Bitmain, a crypto mining hardware company based in Beijing, has announced a new mining model for the Ethereum network.
Bitmain, a Beijing-based crypto mining hardware manufacturer, revealed on Friday that the AntMiner E9, an application-specific integrated circuit (ASIC) miner based on the Ethash algorithm, would be available shortly. This move comes amid the Ethereum mining revenues, which have already pushed up prices for both GPU and ASIC mining equipment. As bitcoin’s price hit new all-time highs this year, the crypto industry gained mainstream attention.
E9 rates and technical specifications are yet to be announced by Bitmain.
Bitmain has yet to announce the prices and technical specifications for the E9, which is based on the AntMiner E3 that was released in 2018. Since the world is experiencing a chip shortage on a global scale, it’s unclear when Bitmain will be able to release the model with shipment data. The A10 Pro, produced by Wuhan-based manufacturer InnoSilicon, is the most commonly used Ethereum ASIC miner on the market, with a processing power of 500 to 750 mega hashes per second (MH/s) depending on the exact models.
In March, Ethereum mining revenue reached $1.38 billion.
According to quotes posted by Chinese mining hardware resellers, a used A10 Pro with 500 MH/s of hashing power could sell for over 70,000 yuan, or nearly $11,000. According to data from F2Pool’s miner profitability index, an A10 Pro with 500 MH/s of computing power can generate $55.91 in Ethereum mining revenue with a 98 percent gross profit margin. Since October, Ethereum’s monthly mining revenue has risen steadily, reaching $1.38 billion in March. Because of bitcoin’s unparalleled reality, the crypto industry has gained huge mainstream attention this year. The crypto industry has benefited from Coinbase’s Nasdaq listing.