According to the Los Angeles Police Department (LAPD), a 26-year-old man was arrested and charged with stealing 9,000 worth of application-specific integrated circuit (ASIC) bitcoin miners. Local reports confirmed that the man has been released from jail, and the LAPD stated that the investigation is ongoing. Canyon Country Resident Accused of Stealing 9K Worth of […]
Bitcoin News
Nicehash Partners With Marathon to Launch Custom Firmware for ASIC Bitcoin Miners
The bitcoin hashing power marketplace, Nicehash, has launched custom software for ASIC miners optimized for its mining platform. The firmware is designed to help miners drive greater efficiency from ASIC devices and increase revenue. Nicehash CEO said the collaboration with Marathon will strengthen its market position and enable miners globally to attain unparalleled efficiency and […]
Bitcoin News
Bitcoin Miner Bitdeer Expands With Acquisition of ASIC Designer Desiweminer
Bitdeer Technologies Group announced its acquisition of Desiweminer, a noted player in the crypto ASIC design landscape. The agreement, finalized on June 3, 2024, involves the exchange of 20 million Bitdeer shares and introduces stringent transfer restrictions, with a vesting period extending up to seven years. Bitdeer and Desiweminer Join Forces in Multimillion-Share Acquisition Deal […]
Bitcoin News
Senator Ted Cruz Acquires 3 Bitcoin ASIC Miners, Begins ‘Hashing’ in Texas
Republican Senator Ted Cruz from Texas has announced that he purchased three application-specific integrated circuit (ASIC) bitcoin miners. “I just bought 3 Bitcoin miners that started hashing today in Iraan, TX,” the Senator stated on X this week. “I’m proud to join the ranks of Texas bitcoin miners,” he added. Cruz is an ardent advocate […]
Bitcoin News
Bitcoin Advocate Says ASIC Devices’ Inflexibility Makes AI Involvement Unlikely for Bitcoin Miners
According to Joe Downie, the chief marketing officer at Nicehash, bitcoin miners struggling to stay afloat after the halving are unlikely to support or become involved with artificial intelligence (AI). This is because their application-specific integrated circuit (ASIC) miners now “only allow for mining on one algorithm.” Furthermore, Downie argued that bitcoin mining devices are […]
Bitcoin News
Amid Shifts in Bitcoin Mining Economics, Steep Discounts Emerge for Older ASIC Rigs
According to current metrics, older bitcoin mining rigs are not generating the same revenue as they did before the halving, particularly with the hashprice at approximately .056 per terahash per second (TH/s) per day. On April 25, Luxor Technologies reported a significant decline in the prices of application-specific integrated circuit (ASIC) bitcoin mining rigs, highlighting […]
Bitcoin News
Jack Dorsey’s Block Targets Chip Advancement With 3nm Bitcoin ASIC Mining Rig
On Tuesday, Jack Dorsey, the founder of Block, took to X to announce that the company is “building a mining rig.” Dorsey also shared a blog post authored by Block’s lead for mining hardware products, Naoise Irwin. The post revealed enhancements in the chip design, upgrading from the initially planned 5-nanometer (nm) process to an […]
Bitcoin News
Australian Court Sides With ASIC in a Case Pitting the Regulator Against a Crypto Startup
The Australian Securities and Investments Commission (ASIC) recently prevailed in its case against Block Earner after a court ruled that the crypto startup’s product offering violated the country’s Corporations Act. The judge ruled that the ASIC had “succeeded in establishing contraventions of s 601ED and 911A of the Act in relation to the Earner product.” […]
Bitcoin News
UAE-Based Phoenix Group Bolsters Mining Capabilities With $187M Bitmain Deal Amidst Global ASIC Race
Phoenix Group, a bitcoin mining and blockchain infrastructure company, recently disclosed its acquisition of 7 million in application-specific integrated circuit (ASIC) bitcoin mining rigs. The purchase was made from Bitmain, one of the leading ASIC manufacturers in the industry.
