Wall Street firm claims Ethereum [ETH] mining through Bitmain’s ASICs

Bitmain, the company which operates the most substantial cryptocurrency mining operation in the world and one of the industry’s largest suppliers of Bitcoin ASICs has practically cornered the Bitcoin mining market with its Antminer S9. According to a Wall Street firm, Bitmain has developed an ASIC chip to mine Ethereum.

Susquehanna Financial’s Christopher Rolland in a statement confirmed:

“Bitmain has already developed an ASIC for mining Ethereum, and is readying the supply chain for shipments in 2Q18”

There is rising deal of discomfort and concern over new Bitmain Ethereum ASICs. It is a mining software which is vastly superior to GPU while other users are skeptical about the creation of Hard Fork.

A Twitterati commented on the news:

“Another bad news of a day”

Bitcoin’s mining algorithm, based on SHA-256 cryptography, is vulnerable to becoming engineered into an ASIC chip. The ASICs used to mine Bitcoin are more efficient than other computer hardware. Hardware specialization is undeniable as it makes sure that only miners who can save money purchase or develop hardware can mine profitably.

The Wall Street firm also claimed that AMD and Nvidia will face a specialized digital currency mining chips by the end of the year.

Christopher Rolland also stated that:

“While Bitmain is likely to be the largest ASIC vendor (currently 70-80% of Bitcoin mining ASICs) and the first to market with this product, we have learned of at least three other companies working on Ethereum ASICs, all at various stages of development.”

It is not unusual for hardware vendors to purchase average performing GPU sput them in a black box, and sell them by rebranding it as a ‘specialized Ethereum miner’. Many specialists claim that most of Bitmain’s revenue is generated through selling the rigs mined their chips.

The ASICs that used to mine Bitcoin are more efficient than any other kinds of hardware. But by limiting access to specialized equipment, Bitcoin mining thus becomes unprofitable.

The post Wall Street firm claims Ethereum [ETH] mining through Bitmain’s ASICs appeared first on AMBCrypto.

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