In line with a recent ‘press release‘ published, renowned Chinese [mining] & ASIC hardware manufacturer named ‘Bitmain’ has revealed its next generation 7nm [nanometer] ASIC mining chip.
The newly launched mining hardware namely ‘BM1397’, is designed for [mining] cryptocurrencies that use the SHA256 algorithm rule for their PoW [Proof-of-Work], like Bitcoin [BTC] and Bitcoin Cash [BCH].
BM1397 needs less power for mining cryptocurrencies, representing a 28.6% improvement in power potency as compared with the company’s previous 7nm chip, namely ‘BM1391’.
The new chip would be employed in new Antminer models — S17 and T17 — which are expected to be launched later this year.
As reported earlier, Bitmain has recently faced issues due to the prolonged ongoing bear ‘market conditions‘ and around ‘two‘ ‘lawsuits‘ filed against the firm. Bitmain reportedly recently closed its blockchain development center in ‘Israel‘, suspended its operations in ‘Texas’ [TX], and conjointly reduced its operations within the Netherlands in the past few months.
Other major mining firms are too facing challenges due to ongoing crypto market downfall. Recently in Dec. last year, Japanese web giant GMO Internet Group also ‘revealed‘ that it was leaving the Bitcoin mining hardware sector, citing its continual losses.
At the same time, U.S. gaming and computer manufacturer ‘Nvidia‘, that was one amongst the businesses most suffering from the market downswing and associated lack of demand for mining equipments, has recently reported full-year revenue gains despite its Q4 losses and the finished “crypto hangover.”
An another report by AMD stated the Radeon RX580 – AMD’s renowned GPU, that had been widely utilized by crypto miners, is currently being sold for just $179.99 USD. This means that the GPU, that reached a peak avg. worth around $550 USD earlier in the mid-of last year, has seen a price drop of around 67 percent throughout the year in 2019, dubbed ‘Mining Winter’ by some crypto entrepreneurs.