Bitmain Announces New Power-Efficient 7nm ASIC Chip For Mining Bitcoin
Bitmain Technologies, a Chinese bitcoin mining giant and leading ASIC maker, has announced the release of its new next-generation 7nm (nanometer) bitcoin mining chip, according to a press statement published on Monday, February 18.
The new mining processor is a BM1397 the firm has designed to be used for the mining proof-of-work (PoW) coins that use the SHA256 algorithm, including Bitcoin (BTC) and Bitcoin Cash (BCH).
The new ASIC chip uses the FinFET process designed by Bitmain’s chip supplier the Taiwan Semiconductor Manufacturing Company (TSMC), and has energy consumption to computing ratio that is “as low as 30J/TH,” the company revealed in its announcement.
The Beijing-based firm notes that the new chip’s highly power-efficient features mean it has improved on the previously released 7nm chip, BM1391, by about 28.6 percent.
As per Bitmain’s press release, the firm’s engineering team has achieved this by thoroughly customizing the processor “to optimize its architecture, circuit, and economics.”
The BM1397 is said to be ready for rolling out in Bitmain’s newest Antminer models – the S17 and T17 – whose release and details the company has said will be available later this year.
The S17 and T17 mining devices are coming to the market just months after Bitmain announced the launch of its S15 and T5 Antminer models that were powered by the 7nm chip BM1391 ASIC.
But the models, released last November, failed to catalyze further growth for the company as the crypto mining industry cringed under the meltdown within the crypto market.
Similarly, Bitmain launched an application-specific integrated circuit (ASIC) miners for mining Ethereum (ETH) and Zcash last year. The company’s move saw Ethereum’s open-source developer community reach a tentative agreement in January intended at blocking the use of ASICs on the network.
Dubbed ProgPoW, the code was aimed at restricting ASIC mining but was delayed to allow for further audits regarding its effectiveness.
Bitmain has had to wade through a tough year, as the 2018 bear market saw it shut down some facilities, including laying-off an entire workforce at its Israeli-based blockchain development center.
The firm also suspended operations at its Texas mining facility and cut on the same in the Netherlands.
Bitmain has also been subject to two class action lawsuits, one involving its role in the contentious Bitcoin Cash hardfork. It also reportedly had to reshuffle its top management team even as its quest for an initial public offering (IPO) continues to hang in the balance.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.