Bitmain announces new mining chip, shies away from details

Chinese cryptocurrency mining manufacturing giant Bitmain has introduced two new mining options to its Antminer line. They’re both reportedly 7 nanometer (nm) miners, which is about all the company offered in the way of details.

In a Twitter post yesterday, Bitmain announced the launch of the miners, stating, “We are officially announcing the release of our new 7nm miners which possess industry-leading hash rates designed to mine with the SHA256 algorithm. Two models will be offered, the Antminer S15 and T15. Available for purchase on 11/8 [Nov. 8].”

“Industry-leading hash rates” don’t really indicate anything. Looking at the company’s website, there didn’t appear to be any new information, either, and the picture provided to represent the equipment is nothing more than a silhouette of what looks to be part of a normal mining rig.

It seems a little odd that the company would be pushing out new miners without offering any specifications. Squire released full details on a mining option that isn’t even ready to be distributed yet.

This would seem to be more of a ploy to generate interest in the company’s impending, and delayed, initial public offering (IPO), than an announcement of a spectacular advance in the world of cryptocurrency mining. With a large chunk of its assets tied up in product that it hasn’t been able to move due to a decline in mining interest globally, offering new mining options seems to be counterproductive to increasing the company’s profit margin.

Only two days ago, reports surfaced that Bitmain could be close to losing several agreements with suppliers of chips for its mining equipment. It reportedly owed the Taiwan Semiconductor Manufacturing Company $1 billion, of which it was able to (finally) repay $700,000. It still has to pay the $300,000 balance. Accumulating debt of $1 billion doesn’t seem to be a solid financial decision.

The growing amount of debt, the number of false representations the company has made and a loss of control of market share are taking a serious toll on the company. Its planned IPO, and an application filed with the Hong Kong Stock Exchange for the IPO, have been called into question and are seriously questioning the legitimacy and financial integrity of the company.

It might be time to put the clamps down on the company and allow regulators to take an in-depth look at how viable the company is before allowing it to move forward.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Canaan announces new crypto miners, increases mining space competition

Canaan Creative is currently the second largest manufacturer of cryptocurrency mining equipment. However, the introduction of a new mining rig, coupled with other advancements, could soon see it take over as the number one manufacturer.

During last Saturday’s 2018 Mining Summit held in Chengdu, China, Canaan unveiled its new AvalonMiner A911. The ASIC (application-specific integrated circuit) miner has a maximum hashrate of 18 terahashes per second (THs) and the power consumption is 1440W, according to the manufacturer. It provides 80W of power per THs usage. It is currently undergoing last-minute preparations and will come to retail stores soon.

On Canaan’s WeChat account, the company said that the machine will be powered by a 7 nanometer (nm) mining chip, which offers stronger hash power while consuming less energy when compared to the company’s A921 miner.

Canaan is also planning a few more products on the heels of the A911. The company plans to introduce a cloud computing heater, as well as a mobile mining farm that it calls the “Avalon Box.” There are also plans to begin distributing an artificial intelligence (AI) chip, Kendryte. All of these developments are meant to convert cryptocurrency mining into a routine application seen in everyday life.

This past August, the company introduced the world’s first cryptocurrency mining TV set. The AvalonMiner Inside device is based on AI and is capable of calculating crypto mining profitability in real time.

Canaan is on a mission to innovate. In addition to the other new products it is preparing to roll out, the company has announced that it is preparing a 5nm chip. Bitmain has also announced that it wants to introduce a 5nm chip but, given its unsuccessful track record of introducing viable products to the market, chances aren’t great that it will be able to fulfill the promise.

Despite a lull in the cryptocurrency markets, mining efforts are improving and the manufacturing space is getting more competitive. Ebang Communication announced last month that it was introducing three new mining rigs capable of 44 THs. Additionally, Squire Mining out of Canada has reportedly tapped tech giant Samsung Electronics to manufacture its ASIC chips in South Korea.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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