible for mining equipment sales.

In order to attract investors “participation”, Giga Watt in 2017 for the first time issued tokens (ICO). According to iFiber One reported that when Giga Watt raised the value of approximately 2200 million encrypted currency. 1 2018, silver Miller LLP (Silver Miller) Giga Watt ICO accused the unregistered, commitment to the principal return unfulfilled, demand the return of investment funds. However, the case is not over, Giga Watt CEO Carlson has been quietly leaving in mid August.

In addition to bankruptcy Giga Watt, the mining company of Douglas county is facing deportation. IFiber One reported that the new financial products to government and investors have on this unstable lose patience.

The other side of the ocean Chinese mines are not better than the day. Once, a force from China bitcoin 70%. The southwest mountain high water far more likely to hide a huge stress field. Today, the “mine circle” of the media shunned, its sale sale, bankrupt, more from the media spread on Jin said video machine. According to the “cloud bit” second-hand machine bitcoin trading site, main machine, bit the mainland’s second-hand price ant S9 has dropped to 1500 yuan, while the mainland’s official website S9 new bit machine price is 3000 yuan. When the bull market, the price of this machine has even been pushed up to 2 million yuan.

The “cloud bits” network transactions of second-hand machine case

The leading bits, the bad days, Jia Nan Zhi Yun second and third Ebang international pressure alexander.

In May 15, 2018, Jia Nan Yun Chi (Canaan Inc.) to the Hong Kong stock exchange to submit the prospectus; November 15th, Jia Nan Yun Zhi Hong Kong listing application expired. Reuters quoted informed sources said, the Hong Kong stock exchange of Nan Yun Zhi Jia’s business model and prospects exist many questions, because there is still no plans to update the listing hearing, Jia Nan Yun Chi in the market this year, the possibility of zero. This is the third time for Jia Nan Yun Chi listed failure. Previously, Jia Nan Yun Chi to three new board through the backdoor, the way to visit the capital market, but ended in failure.

Tianhe International Hong Kong IPO is expected this year to complete. On the one hand, the 11 month 1 days, the Hongkong Securities Regulatory Commission issued a notice issued a new regulation, such as asset size is more than 10% of virtual assets of the fund, only for professional investors, sales, investment funds and any virtual assets brokers need to commission registration tighter terms. On the other hand, Tianhe International involved in P2P net loan “silver bean net” of up to 4 billion 400 million yuan of money laundering disputes, caused a high degree of vigilance of the SFC in Hongkong, by its income in a thriving international listing difficult to ebang.

At present, the domestic three big mining giant, is still in the inquiry process, only a bit in the Hongkong securities regulatory commission.

As of press time, the price of its T9 off ants (Note: refers to the mining cost) of approximately $4579, according to the Bitstamp exchange offer, bitcoin has several days of continuous sideways in less than $4500. Last year, the “Giga Watt” were also used by earning large quantities of gold each day. Now, even outperforming the hash, but still lost to cycle. Xiongtu long, if the price of money no improvement, bitcoin for the mines and mill manufacturers will only gradually fall in the market in cold wind.

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