Bitmain plans to release new flagship miner ahead of bitcoin halving
Mining company Bitmain finds itself in financial trouble due to the decline in the cryptocurrency market. Now her hopes are connected with the next halving of bitcoin in May 2020, when the reward for adding blocks to its blockchain will be halved, and a possible rise in the price of the cryptocurrency, as it was in previous times. By the end of the year, Bitmain intends to release its new flagship product, the popularity of which will be due to the expected rise in the market, writes the South China Morning Post, citing sources familiar with the company’s plan..
Bitmain announced that it is preparing to launch bitcoin miners S17 and T17 based on the second generation of 7nm chips, which, according to the company, are 30% more efficient than the first generation..
One source said that chip supplier Taiwan Semiconductor Manufacturing Co (TSMC) currently has no spare capacity to service its client, and demand for miners is still low, so both products remain at the design stage..
A similar strategy was followed by Bitmain in 2016, when the company introduced the S9 to the world before cutting the block rewards, the source said. Over the next year, S9 accounted for about 60% of all Bitcoin mining hardware shipments..
Skeptics, however, doubt halving will help fix the plight of the troubled miner manufacturer. “If Bitmain still exists next May, halving is unlikely to save them. The problem is that their equipment is completely uncompetitive, “said Samson Moe, Strategy Director of Blockstream..
Bitmain appointed a new CEO this week and announced that it will retry its initial public offering (IPO) in the future..
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