Chen Min, former chip maker of Bitcoin's mining chip developer, Canaan Creative, is turning his attention to Ethereum. Announcing its adventure at the Ethereum Classic Summit in Seoul, South Korea, Lin's new company Linzhi will focus on building cryptocurrency mining devices, and its first official products are a series of ASIC miners (Specific Integrated Circuit) ) designed specifically for Ethereum and Ethereum Classic.
The miners of Ethereum ASIC are relatively new. The first group arrived five months ago in April through the mining giant Bitcoin Bitmain. Known as Antminer's E3, they were shipped for the first time last July and cost around $ 800 per unit. The first batch sold out almost immediately, despite several sales restrictions, including Bitmain's "one unit per user" principle and restrictions on shipping to Taiwan and China. The company had advertised its new technology from the beginning of February.
The analyst of Susquehanna Christopher Rolland was one of the first voices to give the news. Rolland explained: "During our travels through Asia last week, we confirmed that Bitmain has already developed an Ethicum ASIC and is preparing the supply chain for shipments in [Q2 2018] . "
Unfortunately, the Ethereum community has posed several problems for Bitmain trying to stop the use of ASICs, which they believe cause centralization and prevent fair competition in the mining arena. Recently, a developer presented an Ethereum Enhancement Proposal (EIP) suggesting a hard fork of the Ethereum Network that would eventually prevent the use of ASICs in the mining of Ethereum.
In addition to this impediment EIP, Bitmain had to criticize for the release of its latest chip, the Antminer X3, which was built to extract Monero. The founder of the coin, Riccardo "Fluffypony" Spagni, said that the chip would be rendered inoperable from the moment it was ready for release, since Monero was programmed for a fork difficult to make it immune to ASICs.
In addition, Monero would undergo two-year changes that the developers claimed would discourage both the centralization of mining and the use of ASICs when the currency was extracted. Before selling the chip, Bitmain published on its Web site that the risks of cryptocurrency extraction could be "related to changes in cryptocurrency exchange rates or changes to the algorithm used to extract cryptocurrency". He also asked customers to "please, deliberate well before making a purchase", as they would not process any reimbursement.
During his conference at the Ethereum Classic Summit this week, Chen said Linzhi's new Ethereum miner would use only one-eighth of the energy consumed by Bitmain's devices. In addition, he said it would operate at around 1,400 million hashes per second – a considerable increase over the 190 million hashes per second that the Bitmain Antminers produce. If Chen's claims resist, Linzhi's product could produce up to $ 20 in ether per day – about $ 17 more than what miners would do using a Bitmain miner. At this rate, Chen believes that the money that people would pay for a unit could be recovered in as little as four months.
The miner is scheduled for release by April 2019, although Chen still has to offer a figure of what a single mining unit could cost.