Despite The Merge event approaching, crypto mining giant Bitmain started selling a new Ethereum mining model – AntMiner E9 on its website on June 7.
Bitmain, the world’s leading Bitcoin (BTC) miner manufacturer, has started selling its new application-specific integrated circuit (ASIC) miner AntMiner E9. In particular, this release comes even as Ethereum’s most anticipated event in 2022 – The Merge is about to get underway.
The Chinese miner maker announced the news on its official Twitter page yesterday with the caption, “The time has come.”
According to news from this company, the new Ethereum miner will provide a hashrate of 2,400M, a power consumption of 1920 watts and an energy efficiency of 0.8 joules/min. In addition, Bitmain emphasized that the E9 is equivalent to 25 RTX 3080 graphics cards. The machine will go on sale at 9:00 AM ET on July 6. In fact, the new Antminer E9 was revealed over a year ago.
Unlike Bitcoin mining, which is mainly done with application-specific integrated circuits (ASICs). This means that chips designed specifically for Ethereum mining often use graphics processing units (GPUs), which are also used in other types of computers. The growing popularity of ETH mining is the main factor driving the sudden spike in GPU prices in 2021. It is also for this reason that technology company Nvidia (NVDA) has launched GPUs specifically for mining.
However, as the Ethereum network moved towards proof-of-stake (PoS) mining, the price of GPUs dropped significantly. The much-anticipated event The Merge has been consistently delayed over the past few months. After this event, the hardware can be used to mine other cryptocurrencies based on the Ethash algorithm.
The Merge is the current Ethereum integration event (using Proof-of-work) with Ethereum 2.0 or Beacon Chain (using Proof-of-stake) under construction. This is a historic milestone not only for Ethereum but also for the crypto market as this change will solve the scalability issue as well as reduce the environmental impact of mining.
In 2018, Bitmain released another Ethereum mining rig called Antminer E3. But now, this type of machine is no longer sold by the company on its website.
In April 2021, Ethereum Miners brought in $1.68 billion in revenue, reaching an all-time high in June ($2.4 billion). However, revenue since then has dropped significantly, totaling $549.58 million last month.
The harsh crypto market in 2022 has left many miners struggling. Many platforms have had to sell their miners or even their accumulated Bitcoins to pay off debt because of the high costs. Facing that situation, there are many sources that the CEO of FTX is considering acquiring mining companies that are “miserable” because of the downtrend market. If this is true, then Sam-Bankman Fired really has reached out to help many projects during this difficult period.