Bitmainâ€™s Hashrate To Increase By 50% With 600,000 New Mining Chips
Bitmainâ€™s hashrate will increase by more than 50 percent with the newest addition of 600,000 mining chips as per the reports in the coming altcoin news that we have today.
As the optimism in the country is renewing and growing, Bitmainâ€™s hashrate is also growing due to the investments in the crypto mining industry. Now, Bitmain is buying more than 600,000 new crypto mining chips and as a result of the new investment, the company expects to make up to $1 billion in profits. The battle to produce new and better cryptocurrency mining gear is heating up. In this direction, the Chinese Bitcoin mining giant Bitmain Technologies LTC is placing orders for a lot of machines with high hash rate capacity. According to the Chinese news outlet â€˜â€™Recently a supply chain person close to TSMC broke the news. The source noted that Bitmain has recently placed new orders for more than 600,000 mining chips.
As reported previously, the Taiwan Semiconductor Manufacturing Company is Bitmainâ€™s chip supplying contractor and this company ranks among the highest and profitable chipmakers in the world. Moreover, according to the same source, some of these chips include the new model of 7nm model with a single power of 50 Tera hashes per second. Therefore, in just a few months, the observers believe that Bitmainâ€™s total network computing power could increase by more than 50 percent.
Despite the loss in the first quarter in 2019, which reached about $625 million, Bitmain remains very optimistic about the strengthening of the mining industry and in effect with this new investment, the company will expectedly hit about $12 billion. Last year, Bitmain announced the new generation of the 7nm ASIC chips which aimed to improve the performance and energy efficiency. The chips were designed to mine cryptocurrency using the SHA256 algorithm for proof-of-work purposes as noted in the reports of the best cryptocurrency news sites. The antminer models came with enhanced hash rate capacity and in 2018 in April, the chipmaker announced the specifications for the latest 7nm Antminer 17 series. For example, the Antimner 17 pro will come in two variants and in addition, Bitmain is working with a specialist to prepare for the US share sale that could happen in the second half of 2019.
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