Bitmain has announced the launch of a new ASIC mining chip, the BM139, which will up the SHA256 algorithm game of soon to be released machines.
The CEO and co-founder of Bitmain, Jihan Wu unveiled the news of the upcoming release at the World Digital Mining Summit in Georgia.
“The ASIC chip integrates more than a billion transistors and is optimized for maximum efficiency. Thanks to its unique circuit structure and low power technology, it is stable and more efficient.”
This news comes at a time when the future of Bitmain’s initial public offering (IPO), that was announced to begin in September, doesn’t seem to be as bright as the company intended. A number of investors that were allegedly linked to the IPO have denied any funding associated with Bitmain. The companies unjustified faith in BCH (Bitcoin.Cash) has also been a reason for the investors to be wary of the IPO.
Samson Mow, a Chinese-Canadian Bitcoin enthusiast has already criticized Bitmain on Twitter for not sharing all the information to their pre-IPO investors regarding their financial situations, reasoning that this implies that Bitmain does not want to disclose their losses. Once again Mow is claiming that the situation isn’t as good as Bitmain are trying to make it out to be and that the new chips aren’t as impressive as they sound.
Let’s take a closer look at Bitmain’s announcement at #WDMS #miningconf for their “next gen” 7nm ASIC chips. To most people this may seem like a big deal and good news, but actually the announcement shows things aren’t looking too good for Bitmain. Read on. #BitmainIPO
— Samson Mow (@Excellion) September 21, 2018
WHY IS IT IMPORTANT?
- Bitmain is a huge player in the crypto market, dominating the mining sphere and producing equipment for mining. Earlier this year the company announced their intent to launch an IPO hoping to raise $18 billion in the process.
- The new ASIC chips can help the company recover from their temporary down if they turn out to be as efficient as claimed, as well as give miners the ability to increase their mining performance.
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