The crypto world never ceases to amaze us. Shortly after Canaan, the world’s second largest producer of mining equipment introduced plans about a TV set that doubles as a crypto mining machine and post introduction of the infamous crypto-heaters earlier in the year, Chinese private company Bitmain has introduced two WiFi router models, that mine digital coins for you while connecting to the internet. This comes as something of great interest for crypto enthusiasts, as it is a revolutionary claim from the Shanghai based outlet, to be able to mine cryptocurrencies while surfing the web and that too, without exposure to any kind of malware.
The WiFi routers in waiting
Bitmain announced on Twitter, about their plans in introducing two WiFi router models of the capability to mine cryptocurrencies.
We are pleased to announce the #antrouter R3-DASH & R3-SIA, new miners from the R3 series that is also dual-function WiFi Router and Crypto Miner that can mine #dashcoin & #siacoin. Order here Dash: (https://t.co/bT7VM9FWUT) & Sia: (https://t.co/4WvlkK62Zc) now while stock lasts! pic.twitter.com/j7WhkShgJi
— Antminer_main (@Antminer_main) August 6, 2018
The devices, Antrouter R3-DASH and Antrouter R3-SIA, are designed to mine dash (DASH) and siacoin (SC), respectively. According to Bitmain, the product specification of the Antrouter R3-DASH provides detail that it is designed and tested only to mine DASH, while the other introduction, the Antrouter R3-SIA is capable of mining SiaCoin only and has been designed and tested for that particularity. However, Bitmain notes that it is possible to mine other X11 coins via the R3-DASH and other blake2b coins from the R3-SIA model but their efficiency and performance has not been guaranteed by the manufacturing company.
Further product specification reveals that the R3-DASH maintains a hashrate of 300M/s ± 5% and consumes 24.37W of electricity. The R3-SIA comes with a hashrate of 11.54G/s ± 5% and 22.6W of energy consumption and each device weighs around 0.6kg.
The Man Behind
The man sitting on the throne of one of the potentially largest fortunes in the modern world, is Wu Jihan, who is the co founder of Bitmain. In an interview with Bloomberg, Wu said that Bitmain had booked $2.5 billion of revenue last year and that he and co-founder Micree Zhan, together own about 60 percent of the business. He also revealed that he had a lesser share than Zhan, in the $12 billion company, Bitmain. His next mission is to get into artificial intelligence, and it has also been reported that he is considering an IPO. The innovation colluding WiFi routers and crypto mining is perhaps something only a shrewd business mind like Jihan’s could manufacture. He’s follows his philosophy of going beyond normal.
The challenge is advancing our technology beyond what we’ve already achieved,
What is Crypto Mining?
On this note, it is perhaps of great importance to know what crypto mining is and how it works. Here we try to make it simple enough for you. Cryptomining or cryptocurrency mining, is a procedure by virtue of which transactions of various forms of cryptocurrencies and digital assets are verified and added to the digital blockchain ledger. Known in different ways for different coins, such as Altcoin mining, Cryptocoin mining or for the most famous coin, Bitcoin mining, it has taken up increased activity and attention in the mainstream lately. It has also grown as a topic of interest since the cryptocurrency usage itself has grown exponentially in the last few years and is now known of by many worldwide, whether involved in crypto or not.
Each instant that a crypto transaction is made, a cryptocurrency miner is responsible for ensuring the authenticity of information and updating the blockchain with the details of the transactions. The digital ledgers, are the latest form of recording and accounting, which serves as a revolution with it’s association with digital transaction that serves as the basis of blockchain technology. Moreover, the invention of distributed ledgers represents a revolution in how information is gathered and communicated. It applies to both static data (a registry), and dynamic data (transactions).
Distributed ledgers allow users to move beyond the simple custodianship of a database and divert energy to how we use, manipulate and extract value from database. The mining process itself involves competing with other cryptominers to solve complicated mathematical problems with cryptographic hash functions that are associated with a block containing the transaction data. The first cryptominer to crack the code is rewarded by being able to authorize the transaction and in return, cryptominers are able to receive small amounts of cryptocurrency of their own. In order to be competitive, though, among other cryptominers, they require a computer and specialized hardware.
Further, a mining pool is the pooling of resources by miners who share the processing power over a network to split the reward equally, according to the work they contributed in the effort of finding a block. A share is rewarded to miners of the working pool who present an equivalent and valid partial proof of work.
Bitmain is the world’s mining company and producer of mining equipment and operates worldwide, with international offices in US, Israel, Netherlands and Switzerland which add to regional ones in Shenzhen, Shanghai, Chengdu, Hong Kong and Fuzhou. They specialize in ASIC chips that are used in Bitcoin making. They are well known for their bitcoin mining and designing exploits and have been in operation in Antpool, which is historically one of the largest bitcoin mining pools. The Chinese heavyweight company is valued at $12 Billion and has reported a profit of $1.1 billion USD in the first quarter of this year. Their venture with the newly introduced WiFi routers could very much take business up a notch. A full payment ensures delivery of a complete set within 10 days of order.