bitmain

U.S. Senator Elizabeth Warren wrote to Secretary of Commerce Howard Lutnick, requesting information regarding the potential national security risks associated with Bitmain, and expressing concerns about its business dealings with the Trump family.The letter requests the disclosure of communication records between Bitmain and Eric Trump and Donald Trump Jr. Reports indicate that the FBI is conducting an investigation named "Operation Red Sun" to assess whether there are risks of remote control related to the mining equipment. Previously, U.S. regulatory agencies have repeatedly questioned the safety of Bitmain's products. Bitmain responded that the related accusations are untrue, and American Bitcoin Corp stated that its safety tests found no issues.

According to market news, Bitmain has recently significantly reduced the prices of Bitcoin mining machines, with several models from the S19/S21 series entering the "dumping price" range.Internal quotes show that the S19e XP Hydro and 3U S19 XP Hydro are as low as $3/TH/s, while the S19 XP+ Hydro is about $4/TH/s; the S21 immersion machine is around $7/TH/s, and the S21+ Hydro is about $8/TH/s. Previously, the company launched a bundled offer for the S19 XP+ Hydro, which was calculated at approximately $4/TH/s, and in November, the starting auction price for the S19k Pro was set at $5.5/TH/s. Analysts point out that due to the network hash rate remaining close to historical highs, while the price of Bitcoin has declined, the hash rate prices are hovering near multi-year lows, increasing pressure on the mining industry. This environment has squeezed miners' profit margins, reducing demand for new equipment, especially for inefficient models, while also intensifying competition between ASIC mining machine manufacturers and second-hand market sellers.

The United States is investigating Bitcoin mining giant Bitmain due to national security concerns. The "Red Sunset Operation," led by the U.S. Department of Homeland Security, is examining whether Bitmain's mining machines could potentially be used for espionage or grid sabotage in the U.S.Currently, Bitmain has denied having any remote control capabilities and stated that the company "strictly complies with U.S. and applicable laws and regulations, and has never engaged in any activities that pose a risk to U.S. national security," calling claims about its ability to remotely control devices "absolutely false."

ChainCatcher news, according to The Miner Mag, Bitmain has filed a motion in a U.S. bankruptcy court to reclaim thousands of Bitcoin mining machines hosted by Orb Energy, accusing the Texas-based company of misappropriating digital assets, obstructing access, and damaging equipment worth millions of dollars.In an emergency motion submitted on August 27, Bitmain stated that under the hosting sales agreement, the 2,700 Antminer servers located at Orb Energy's Van Vleck facility still belong to Bitmain and should not be included in Orb's bankruptcy assets.

ChainCatcher news, according to Bloomberg, U.S. Republican Congressman Zachary Nunn has called for the federal government to review Bitcoin mining hardware manufacturers Bitmain and Cango Inc., stating that the expanding operations of these two companies in the U.S. may pose national security risks.Nunn pointed out that Bitmain and Cango "seem to be expanding their operations in the U.S. through complex ownership structures and financing arrangements, which regulators and the public may not fully understand in terms of transparency." In response, representatives from both Bitmain and Cango stated that they strictly comply with all U.S. laws and have no affiliations with any government or state-owned enterprises.Bitmain indicated that it has noted rumors regarding its plans to acquire Cango, but "these rumors are completely untrue," while denying that it is exploring direct ownership of U.S. power plants, stating that claims regarding its mining machines potentially affecting infrastructure are "nonsense." Cango, on the other hand, stated that it does not comment on "market rumors" or potential merger and acquisition transactions.

ChainCatcher news, according to the Hong Kong Stock Exchange announcement, the Hong Kong-listed company Ruihe Smart has released a voluntary announcement to expand its revenue sources through the development of cryptocurrency business, which discloses that the company plans to conduct cryptocurrency business through services provided by Bitmain, specifically in the form of cloud mining services and the distribution of Bitcoin mining rewards according to an agreed schedule. It is reported that Bitcoin mining will be an independent business segment of Ruihe Smart.

ChainCatcher news, according to Cointelegraph, American Bitcoin, a mining company supported by members of President Trump's family, exercised options this month to purchase 16,299 Antminer U 3 S 21 EXPH from Bitmain, with a total hash rate of 14.02 EH/s, for approximately $314 million. The agreement excludes the impact of tariff increases. Under pressure from the trade war, Bitmain announced it will establish its first ASIC manufacturing plant in the U.S. by the end of the year and plans to set up its headquarters in Florida or Texas. Data from Cambridge University shows that Bitmain holds an 82% share of the global mining machine market.

