Bitcoin Global News (BGN)
September 12, 2018 -- ADVFN Crypto NewsWire -- Bitewei, has raised
140 million yuan (around $20 million) to launch mining chips that
are as much as 30% more efficient than their major competitor, and
long time industry leader, Bitmain. The Shenzhen, China based chip
manufacturer is led by Yang Zuoxing, the former director of design
at Bitmain.
WhatsMiner
M10
Their newest product, to be called
“WhatsMiner M10.” According to test results on energy consumption
published by Bitewei, is roughly 30% more efficient than Bitmain's
most recent flagship product the AntMiner S9 Hydro. They released
data from two test results, both showing the machine consumed 66
watts to 68 watts of electricity per 1 trillion hashes (66W/TH).
According to data published by Bitmain about their newest product,
power consumption was roughly 96 watts per 1 trillion
hashes.
Bitewei plans to launch the new
ASIC miner product on September 19th, and claims to have received
pre-orders of over 1,000 units. Pre-sale began in mid August. The
average price around $1,600 depending on how many unites were
purchased in the order, and will likely generate a revenue total
well beyond $1.6 million.
Competition Is More Than
Hardware
Data released by Bitmain with
information about the company for their recent IPO shows that their
hardware controls 85% of the total cryptocurrency mining hardware
market. 30% of that comes from Bitmain’s work with BTC.com and
Antpool mining pools alone. This imbalance is often argued to be a
major fault in the long term viability of cryptocurrencies like
Bitcoin. The founding principal of P2P digital currency is that the
network is decentralized. But in this case, Bitmain is slowly
influencing almost the entire network, and those two mining pools
are centralizing the otherwise decentralized network.
"There should be a lot more players
in the bitcoin mining space and a lot more manufacturers,
especially if we can figure out everything that Whatsminer is doing
to get the efficiency gains that they've been getting." - David
Vorick, CEO of Obelisk (ASIC miner manufacturer)
Competitive mining chip
manufacturers will benefit the industry in terms of
decentralization, and further pushing the boundaries of
technological innovation. Bitmain will be forced to work harder
towards more efficient or entirely new hardware. But their
influence is long imprinted on the industry, leaving little room
for Bitewei to start building a following.
By: BGN Editorial Staff
News:
Bitewei
Bitmain
Cryptocurrency
Mining