One of the largest ASIC hardware manufacturers in China-Bitmain is in our crypto news today for announcing its new generation ASIC mining chip that is 7nm (nanometer) according to their official press release published today.
The new hardware BM1397 that will be used to mine Bitcoin and Bitcoin Cash uses the SHA256 algorithm for their proof-of-work method. Other cryptocurrencies can be mined as well but the new hardware will be mostly focused on BTC and BCH.
BM1397 will require a lot less power for the mining process and will show an improvement of 28.6 percent in power efficiency compared to the previous nano 7nm chip BM1391. The newer version of the chip will be used for the new Antminer models S17 and T17 which are expected to be revealed later this year.
As previously reported, Bitmain has gone through a lot of problems with the prolonged bear market since many employees were laid off but also there were at least two class action lawsuits that were filed against the company. The hardware giant also shut down a few of its development centers in Israel and Texas and they also reduced operations in the Netherlands a couple of months ago.
The harsh bear market brought a lot of problems for many mining companies which are also facing hundreds of challenges because of the market crash. For example, the Japanese internet giant GMO Internet Group stated that the company is giving up on the Bitcoin mining hardware sector back in December because of the harsh Q4 losses.
At the same time, USA hardware manufacturer Nvidia also stated that is one of the companies that were hit the most by the market downturn.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post