ChainCatcher news, according to Bloomberg, cryptocurrency mining machine manufacturer Bitmain Technologies Ltd. plans to open its first factory in the United States in the coming months, marking a strategic shift to align with the "Made in America" trend in digital assets.According to Bitmain's global business head Irene Gao, the company plans to officially establish a new headquarters and assembly line in Texas or Florida by the end of the third quarter of 2025. The first batch of production is expected to begin in early 2026, with full-scale production gradually achieved within the year.

ChainCatcher news, according to Reuters, Trump's tariff war is reshaping the cryptocurrency supply chain. The three major Bitcoin mining machine manufacturers, Bitmain, Canaan Creative, and MicroBT (all from China), are establishing manufacturing bases in the United States. This move may protect them from tariff impacts, with Bitmain starting production of mining machines in the U.S. last December, Canaan Creative piloting production, and MicroBT actively promoting its localization strategy in the U.S.

ChainCatcher news, according to Bloomberg, due to the intensified scrutiny by U.S. Customs and Border Protection, shipments of Bitcoin mining machines from Bitmain to U.S. customers have been delayed. This situation arose after the U.S. Department of Commerce blacklisted Bitmain's AI subsidiary, Xiamen Sophgo Technologies Ltd., in January this year, accusing the company of supporting advanced chip production in China.Bitmain holds a 90% market share in the Bitcoin mining computer market and has previously been affected by tariffs imposed by the Trump administration. Nuo Xu, president of the China Digital Mining Association, stated that U.S. Customs has recently begun random inspections of nearly all air-freighted Bitcoin mining machines and has requested certificates of origin. This move conflicts with the Trump administration's goals of both suppressing Chinese trade and fostering domestic cryptocurrency miners.

ChainCatcher news, automotive trading service provider Cango entered the Bitcoin mining sector in November, investing $400 million to acquire 50 EH/s of computing power, immediately becoming one of the largest miners in the world. The current Bitcoin hash rate hovers around 823 EH/s, and once Cango's 50 EH/s is fully online, it will contribute approximately 6% of the hash rate behind Bitcoin. For reference, the largest publicly listed miner, MARA Holdings (MARA), has slightly over 47 EH/s, while the second largest, CleanSpark (CLSK), and Riot Platforms (RIOT) have 32 EH/s and 26 EH/s, respectively.Cango's Senior Communications Director, Juliet Ye, stated, "I think this is surprising for people in the (Bitcoin mining) industry because no one had heard of Cango before, but Cango's history is one of adaptation. Since the company was founded in 2010, we have ventured into different fields at least two to three times."Acquiring such a large Bitcoin mining hash rate is not cheap. Cango purchased the first batch of 32 EH/s of computing power from Bitcoin mining manufacturer Bitmain for $256 million in cash and will issue $144 million worth of stock for the remaining 18 EH/s.

ChainCatcher news, Nasdaq-listed company Bitfufu shared details of a new two-year framework agreement signed with Bitmain. Under this agreement, Bitfufu will purchase up to 80,000 S series mining machines from Bitmain, including models such as S21 XP and S21 Pro.Bitfufu CEO stated, "Our deep strategic partnership with Bitmain ensures a stable supply of the latest mining machines, allowing us to rapidly expand our global mining infrastructure by the end of 2026, with a target of adding 1 GW of capacity. These new mining machines will be used to strengthen our self-operated mining business and cloud mining services, providing highly cost-effective and energy-saving solutions."

ChainCatcher news, a source revealed that the Biden administration plans to add the AI company Sophgo, associated with Bitmain, to the U.S. Department of Commerce's restricted trade list, due to the company's TSMC-manufactured chips being illegally incorporated into Huawei's AI processors.

ChainCatcher news, the NYSE-listed automotive dealership platform Cango announced that it has spent $256 million to purchase Bitcoin mining machines with a computing power of 32 EH/s from Bitmain.In addition, Cango has agreed to acquire additional rack-mounted Bitcoin mining machines with a total computing power of 18 EH/s through the issuance of $144 million in common stock from Golden TechGen (a company under former Bitmain CFO Max Hua) and other entities.Earlier this month, Cango reported that in November, with a deployed computing power of 32 EH/s, it produced 363.9 BTC without liquidating any assets. This output makes Cango the fifth largest publicly listed Bitcoin mining company by realized computing power and the third largest by deployed computing power.