According to a press release, the chip uses just 30 joules per terrahash. This means that as much as 33 terrahash can be powered by just 1 kilowatt of power. If an existing mining outfit were to simply replace its existing hashpower with the newer models (once they’re available), the power savings would be immediate.
However, the new models are likely to be even more powerful in terms of terrahash capability than existing models. You’ll be getting more crypto-mining power but paying for the same amount (or more) electricity.
Manufactured by Taiwan Semiconductor Manufacturing Company, who had a poor earnings call which they blamed on the downturn in the crypto market, the 7-nanometer chip demonstrates that despite its other problems, Bitmain is still passably working on its core business.
BITMAIN REFOCUSES ON ITS CORE BUSINESS
Bitmain has dealt with several scandalous situations in the run-up to its eventual IPO. Layoffs and a boardroom shake-out, combined with more than one pendinglawsuit, have led plenty to wonder about the future of the world’s largest Bitcoin mining manufacturer.
2018 was perhaps the worst year for Bitmain. The year-long downtrend in the crypto market reduced interest in mining cryptocurrencies. Bitcoin mining difficulty actually dropped, which is a rare occasion indicating that there are fewer miners on the network. The difficulty will likely spike after the introduction of the new miner models later this year. Bitmain hardware often sells out within hours or days of its launch.
BITMAIN’S TRI-BITCOIN ADVANTAGE
However, there are now three multi-billion dollar cryptocurrencies using SHA256, the heart of Bitmain’s business. Bitcoin, Bitcoin Cash, and Bitcoin SV all share the same hashing algorithm. Bitmain CEO Jihan Wu was famously a massive proponentof Bitcoin Cash during its establishment, and development of the top-5 cryptocurrency is partially funded by Bitmain.