Bitmain attempts to Gain Investors’ Trust with its New ASIC Chip

By Raghav Sawhney

Bitmain has found a way to turn up the heat after the news that Bitmain’s earning over Q2 did not turn out as planned. An anonymous Twitter account, who claimed to be an insider, sprayed the rumours regarding Bitmain’s failures which attracted the attention of traders and news websites alike.

According to BTCKING555, the Bitmain’s investors are looking to drag the entire group along with Bitmain to the court. It seems that they manipulated and even omitted financial information — presumably with regards to the company profits.

BREAKING: Rumors – recent investors threatening to sue Bitmain for misrepresenting financial info & MATERIAL OMISSION. Warrantors in the Agreement defined as Jihan Wu and Ketuan Zhan. Also Liable – Group Companies: Bitmain Technology, Blocktrail, Hashnest, Tospring (to name few)

— BTCKING555 (@btcking555) September 17, 2018

The identification of BTCKING555 is not confirmed yet, however, this does not seem to distract Bitmain as the CEO Jihan Wu, in World Digital Mining Summit held in Georgia on Friday, announced the launch of a new ASIC mining hardware in an attempt to win the trust of his investors and get back on the race. In his introduction, Wu said that Bitmain has long been the leading mining hardware producer.

In the recent news Bitfury, one of the leading infrastructure providers for bitcoin mining revealed a new 14nm mining chip known as Bitfury Clarke. Bitfury claims the application-specific integrated circuit (ASIC) chip “offers the strongest performance among bitcoin mining chips and is unparalleled in efficiency.”

Soon after that Bitmain took the lead with the announcement of a new 7nm application-specific integrated circuit (ASIC) processor which will offer better hashing power and energy efficiency.

The SHA256 algorithm acceleration chip, over a billion transistors, and an integrated 7nm Finfet semiconductor will ensure higher efficiency compared to an older module.

However, Bitmain’s critic pointed out that they will have to try harder in order to gain the same trust.

BITMAIN [Not giving away ETH]
should be changed to
BITMAIN [Not producing new ASICS]

— BTCKING555 (@btcking555) September 21, 2018

According to Bitmain, BM1391 uses an advanced semiconductor manufacturing technology called 7nm FinFET, integrates “more than a billion transistors” and is optimized for energy efficiency. Wu further said that, in tests, the chip “can achieve a ratio of energy consumption to mining capacity that is as low as 42J/TH.”

The company is planning for the mass production of the new ASIC chip but has not released the detailed specification for the new ‘7nm FinFET’.

GMO, a Japanese tech giant also stated to launch the “world’s first” 7nm ASIC that will provide a has rate of 24TH/s with a power consumption of 1950W per unit.