Mining ASICs Technologies, a Bitcoin mining hardware manufacturer based in Maastricht, The Netherlands, has been declared bankrupt as of yesterday. Plenty of people in the Bitcoin sphere will remember the name, as they announced the production of a 3TH/s and a 6TH/s ASIC Bitcoin miner at the end of February in 2014. Unfortunately, things have always seemed relatively shady in regards to Mining ASICs Technologies, so this news should come as no surprise.
Things started out quite promising for Mining ASICs Technologies though. At the end of February 2014, they announced the production of two very powerful ASIC Bitcoin miners, called TITANIUM, running at 3TH/s and 6TH/s respectively. Both of these miners were to be new-generation powerful ASIC Bitcoin miners using 28nm chips.
Note from the author : Back then, these kind of chips were relatively new, and 3-6 TH/s was impressive for an ASIC Bitcoin miner.
According to promises made by Mining ASICs Technologies founder Marc Coumans, shipment of these ASIC Bitcoin miners would start during Q3 of 2014. Production of these ASIC miners was made possibly thanks to Mining ASICs Technologies partnering with Germany’s Dream Chip Technologies, an engineering company with a strong track record in SoC and embedded Software design.
Pre-orders for both TITANIUM models were made available to Bitcoin miners, at the price of 3,999 EUR for the 3TH/s model and 6,999 EUR for the 6TH/s model respectively. For each pre-order, the company required a 35% down payment in order to secure a place in batch 1 of the shipments, which would start during September of 2014.
‘We are going to be better in four ways than the existing competition. Mining ASICs Technologies B.V. (MAT) will provide more performance for reasonable prices, very good quality and we will actually deliver,” Marc Coumans said in February of 2014, As it turned out out, only a handful of pre-orders were actually delivered, and they weren’t even ASIC miners produced by MAT either, but rather by Alcheminer.
The BitcoinTalk detectives got on the Mining ASICs Technologies case pretty quickly, and a lot of information was revealed, providing legitimacy and discrediting the company at the same time. Their entire topic on BitcoinTalk makes for an interesting read, so I will let our readers be the judges of all of the information provided here.
Things really got interesting in September of last year, when an email to Dream Chip Technologies revealed there was no such thing as a working relationship between their company and Mining ASICs Technologies. When asked directly if they had produced any of the TITANIUM miners, they answered with the typical “we cannot answer that questions due to legal reasons”. Not boding too well, is it?
On October 8th, things got even stranger when the MAT team announced they halted all shipments due to a “software bug that needed to be fixed asap”. They did confirm however that several miners had already been shipped to customers at the of Q3. Oddly enough, no one had received a miner nor tracking number at that point in time, only adding to the mystery.
Fast forward to December 31st 2014, and all of a sudden Mining ASICs Technologies has been declared bankrupt. While we do await further information to be provided by an official source, it looks like everyone who placed a pre-order has lot a lot of money. We will keep our readers updated as this story developers further.