Bitcoin is a success story because of its strong network. Each node is part of that success story and many of them are actively mining. This is true, but also a very romantic view because mining is not some sort of community service by some Bitcoiners but in fact a thriving industry. This industry is dependent on two basic resources. Hash power and electricity.
Bitmain is working on a new miner
According to several news outlets and crypto blogs who refer to an article from “Digitimes Asia” a new miner is in the making. According to the reports, the new miner is called “S19XP” and will come with a hash power of 150 TH/s.
Bitmains’ current top model is the S19 Pro which is capable of 110 TH/s. It is expected that the new generation will not only increase the hash rate by 36 % but also use the same amount of power which is around 3 kilowatt-hours. Producing efficient hardware is not only important to maximize revenue for the mining industry but also servers a more important purpose.
Bitcoin has been criticized for its power consumption throughout the year 2021. Despite the fact that Bitcoin miners can use the power that is otherwise going to waste after being produced, concerns by environmentalists remain. With more efficient ASIC miners the power consumption is effectively kept at bay while the hash power is growing at the same time.
Supply shortages are severe
The global shortage of computer chips already hit several different industries this year. Car manufacturers, as well as computer hardware suppliers, had a difficult time producing the same amount of goods. One example is the market for GPUs. Gamers demand the cards, but because of the shortage and the demand from miners, prices have exploded and it is hard to predict when the market will recover.
The brand-new miners that are supposedly going to be released in summer 2022 are based on 5 nm chip technology. It remains to be seen if Bitmain is able to deliver enough miners despite global shortages and a semiconductor industry that is largely dependent on TSMC and the supply chains for that particular company.
It is expected that Bitmain will announce the new generation of miners later this week in Dubai. Aside from the information passed on by several crypto blogs and influencers, there has been no announcement or confirmation from Bitmain so far.