, 2 years ago
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.
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.
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.
May 22, 2023
Every year the Bitcoin community is celebrating the fact that somebody bought two pizzas online. This looks a little bit strange at first glance but it is one of the most important moments in Bitcoin’s history. What is Bitcoin Pizza Day all about and why is everybody celebrating it?
May 22, 2023
The guys who self-identify as the Taproot Wizards - Eric Wall and Udi Wertheimer - entered the main stage of Bitcoin Miami to loud cheers. After their short and silly wizard dance, the panel discussion started in earnest. But not everyone in the Bitcoin community is a fan of their quirky attitude and projects.
May 19, 2023
We wrote about it earlier: Jason Lowery believes Bitcoin could become the world's reserve currency and that countries should engage in a peaceful "arms race" to mine Bitcoin. He believes Bitcoin is a form of digital property that will be defended similar to how navies secure maritime thoroughfare. Not everyone is sold on this concept. Let's discuss a contrarian view.
May 18, 2023
Stablecoin issuer Tether (USDT) in its recent reserves report reveals that the company holds approximately 52 thousand BTC, worth a respectable $1.5 billion. This is only a fraction of its total assets but signals an interesting potential trend of institutions allocating a piece of their capital to Bitcoin.
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