Bitcoin [BTC] chip miners to overthrow Bitmain as the dominant mining giant?

On 21st September, the two of the biggest Bitcoin influencers, Tone Vays and Jimmy Song appeared on a YouTube broadcast to discuss the hottest topics in the cryptocurrency space. The focus of the conversation was Bitfury’s claim to have launched the best ASIC Bitcoin miner earlier this week.

According to the Bitcoin Core developer, Jimmy Song, the announcement of Bitfury’s new ASIC chip miner along with Bitewei’s WhatsMiner launch is going to break the monopoly claimed by Bitmain in the space. Bitmain is the mining giant based in China and is feared to have a hashing power of over 40% in the Bitcoin network. This can enable Bitmain to charge a 51% attack on the network, leading it into a crash.

The interesting thing about this is that it’s a 14 nanometer process and apparently they got all of the efficiencies out of it. This along with the news of WhatsMiner […] I think the monopoly of Bitmain is breaking up.”

Song also stated that the lead chip designer at Bitmain quit the company and moved to Bitewei [WhatsMiner] for the same job. He believes that WhatsMiner is doing appreciable work in the field of ASIC chip designing. He also mentioned the legal suite that took place between Bitmain and Bitewei.

Here, Bitmain sued Bitewei over a serial power supply circuit patent to prevent manufacturers from working with Bitewei. However, China’s governing body known as the State Intellectual Property Office invalidated Bitmain’s patent in April 2018.

Bitfury is also likely to achieve success with its new mining chip as a 14-nanometer chip has inherent advantages over a 16-nanometer chip, stated Song. Furthermore, he said that the chip is going to be faster and more efficient than other products, and might takeover Bitmain through the price factor.

Tone Vays joined in to share his viewpoint on Bitfury. He stated that the new launch is going to help the company’s business. Additionally, he mentioned the history of Bitfury where it was more successful than Bitmain, having the mining operation of close to 51% attack on the Bitcoin network at one point. However, the company is preparing a comeback now since its mining operations shrunk to a considerable percentage previously.

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