Bitcoin Mining Giants Woo Miners with Next-Generation Chips

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Bitcoin mining, hardware maker, Bitmainhas announced a new next-gen mining ASIC chip dubbed the BM1391. Bitmain’s co-founder, Jihan Wu, recently made the announcement at the Digital Mining Summit in Georgia.

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Designed to run on the SHA256 algorithm, the 7nm Finfet mining chip reportedly utilizes over a billion transistors for unparalleled efficiency. Its advanced circuit structure and low power usage also make it more stable. The chip can achieve a power usage capacity of 42J/T.

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According to Wu, production will begin soon, and the chip will be integrated into the next generation of Antminer devices. He highlighted that the advancement of blockchain technology in the sector is crucial and will ultimately increase market capitalization. Moreover, rising blockchain user traffic will eventually require greater hardware acceleration and computing technologies to effectively sustain the market.

The announcement came just a day after Bitfury announced a new 14nm ASIC mining chip. Also structured to run on the SHA256 algorithm, it apparently has a mining efficiency of up to 120 GH/s and features 8,154 rolled hashing cores, and a power-on-reset circuit.

Dubbed the Bitfury Clarke, the company is apparently working to integrate it into its miners and servers located in Norway, Iceland, Canada, and the Republic of Georgia. The company apparently factored in numerous unique elements while designing the chips. Read More

Troubling Times for Miners

Crypto mining companies are going through treacherous times as demand for mining devices wanes in correlation with the bearish cryptocurrency market. The situation has been exacerbated by stratospheric hashrates which have edged out amateur mining enthusiasts.

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Cryptocurrency Miners take mining to the next level

Diminishing cryptocurrency mining profitability has also made mining-farm investors think twice before diving into the space. This has lowered demand for mining-hardware substantially. Companies such as Hashflare, a cloud mining company have been forced to cease operations as a result.

In July, the company announced that it was disabling its mining-hardware and canceling its SHA-256 contracts. In an email sent to its customers, the company stated that payouts to its clients were actually lower than the maintenance costs, thereby rendering the venture unsustainable.

In August, GPU maker, NVIDIA, also announced that waning interest for graphics cards from the crypto mining industry had lowered forecasts. In a statement issued by NVIDIA CFO, Colette Kress, the company said that it was no longer going to include revenues attributed to cryptocurrency mining in its annual revenue outlook. Read More

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This article was originally published by ‘Elizabeth Gail’(Crypto-enthusiast and a blogger. Her specialties include cryptocurrency news and analysis.). Read more about it https://coincentral.com/bitcoin-mining-giants-woo-miners-with-next-generation-chips/

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