Bitmain’s Game Plan: Rushes in Bitcoin Mining Chip Just a Day Before Reporting $500 Million Loss in IPO

Bitmain

Bitmain’s Game Plan: Rushes in Bitcoin Mining Chip Just a Day Before Reporting $500 Million Loss in IPO

Just yesterday, Bitmain announced the release of a new 7-nanometer Bitcoin mining processor that the company says offers new levels of energy efficiency. BM1397, the new ASIC (application-specific integrated circuit) will reportedly offer improvements in chip size, energy efficiency, and performance in the mining of the proof-of-work (POW) cryptocurrencies that are based on the SHA256 algorithm including Bitcoin (BTC) and Bitcoin Cash (BCH).

Bitmain Technologies said in its official announcement:

“This is a 28.6 percent improvement in power efficiency in comparison with Bitmain’s previous 7nm chip, the BM1391. To achieve this, Bitmain’s engineering team has thoroughly customized the chip design to optimize its architecture, circuit and economics.”

These new chips are made using TSMC, (Bitmain’s chip supplier, Taiwan Semiconductor Manufacturing Company) which the company says it is “a testament to Bitmain’s improvements in chip design methodology and deep understanding of the most advanced semiconductor fabrication technologies.”

The BM1397 chip that will feature new Antminer models the S17 and T17, to be announced at a later date by the company, is designed to provide a better mining experience while aiming to “set a new benchmark in ASIC chip technology.”

Bitmain Losses $500 Million in IPO Filing

Now, just a day after, the world’s largest maker of crypto mining equipment has reportedly made a loss of $0.5 billion in quarter 3 of 2018, reported CoinDesk. Citing a source, who saw the filing, during the first nine months of 2018, the company made a revenue of $3 billion while Quarter 3 saw only $200 million.

The Beijing-based company that filed for an Initial Public Offer (IPO) in September last year recently provided its financial results update to the Hong Kong Stock Exchange (HKEx). However, according to HKEx rules, “the latest financial period reported on by the reporting accountants for a new applicant must not have ended more than six months from the date of the listing document.”

Bitmain is currently going through a rough patch as there had been news of office closures and staff layoffs due to the slump in cryptocurrency prices as its main businesses are manufacturing the mining equipment and operating the mining pools.

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Bitmain’s Game Plan: Rushes in Bitcoin Mining Chip Just a Day Before Reporting $500 Million Loss in IPO
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Bitmain’s Game Plan: Rushes in Bitcoin Mining Chip Just a Day Before Reporting $500 Million Loss in IPO
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Bitmain announced the release of a new 7-nanometer Bitcoin mining processor that the company says offers new levels of energy efficiency. BM1397, the new ASIC (application-specific integrated circuit) will reportedly offer improvements in chip size, energy efficiency, and performance in the mining of the proof-of-work (POW) cryptocurrencies that are based on the SHA256 algorithm including Bitcoin (BTC) and Bitcoin Cash (BCH).
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Author: Anjali Tyagi

Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.

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Anjali Tyagi 440 Articles

Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.

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