Ebang Communication, a Chinese Bitcoin mining company, has announced a new line of mining machines that continue the hash rate arms race.
The new series is called the Ebit Miner E-11. According to advertising materials, the devices use ten-nanometer semiconductor technology and achieve hashrates of between 30 and 44 trillion hashes per second (TH/s).
The announcement was made at the World Digital Mining Summit in Tbilisi, Georgia.
#Ebang has just announced their next gen miners, the E11 series with 10nm chips up to efficiencies of 45J/TH. That’s for the entire miner at the wall, not the chip. Ebang has maxed out gains for the 10nm process node, and it far exceeds Bitmain’s 7nm stats. #WDMS #miningconf 🍿 pic.twitter.com/jzXx3AYZWI
— Samson Mow (@Excellion) September 22, 2018
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50 Million TH/s
Hashrate describes the computing power that a mining device can bring to bear. The higher the rate, the more likely a successful block verification. Currently, the combined power of all mining devices active on the Bitcoin blockchain is approximately 50 million TH/s, according to blockchain.com.
It is generally not possible to profitably run these machines at home, because of the cost of the electricity needed; Bitcoin is mainly mined by companies that run large numbers of machines. However, there is still a market for these machines because people can link their devices up to a network and take home a share of the combined takings. This is known as a mining pool.
Zhejiang-based Ebang’s new machines are not yet available, but according to the reported specifications, they will be among the most powerful machines available.
These mining devices are part of a new generation being released by all major mining companies.
Initial Public Offering
Ebang, which claims to control 11 percent of the ASIC market, is one of three big Chinese cryptocurrency mining outfits that stand to go public on the Hong Kong Stock Exchange in the near future. It filed its application in June 2018 and is currently awaiting a September meeting with the exchange’s listing committee. It aims to raise $1 billion from the sale of its shares.
The other two companies are Bitmain Technologies and Canaan Creative. Bitmain announced its own new line of mining devices, which are equipped with seven-nanometer microchips, at the aforementioned Georgia conference, and in August, Canaan revealed its new ‘Avalonminers’ which it claims can achieve between 26.5 and 30 TH/s.