BitcoinBusiness & Finance

Bitmain Upgrades to Save Mining Costs

In the past, Bitmain underwent several changes such as generating next-generation ASIC chips and mining machines on one occasion and preparing to go public with an IPO on another occasion. Recently, Bitmain has implemented an upgrade to activate overt AsicBoost for bitcoin miners. This upgrade aims to minimize mining costs as compared to the cost encountered when other traditional mining setups are employed.

Lazar Jaric, a cryptocurrency analyst, writer, mining and cloud mining expert, spoke to BlockPublisher. He explained his take on the developments encompassing bitcoin mining. He stated:

Development is underway to help it [bitcoin] deal with its mining efficiency, as well as control its inflation.

After it was confirmedmthat AsicBoost could be supported by Bitmain’s Anrminer S9, Bitmain enabled AsicBoost to increase effectiveness for future Antminer models and to provide the framework for a strong network. With the enabling, Bitmain fulfilled its two aims that included introducing future effectiveness and making a stronger network.

By activating the AsicBoost, the company claims that the efficiency of customer’s hardware increases. Moreover, J/TH cost sees a decrease while hashrate increases. Besides this, bitcoin network is made stronger as compared to the scenario when AsicBoost is not enabled.

AsicBoost is the combined effort of Timo Hanke and Sergio Lerner. It requires less work as compared to the work done by SHA256 miners to create a hash.  It can be implemented in both ways, overtly or covertly.

Bitmain was reluctant to upgrade initially because of the illegal concerns that were associated with AsicBoost. Instead of the upgrade, Bitmain looked into its R&D department and production of mining chips. However, when Bitmain realized that many manufacturers advertised and used AsicBoost, Bitmain introduced AsicBoost on BTC.com and Antpool for mining.

Bitmain claims that it is determined to produce the most effective miners in the market. It further claims an improvement in mining efficiency was observed after the test run of AsicBoost on Bitmain’s testnet.

Until now, only Antminer S9 is launched for offering overt Asicboost functionality. Bitmain is expected to launch Antminer R4, T9, S9i etc. in the time span of one week so that other BM 1387-based models can also be enhanced with the AsicBoost.

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Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Email: fatir@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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