Jihan Wu, CEO of the Bitcoin mining giant Bitmain recently announced the new 7nm Application Specific Integrated Circuit (ASIC) miner BM1391 at a mining conference(World Digital Mining Summit) in Tbilisi, Georgia.
Wu revealed that the new generation of mining chips equipped with BM1391 will be launched soon, according to Bitmain’s blog. The blog also mentions that the new SHA256 algorithm acceleration chip will use advanced semiconductor manufacturing technologies, 7nm Finfet.
Wu also claims “The ASIC chip integrates more than a billion transistors and is optimized for maximum efficiency”, according to the tests conducted Wu further says the chip “can achieve a ratio of energy consumption to the mining capacity that is as low as 42J/TH.”.
Bitmain Tweeted:
The mining industry is seeing fierce competition with new players entering the space, although the price has declined since December last year the hashrate seems to grow exponentially. Bitmain had announced its plan to go public with a staggering $18 Billion valuation, although there has been criticism on their financials.
It is interesting to note that BitFury revealed a 14nm mining chip just a day before Bitmain’s announcement. BitFury’s ASIC is said to have a power efficiency up to 55 mW/GH and a hashrate up to 120GH/s. Earlier in June this year, Japanese IT Giant GMO had also announced their 7nm ASIC planning to knock out Bitmain.
Samson Mow of Blockstream took on Twitter to point out that the announcement is not impressive but misleading, inferring that with heavy competition in the industry Bitmain’s monopoly will be broken.
Some of the points mentioned by Samson:
The anonymous account on Twitter BTCKING555 who claims to be an insider has criticised Bitmain saying that investors are threatening to sue for misrepresenting the financials.
BTCKING555 Tweeted:
BREAKING: Rumors – recent investors threatening to sue Bitmain for misrepresenting financial info & MATERIAL OMISSION. Warrantors in the Agreement defined as Jihan Wu and Ketuan Zhan. Also Liable – Group Companies: Bitmain Technology, Blocktrail, Hashnest, Tospring (to name few)
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