Bitmain Antminer E3: Profitable ASIC Ethereum Mining?
ASICs (application-specific integrated circuit) is a microchip designed for a special application, such as a particular kind of transmission protocol or a handheld computer. They can be customized for a specific use and, generally more efficient at mining certain cryptocurrencies than processors or GPUs. ASICs have taken over the crypto mining industry. These ASIC machines mine at unprecedented speeds while consuming much less power from FPGA or GPU mining rigs.
Several reputable companies have established themselves with excellent products but Bitmain remains ahead of the pack with their new Bitmain Antminer E3.
Bitmain Technologies Ltd is a privately-owned company headquartered in Beijing founded by Jihan Wu and Micree Zhan in 2013. Last month it had was reported that the Chinese startup is making more money than Nvidia. Based on conservative estimates of gross margin of 65 percent, it can be calculated that the company made $3 billion to $4 billion in operating profits in 2017. In contrast, during the same period, Nvidia’s profit was $ 3 billion. One of the chief reason for making so much profit is that they shrewdly adjust the prices of miners according to bitcoin prices. The company operates Antpool which is one of the largest bitcoin mining pool.
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About Bitmain Antminer E3
Bitmain is now accepting pre-orders for a new model that could potentially reduce the demand for graphics cards for cryptocurrency mining. They are calling it the Antminer E3 and the new Ethash ASIC can be built for mining Ethereum and other cryptos based on the Ethash/ Dagger-Hashimoto algorithm. The pre-booked Bitmain Antminer E3 will be shipped in between 16-31 July 2018. The ordering limit is set to one to 1 per user.
The Bitmain Antminer E3 is their first ASIC miner capable of mining Ethereum. It is capable of delivering 180 MHS hashrate at 800W of power usage and will cost you $800 USD. In contrast, an overclocked NVIDIA GeForce GT 1080 Ti can push around 35 MH/s in Claymore mining Ethereum, so you’d need 5 of them overclocked to match a single Bitmain Antminer E3. If you get an Antminer E3, you are getting the equivalent of a regular GPU mining rig for Ethereum in terms of hashrate and power usage, but in a more compact and cost-efficient format.
Bitmain Antminer E3 Conclusion
It is important to take note that Ethereum could undergo a hard fork to an algorithm that is resistant to ASICs. This will render the Bitmain Antminer E3 obsolete. At a cost of $800, weighed with the specs. It’s a better proposition than mining with GPUs but doesn’t blow them out of the water. Other companies have been working on Ethash ASIC miners, so you can see products with similar specs coming up. Since the delivery dates are in July it is advisable to wait till you some products to compare with.
However, considering the demand for Bitmain’s Bitcoin ASIC, it can be expected this product will be popular. You can check out Antminer E3 on their webpage https://shop.bitmain.com/product/detail?pid=00020180403174908564M8dMJKtz06B7