The former chief chip maker at Bitcoin mining chip developer Canaan Creative Chen Min has now put Ethereum Classic (ETC) under her watchful vision as her attention turns towards Ethereum ASIC miner. Chen announced at the Ethereum Classic Summit in Seoul, South Korea, that her new company Linzhi will focus on building cryptocurrency mining devices. The first official productions would be a series of application specific integrated circuit (ASIC) miners designed specifically for Ethereum and Ethereum Classic.
Ethereum Classic shared the news on their Twitter feed, seeming rather buoyed with the recent developments along with the impromptu attention given by Chen. Using their slogan #ClassicIsComing, ETC tweeted:
“Chen Min, former chief chip maker at #Bitcoin mining chip developer Canaan Creative, is turning her attention to Ethereum Classic”
— Ethereum Classic (@eth_classic) September 18, 2018
Ethereum ASIC miners are relatively new. The first group was designed by Bitcoin mining giant Bitmain in April by the name of Antminer E3 and its first batch sold out almost immediately. However, the Ethereum community posted several problems for Bitmain by seeking to halt the used of ASICs which they believe caused centralization and prevent fair competition in the mining arena. Bitmain then was criticized for its release of Antminer X3, which was built to mine Monero.
This space seemingly gave Chen and Linzhi encouragement to step into Ethereum ASIC mining which gives a new dimension to the prospects of Ethereum Classic, a relatively new smart contracts cryptocurrency.
During her talk at the Ethereum Classic Summit earlier this week, Chen claimed that Linzhi’s new Ethereum miner would use only one-eighth of the power consumed by Bitmain’s Antminer series. Moreover, she said that it would run at about 1,400 million hashes per second, which is a sizable increase to the 190 million hashes of the Antminers. If Chen’s claims hold up, Linzhi’s product could produce as much as $20 in ether per day – about $17 more than what miners would make using a Bitmain miner.
The miner is slated for release by April 2019, though Chen has yet to offer a figure of what a single mining unit might cost. Ethereum Classic is yet to respond at press time to BlockPublisher’s query about its future plans and ASIC miner production schedule.