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Bitcoin mining {hardware} producer Canaan has filed a lawsuit in China towards HighSharp, the chip design accomplice of AGM Holdings, a brand new Bitcoin ASIC chip producer available in the market.
In line with court filings, Canaan is suing Shenzhen HighSharp and Sichuan Yinbimei for making and promoting Bitcoin mining chips and {hardware} allegedly based mostly on designs beforehand patented by Canaan.
The Nasdaq-listed producer is demanding that the defendants to stop the manufacturing of their machines and to pay damages of 90 million yuan, or $14 million. HighSharp could not be reached for remark at press time.
HighSharp was based in 2016 with a give attention to built-in circuit design by Li Chenjun and Wangxing, who debuted a Bitcoin ASIC chip in 2013 referred to as the Clam Miner however didn’t materialize the enterprise.
As The Block reported beforehand, AGM was, till September, an accounting and enterprise useful resource planning software program firm listed on Nasdaq with no prior expertise within the cryptocurrency area. It introduced a pivot into making Bitcoin ASIC miners over the summer season and employed Li from HighSharp to be its co-CEO and chairman.
AGM additional struck a partnership cope with HighSharp whereby HighSharp will prioritize its Bitcoin ASIC chip design to AGM, which, in return, will supply patrons for orders value at the least $100 million by March subsequent yr.
Final month, AGM introduced the pre-order gross sales of over 50,000 models of its KOI C16 Bitcoin ASIC chips to Canada-based {hardware} maker MinerVA, which is then certain to ship at the least 45,000 models of its newest era of kit to U.S Bitcoin mining companies Stronghold Digital and Terawulf.
On Wednesday, AGM additional introduced a pre-order sale for one more 10,000 models to U.S-listed Chinese language Bitcoin mining agency CCNC value $65 million.
