Class actions and sanctions … BAD MOTHER

BitMain, a bitcoin mining company, faces $ 5 million in class action lawsuits for mining cryptography through its consumer devices. The lawsuit was filed on November 19 (local time) in the US District Court for the Northern District of California.

According to this, BitMain was trying to benefit from the initialization time needed to install its ASIC device without permission. Until the complicated and time-consuming initialization phase, BitMain prescribes that the ASIC has been preconfigured to use the customer power for specific purposes to create cryptography for the benefit of BitMain, not the customer.

According to the lawsuit, the ASIC device has begun the cryptographic process right after the plaintiff started to use the device, and all of the mined passwords were remitted to the defendant. The plaintiff is demanding $ 5 million in damages on behalf of a miner who is in a similar situation.

This lawsuit overlaps with an important time. BIT main equipment manufactured in China is likely to be affected by US sanctions imposed on Chinese products recently. According to BitMain’s IPO guidebook, overseas sales account for 51.8% of total sales, so US sanctions are likely to be burdensome. It seems to be in a very difficult situation with the beat-main position ahead of the IPO aimed at procuring between $ 3 billion and $ 18 billion. For more information, please click here .