Bitcoin mining giant Bitmain has disclosed its cutting-edge ASIC chip developed to be used in the company’s new “Antminer” crypto mining machines, according to a Reuters report from September 21st. An Application-Specific Integrated Circuit (ASIC) chip is a bit of custom fitted mining equipment created to mine cryptocurrencies based on a special hashing algorithm. Bitmain CEO and Co-founder Jihan Wu presented the new crypto-mining-particular ASIC chip BM1391 during his keynote address at the World Digital Mining Summit in Georgia.
Jihan Wu declared that Bitmain has now begun the manufacturing of the chip and plans to incorporate it into its new and improved Antminer machines.He didn’t announced a date for it yet.
The new “quickening” ASIC chip is said to utilize a SHA256 calculation and depends on an high-tech semiconductor fabricating innovation, 7nm (nanometer) Finfet. It is designed to integrate “more than a billion transistors,” utilizing an uncommon circuit structure and low power-concentrated innovation to optimize it efficiently . Wu declared that tests have demonstrated the chip “can achieve a ratio of energy consumption to the mining capacity that is as low as 42J/T.”
Wu addressed a huge issue in the cryptocurrency industry, as a new hardware was extremely necessary in order for the blockchain industry to advance. He also stated the fact that besides the hardware, a next-generation of software computing technology needs to be created and integrated with the blockchain to use it to its full potential.
The news comes after only one day from the Bitfury Group announcement. As Cointelegraph mentioned, they created their own ASIC chip named Bitfury Clarke, which the company wants to integrate in its own mining servers as well as other hardware devices. Bitfury also helped the launch of a Toronto based Bitcoin mining company called Hut 8. Company which mined over 1,900 Bitcoin since their launch in July 2018.
The news came as a surprise, as the sales of ASIC crypto mining hardware was in a downtrend since the price fluctuations.
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