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Bitcoin Mining Giant Bitmain to Release Next-Generation ASICs This Week

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Bitmain, the dominant bitcoin mining firm and the most valuable company in the cryptocurrency industry, has announced that it will release its next generation of application-specific integrated circuit (ASIC) chip miners this week.

In a tweet posted yesterday, the Beijing-based firm said that it will begin taking preorders for the Antminer S15 and Antminer T15 — the long-awaited next-generation devices in its flagship bitcoin mining rig line — on Thursday, Nov. 8 at 9 am EST.

Both the S15 and T15 — the successors to the Antminer S9 and Antminer T9, respectively — feature Bitmain’s new 7nm ASIC chips, which CEO Jihan Wu unveiled in September at the World Digital Mining Summit. The chip, the BM1391, features significant efficiency improvements over its previous line, and Bitmain has said it can achieve a peak energy consumption ratio of 42W/TH. However, the consumption ratio of the assembled miners will be somewhat higher, and the firm has not yet released details on the device’s exact specifications.

Bitmain alleges that the devices, which can mine bitcoin (BTC), bitcoin cash (BCH), and other SHA256 cryptocurrencies, feature “industry-leading hashrates,” even as rivals Ebang and Bitfury have previewed devices that will likely achieve greater efficiency.

Bitmain, as CCN reported, recently filed to go public on the Stock Exchange of Hong Kong (HKEX) in an offering that is expected to be the largest in the industry’s history, at the very least until Coinbase decides to pursue an IPO in the future.

Contrary to earlier reports, though, it now appears that Bitmain may be pursuing its public listing from a position of necessity — not strength. BitMEX Research estimated that the firm lost $400 million during the second quarter, in part due to outsized investments in underperforming cryptocurrency bitcoin cash, as well as overly-optimistic market forecasts that have left the firm sitting on a large amount of hardware that is increasingly difficult to move at a profit.

Further complicating the firm’s outlook, Bitmain, along with other large mining manufacturers, could see decreased revenue from sales to US miners, owing to the fact that new trade policies adopted by the Trump administration have slapped China-produced cryptocurrency miners with a 27.6 percent tariff that makes it far more difficult for US miners to turn a profit.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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