THE COURT REJECTS BITMAIN'S CLAIM AGAINST THE POOLIN MINING POOL FOR $ 30 MILLION

Posted 09 September, 2020

In Beijing, a court rejected Bitmain's appeal against the mining pool Poolin, but ordered its co-founders to pay a fine. CoinDesk writes about it.

 

The mining equipment manufacturer tried to collect $ 30 million from the Poolin co-founders for violating a waiver of competition agreement. The company's court refused, but ordered the defendants to pay a fine totaling $ 532 thousand for non-compliance with the terms of the contract.

 

The Poolin mining pool emerged in 2017 after the departure of Pang Rhibiao, Li Tianzhao, and Zhu Fa from Bitmain. Then the companies entered into an agreement: for two years, the miner manufacturer pays Poolin $ 2,780 monthly for refusing to open a pool for mining bitcoin.

 

In 2018, the pool violated the terms of the contract. Its representatives later argued that Bitmain had delayed the payment of compensation, relieving the other party of the agreement from liability.

 

Recall that initially the manufacturer of mining equipment demanded from former employees $ 4.3 million and 26,825 BTC, which he considered income received as a result of violation of the agreement.

 

The court considered the amount indicated in the claim overstated. By decision, Bitmain received 1.2 million yuan (about $ 170 thousand).

 

Later, the claims of the Chinese manufacturer turned to Poolin increased to $ 30 million. But the plaintiff's lawyers could not prove that Bitmain's losses were higher than the fines.

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