The surging price of bitcoin—recently approaching $40,000—has reignited interest in cryptocurrency mining hardware, with whispers that Bitmain’s top rival, MicroBT (maker of Whatsminer devices), is preparing for a U.S. stock market listing. According to blockchain industry reports, the company is not only advancing its initial public offering (IPO) plans but may also be securing fresh funding ahead of the debut.
This potential listing marks a pivotal moment for one of the most influential players in the bitcoin mining ecosystem—especially given the company's turbulent past, including legal battles and the arrest of its founder.
Founder’s Legal Troubles: A Stumble Before the Spotlight?
In December 2019, the Nanshan District People’s Procuratorate in Shenzhen announced the arrest of a suspect surnamed Yang on charges of embezzlement of corporate assets. While not explicitly named at the time, multiple financial outlets confirmed the suspect was Yang Zuoxing, founder of MicroBT and creator of Whatsminer.
Yang was released on bail before the 2020 Spring Festival, but the status of the case remains unclear. The arrest reportedly stemmed from a lawsuit filed by Bitmain, accusing Yang of stealing trade secrets after his departure from the company.
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Yang originally worked as a chip engineer at Bitmain. In 2016, he left due to disagreements over equity compensation—recounting that while co-founder Wu Jihan offered him 2% equity, another co-founder, Zhan Ketuan, only offered 0.5%. This rift led Yang to establish Shenzhen MicroBT Electronics Technology, launching the Whatsminer series that would soon challenge Bitmain’s dominance.
Despite early legal hurdles, MicroBT rapidly captured market share. Industry insiders estimate that Whatsminer now controls around 40% of the global bitcoin mining hardware market, placing it a strong second behind Bitmain.
Legal Battle Over Patents: How MicroBT Fought Back
The conflict between Bitmain and MicroBT wasn’t limited to corporate espionage claims—it spilled into intellectual property courts.
In July 2017, Bitmain and Canaan Creative (maker of Avalon miners) filed a lawsuit against Yang and MicroBT in Urumqi, accusing them of infringing a utility model patent titled “Series Power Supply Circuit, Virtual Digital Currency Mining Machine, and Computer Server.” The patent was owned by Spondoolies Tech and licensed to Bitmain.
Yang responded by challenging the patent’s validity at China’s Patent Reexamination Board. In April 2018, the board ruled to invalidate the entire patent, effectively dismissing Bitmain’s infringement claims. The court later dismissed the case, marking a significant legal victory for MicroBT.
Although Bitmain appealed, it ultimately withdrew the appeal in November 2018. Legal analysts noted that Bitmain’s loss wasn’t due to weak evidence from MicroBT, but because the foundational patent itself was deemed invalid—highlighting flaws in Bitmain’s IP strategy.
This outcome allowed MicroBT to continue manufacturing and selling its miners without legal restraint, fueling its rapid ascent in the competitive mining hardware space.
Bold Predictions: From 120 EH/s to $1 Million Bitcoin?
Before fading from public view, Yang made headlines at the New Era Mining Summit in Chengdu in late 2019. During his speech, he projected that bitcoin’s network hashrate would reach 120 exahashes per second (EH/s) that year and boldly predicted:
“Bitcoin will eventually hit $1 million**, with a peak of **$110,000 by 2021.”
While bitcoin has yet to reach those heights—fluctuating around $34,000 after briefly touching $41,000—the broader sentiment aligns with growing institutional adoption and halving-driven scarcity models that support long-term price optimism.
Mining Hardware Boom: Supply Can’t Keep Up With Demand
The recent rally in bitcoin prices has triggered a surge in mining activity, creating unprecedented demand for ASIC miners.
Multiple domestic mining farm operators report a severe shortage of new machines, with sales now operating on a “first-pay, first-served” basis. Moqiao Mining founder Bo He revealed that new miner deliveries are already booked through August or September 2025, underscoring just how tight supply has become.
Currently, the market is dominated by several key players:
- Bitmain’s Antminer series
- Canaan’s Avalon miners
- Ebang’s Ebang miners
- MicroBT’s Whatsminer
- Innosilicon’s Aktion series
With physical hardware sold out across most vendors, many retail investors are turning to cloud mining as an accessible alternative. Platforms offering hash power subscriptions have seen explosive growth, though transparency and profitability remain concerns.
Bitmain confirmed that all its current models are sold out, with no预售 (pre-sales) available and no timeline for restocking. Even Bitdeer, its cloud mining partner, reports most packages are fully subscribed.
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Market Performance: Miners Rise With Bitcoin
The renewed interest in mining isn’t just theoretical—publicly traded mining firms reflect growing investor confidence.
- Canaan Creative, the first mining hardware maker to go public (NASDAQ: CAN), struggled post-IPO with shares falling below $2. However, since late 2020, its stock has more than doubled.
- Ebang International (NASDAQ: EBON) has climbed over 50% from its lows and recently surpassed its $5.23 IPO price.
These trends suggest that despite regulatory uncertainties and technical risks, the market sees long-term value in companies enabling decentralized network security.
Bitmain’s IPO Struggles: A Cautionary Tale
MicroBT’s potential U.S. listing contrasts sharply with Bitmain’s failed attempts.
In September 2018, Bitmain filed for an IPO on the Hong Kong Stock Exchange, disclosing impressive figures:
- $2.845 billion revenue in H1 2018
- 94.3% from miner sales
- Net profit surged from $83 million (H1 2017) to $743 million (H1 2018)
However, six months later, the application lapsed without progressing to hearings.
Former HKEX CEO Charles Li offered insight: if a company built on hardware sales suddenly pivots to AI chips with no proven track record, investors question sustainability. Regulators echoed this concern—Hong Kong wasn't ready to embrace crypto-centric firms without stable, diversified business models.
Bitmain later filed confidentially with the U.S. SEC in 2019 via Deutsche Bank, but no further updates have emerged—likely derailed by internal power struggles between Wu Jihan and Zhan Ketuan.
After a year-long corporate feud, the two reportedly settled with Zhan retaining control of Bitmain’s operations, while Wu gained control over Btc.com and overseas mining assets.
Frequently Asked Questions
Q: Is MicroBT really going public?
A: While not officially confirmed, multiple blockchain media outlets report that MicroBT is actively preparing for a U.S. listing, possibly with new pre-IPO funding.
Q: Why was MicroBT’s founder arrested?
A: Yang Zuoxing was detained in 2019 over allegations of stealing trade secrets from Bitmain. He was later released on bail; the case status remains undisclosed.
Q: How does MicroBT compare to Bitmain?
A: MicroBT ranks second globally in mining hardware market share (~40%), trailing only Bitmain. Its Whatsminer series is known for competitive efficiency and performance.
Q: Are bitcoin miners still profitable in 2025?
A: Yes, especially with rising bitcoin prices and network congestion. However, profitability depends on electricity costs, hardware efficiency, and market volatility.
Q: Can retail investors buy mining hardware today?
A: Most new models are sold out or backordered until late 2025. Many turn to cloud mining or secondary markets, though caution is advised due to scams.
Q: What impact does miner supply shortage have on bitcoin?
A: Limited hardware availability can slow hashrate growth temporarily but often signals strong network participation and confidence in future rewards.
The Road Ahead for Bitcoin Mining
As bitcoin continues gaining legitimacy—from ETF approvals to corporate balance sheets—the infrastructure supporting it grows increasingly vital. Companies like MicroBT sit at the heart of this ecosystem, providing the computational muscle that secures the blockchain.
With legal challenges behind it and demand soaring, MicroBT’s potential IPO could mark a new chapter—not just for the company, but for the entire mining industry.
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