Top Bitcoin Mining Firms Bitmain, Ebang, and Canaan Are Shifting Focus to the Development of AI Chips

The Bitcoin mining industry is facing an overhaul in mining equipment production as three of the top mining pools – Bitmain, Ebang, and Canaan – all aim at introducing AI-powered mining chips in the future.

  • Major Bitcoin mining firms are focusing on the development of high-powered AI equipment to stay ahead of the curve and bring in new revenue streams.
  • This follows the high volatility experienced in mining revenues and costs across the first half of 2020, a report by TokenInsight Analysis states.

The Bitcoin mining industry is facing an overhaul in mining equipment production as three of the top mining pools – Bitmain, Ebang, and Canaan – all aim at introducing AI chips in the future. Since the launch of Bitcoin, miners have pocketed over $14 billion in rewards, but this revenue is slowly diminishing as new, higher-powered mining rigs outperform older machines.

Bitcoin mining firms are aiming to further the technological progress in chip research and development by introducing AI or Artificial Intelligence.

Across the first half of 2020, newer and more powerful machines, including Bitmain's S19 and S19 Pro, WhatsMiner M30 series, and Canaan's A1146 Pro and A1166 Pro have launched, improving the power consumption and optimization to earn sufficient rewards. According to the report, older machines are seeing a rise in costs of mining BTC since the halving in May hence lowering their profitability as and “putting their revenue at stake.”

In a bid to beat the ever-advancing mining rigs, Samsung and Taiwan’s Semiconductor Manufacturing Company (TSMC) are testing 3nm chips with a mass production plan in 2022. However, these chips are already reaching the physical limits, and the latter plans to launch 2nm chips in 2024.

Bitmain, Ebang, and Canaan are, however, focusing on the next level – AI-powered chips. According to the report, AI chips offer a broader and faster prospect than its predecessors, ensuring “a high degree of overlap with mining machine chips in terms of design and manufacturing.” Additionally, these chips will offer high calculation speeds, in the millions per second, and “can also be quickly transplanted to the field of AI chips.”

As such, BTC mining firms will be fighting to lead the manufacturing of these AI chips to provide mining manufacturers with a new revenue stream as we head into the next halving.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

Digital Assets Beat Traditional Assets by a Wide Margin & Ethereum Outperforms Bitcoin

In 2020 to date, Bitcoin has seen a positive performance of 80% and Ethereum 217%. With these gains, digital currencies are leading this year, with...

Filecoin Miners Will Receive 25% Of The FIL Rewards Immediately After A Successful Network Upgrade

Filecoin (FIL) miners set to receive 25% of their rewards instantly for miners that successfully activated the FIP-004 protocol at block number #170,000. Given...

PayPal Exploring Acquiring Crypto Companies, Already in Talks with Bitcoin Custodian BitGo

PayPal is now exploring acquisitions of crypto companies, including bitcoin custodian BitGo, reported Bloomberg. This week, Paypal announcing support, buy, sell, and hold for cryptos...

Bitcoin Is Having A “Sell-Side Liquidity Crisis,” As BTC Buyers Outweigh the Sellers

After an explosive start of the week that took us to a 13-months high of $13,300, Bitcoin is taking a breather just under $13,000. Interestingly,...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today