Former Canaan Bitcoin Chip Maker Forms Linzhi to Bring ASICs to Ethereum Mining with Project Lavasnow
According to Coin Desk’s reporting, former chip designer and current CEO, Chen Min has announced plans of her own to produce crypto mining devices called ‘Linzhi’. The project dubbed, ‘Project Lavasnow’, seems to take over the capacities of Bitmain miners in three different ways.
First, the project plans to focus on the ethhash algorithm that supports both Ethereum (ETH) and Ethereum Classic (ETC). As per the claims made, the Ethereum protocol will be introduced to application-specific integrated circuits (ASICs) miners, which has been scheduled for launch in 2019.
Second, Chen trusts that Linzhi is an energy-efficient way of crypto-mining, as it will only utilize approximately 12.5 percent of the total energy expenditure incurred by Bitmain’s ethhash miners. This statement, along with others, were shared by the CEO herself during the Ethereum Classic Summit Seoul, which allegedly took place this week.
Another affirmation that was made in presenting Linzhi was the potential earnings one could make as a miner. Comparing it to the earnings of a Bitmain miner, Chen revealed that Linzhi can give users about $20 per day, which is nearly seven times more than Bitmain’s $3 per day. While the former might seem far more beneficial, we also need to consider the cost of the miner itself, which has not been disclosed as of yet. However, Chen argues that miners could break even in as little as four months.
ASICs miners have been frowned upon by the crypto community and this is also something Chen discussed during the summit. In particular, she stood against the claims that ASICs are centralized, pointing out that the devices should not be classified in that sense, but rather “the style of the business.”