Bitmain Set to Distribute New Mining Rigs from Today

Bitmain’s Own Mining Power Goes down by 88%

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Bitmain, one of the world’s leading manufacturers of mining equipment and Application Specific Integrated Circuits (ASICs), has announced the launch of two new s17 miners. 

In a press release published earlier today, the Chinese manufacturing giant revealed that its two new miners (named the S17e and the T17e), will be launched on September 9, and they will feature significant upgrades in efficiency, longevity, and operational stability. 

Also, Bitmain provided users with a glimpse of what to expect, with detailed specifications of the two mining rigs. Per the specs, the T17ecomes with a power efficiency of 55 J/TH and a hash rate of 53 TH/s. on the flip side, the S17e seems to be the higher-end rig, with a 64 TH/s hash rate and a power efficiency of 45 J/TH.

Both mining rigs will feature a dual tube heat dissipation system, which the manufacturer claims can improve heat dissipation efficiency a great deal. Bitmain also claimed that it made security upgrades to the rigs, with increased cybersecurity software standards that can guide against a wider range of malware attacks. 

The rigs will be released in batches. The first batch of devices will be available for sale on September 9, with deliveries expected to commence and end within the first ten days of November. The second batch, however, will be available for sale on September 10, and delivery will begin on November 11 (to end on November 20) 

There will be a third, concluding sales batch, which will be available the day after the second batch. However, delivery won’t begin for this batch until November 21, and it will end on the last day of the month. 

The launch is just the latest in a seeming reversal of fortunes for the company. Once stretched thin due to the effects of the crypto winter that engulfed 2018 Bitmain seems to be hitting the ground once more, buoyed in no small part by the spike in the Bitcoin trading price.

Just last month, a source close to the company revealed on popular social media platform WeChat that the mining giant is now looking to purchase up to 600,000 mining chips, as part of a bid to expand its capacity by up to 50 percent. The source revealed that the chips ordered will be of the 7nm variety, all of which provide up to 50 TH/s in hash rate. 

The publication added, “Based on this calculation, after half a year, Bitmain’s total network computing power will skyrocket by about 50%.” It also added that this could see the Taiwanese company’s value reach up to $12 billion. 

This isn’t to say that it has put its past woes behind it completely. The crypto winter sent it stock trading downwards for an extended period, and it still announced about $625 million in losses in the first two months of the year. 

However, it is rather obvious that things are looking up once more. So much so, that there are already talks of Bitmain making another attempt to seal an Initial Public Offering. Its first two attempts hit brick walls, but given how well the crypto market has done in the past few months, the third time just could be the charm.

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About Jimmy Aki

Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.