Bitmain's Jihan Wu announces next-generation ASIC chip and new mining machine

21 Sep, 2018
by Jelmer van der Dussen
Bitmain's Jihan Wu announces next-generation ASIC chip and new mining machine

Bitmain co-founder and CEO Jihan Wu has announced the next-generation ASIC chip BM1391 at the World Digital Mining Summit in Georgia. The new ASIC chip will mine cryptocurrencies using the SHA256 algorithm.

Next to that, Wu also announced that Bitmain will soon launch a new generation of mining machines. These will be equipped with the BM1391 mining chip. Mass production of the new chip, that uses 'one of the world's most advanced semiconducter manufacturing technologies 7nm FinFET', will begin. New Antminer machines produced by Bitmain will all have the 7nm chip.

According to the statement of Bitmain, the new chip is stable and more efficient due to its unique structure and low power technology, and will improve the miners 'in terms of power and power consumption, and enabling outstanding performance'. Wu stated the chip, that integrates more than a billion transistors, can achieve a ratio of energy consumption to the mining capicity that is as low as 42J/TH. Since 2016, 16nm chips were mass-produced by Bitmain, but the company is confident the new 7nm chip will provide a better mining experience.

In the meantime, Bitmain is struggling with its financial position because it held pretty much all its holdings in cryptocurrency, and therefore was hit hard by the bear market. Bitmain has less than 3 percent of its assets in cash, and may have lost over $300 million as a result of making investments and taking payments in cryptocurrencies.

Bitmain had an $18 billion IPO scheduled, but investors are threatening to take the company to court for misrepresenting financial info and material omission.

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