The Chinese mining devices manufacturer will launch two new products to the market before the next Bitcoin halving, which is scheduled for May 2020, South China Morning Post reported last Wednesday.
These new ASIC miners will be launched at the end of 2019. Bitmain's representatives expect the new product to enjoy a very high demand since miners believe the crypto market will recover soon.
According to the company, the S17 and T17 devices will be equipped with 7 nm chips, which are 30% more efficient than the previous generation.
Several sources familiar with the matter said both products are still in their design stage since the chip maker TSMC does not have capacity to make these new chips for Bitmain and the demand for mining devices remains low.
This is not the first time Bitmain makes this move: in 2016, right before the previous Bitcoin halving (the reward granted to miners for adding a block to the blockchain is cut in half), the company launched the Antminer S9. This model became one of the company's most popular devices, and even a year after its launch, it represented about 60% of the company's total sales.
However, many experts think that the Chinese giant might not be so lucky this time since the competition in the mining industry has increased significantly.
We have recently reported that Bitmain investors are preparing a class action lawsuit against the company in Hong Kong. They want to recover their investments after the expiration of the company's IPO application.
However, the recent negative news around Bitcoin and various hacks do not seem to have influenced on Bitcoin's price. As FxPro financial analyst Alex Kuptsikevich says: "...the most interesting thing on the crypto market occurs on days when 'no one bothers': during the weekend." Therefore, we can just wait and see what happens this weekend.
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