Bitcoin Mining Rigs Set for New Upgrades as 2020 Block Reward Halving Approaches
Bitcoin halving set for 2020 has seen manufacturers of mining machines up the game in preparation for the event. Leading firms within this arena are now producing more efficient Bitcoin mining rigs with notable players such as Bitmain, Ebang and Pangolin increasing power by over 500%.
At the moment, Bitcoin mining hashrates are at the highest since the inception of cryptocurrencies. The figure stood at 42 million TH/s at the beginning of 2019 and is now up by over 160% to the current 108 million TH/s. This is a clear indication of manufacturers trying to give their clients a competitive edge as we approach the BTC halving.
Next Generation Bitcoin Mining Rigs
A number of new mining rigs have been releases to the market mainly towards the end of Q3 in 2019. One notable example is the Microbt Whatsminer manufactured by Pangolin, the mining rig boasts of an efficiency powered by 12nm chips and delivers a hasrate of 70 TH/s. This is a major improvement from previous products that relied on the 28nm and 16nm and could only produce a maximum hashrate of 33TH/s. China’s, Bitmain, is also gearing up for the next generation of mining machines with its latest version of ASIC computers producing a hashrate of 73TH/s.
Given the speculation of diminishing profits from mining Bitcoin, most players are now looking for machines powered by the 7nm chips. Bitmain however has been at the forefront with this hardware and seems to be leveraging on its experience of producing the S9 during the Bitcoin halving of 2016.
As of press date, crypto market participants are optimistic of a price surge in the leading digital asset. This is mainly informed by how Bitcoin has previously behaved before and after halving. However, given its volatile nature, one cannot make solid assumptions on how the price will behave which leaves predictions on mining profits in the grey also.