Bitmain To Introduce New ASIC Miners Before Bitcoin Halving
The leading Chinese mining equipment company is planning to release new ASIC devices before the bitcoin halving, South China Morning Post reports.
The two new models S17 and T17 will work on 7-nm chips, which belong to the latest generation of processors, faster and more energy efficient. The leading smartphone makers such as Apple and Huawei have already switched to such chips.
It is expected that the upcoming ASIC devices will go on sale at the end of this year — in the run-up to the first cryptocurrency’s halving. Based on mathematical calculations, the event will occur in the network in the second half of May 2020 — then, the miners’ reward will be halved from the current 12.5 BTC to 6.26 BTC.
Bitmain is sure it is a great time to release new mining equipment since bitcoin price usually increases before the halving. Thus, the company hopes to see high demand and profit with the models S17 and T17.
The industry giant already has got a similar experience. In 2016, Bitmain introduced its Antminer S9. The model has long been at the peak of popularity across the world, and it accounted for almost 60% of all the company sales.
At the same time, the Chinese manufacturer has acquired a strong competitor. In the summer of 2018, Canaan Creative released its AvalonMiner A9 working on a 7-nm processor, and, according to the Securities Times, raised several hundred million dollars from the sales.
With the crypto market decline, Bitmain started facing hard times. The company’s losses amounted to about half a million dollars in the third quarter of 2018. In this regard, the management decided to put the firm’s shares on an IPO.
However, on March 25, Bitmain’s application submitted to the Hong Kong Stock Exchange (HKEx), expired. Apparently, it was ignored.