Phoenix Group Amplifies Mining Fleet With Latest ASIC Purchase From Bitmain
Listed on the Abu Dhabi Securities Exchange (ADX: PHX), Phoenix Group announced its latest agreement with Bitmain. The company stated that its 7 million investment was in Antminer-brand bitcoin mining rigs from the ASIC manufacturer. However, Phoenix did not reveal the total hashrate capacity obtained or the precise model types of the rigs purchased. The deal follows Phoenix’s recent procurement with another significant acquisition, this time from Bitmain’s rival, Microbt.
Earlier in December 2023, the United Arab Emirates-based bitcoin mining entity placed an order for ASICs valued at 0 million with Microbt. In a manner akin to its Bitmain agreement, Phoenix chose not to reveal the exact models of Microbt’s Whatminers purchased. Additionally, the company recently concluded its oversubscribed initial public offering (IPO), boosting its financial reserves with 0 million.
“This latest deal, following our successful IPO and partnerships, signals our relentless pursuit of excellence and solidifies our leadership in this dynamic space,” the co-founder and CEO of Phoenix Group, Bijan Alizadehfard remarked during the announcement. “Partnering with titans like Bitmain and [Microbt] equips us with the best tech, fuels our growth, and redefines the future of efficient and sustainable mining.”
Phoenix’s recent strategy corresponds with the ongoing bitcoin mining rig arms race, particularly as the network halving nears. Numerous ASICs, amounting to tens of thousands, have been ordered from leading manufacturers such as Bitmain, Microbt, and Canaan. This week, Cleanspark revealed its acquisition of 60,000 S21 miners from Bitmain, retaining the option to purchase up to 100,000 additional units. Similarly, Riot Platforms secured 66,500 units from Microbt and holds the option to add another 75 exahash per second (EH/s) of mining capacity.
What do you think about Phoenix’s latest deal with Bitmain? Share your thoughts and opinions about this subject in the comments section below.
Survival of the Fittest: The Evolution and Consolidation of ASIC Bitcoin Mining Rig Makers
Several years ago, the landscape of ASIC bitcoin mining producers was diverse. Yet, over the recent couple of years, a select few top manufacturers have sustained the production of bitcoin mining rigs.
ASIC Mining’s Changing Landscape
Once, numerous ASIC producers flourished, but today, only a few remain active in manufacturing bitcoin mining rigs. Currently, prominent names like Bitmain, Microbt, Canaan, and Auradine dominate the conversations.
Previously, industry leaders also included Bitfury, Innosilicon, GMO, Ebit, and Halong, alongside the still-active Canaan, Microbt, and Bitmain. Auradine, originating in California and known for its Teraflux miners, marks a relatively recent entry into the space.
Bitfury, while still engaged in the mining sector, has shifted its focus from ASIC production to blockchain infrastructure, offering services like operational management and optimal energy locales, alongside its Blockbox AC. The company continues to offer its Tardis server, launched in 2018, delivering 80 terahash per second (TH/s) of SHA256 mining power.
Once a prominent player, Innosilicon now pivots towards providing ASIC customization for bespoke ASIC apparatus. Despite its earlier dominance, Innosilicon’s Terminator units are no longer sold on Innosilicon’s web portal. The Japanese firm GMO Group, previously an active manufacturer of bitcoin mining machinery, halted its shipments of 7nm semiconductors in November 2018 and subsequently exited the manufacturing scene the following month.
2018 also saw Halong Mining emerge, with some predicting it would dethrone Bitmain. Despite these predictions and controversies over the originality of its miners, Halong has since ceased production, with its last social media update in May 2018. Ebang, another manufacturer that has quieted down, released its last significant model, the Ebit E11++, in October 2018, offering up to 44 TH/s.
While earlier machines from Bitfury, Halong, Ebang, GMO, and Innosilicon are now considered outdated compared to modern Avalons, Antminers, Whatsminers, and Teraflux miners, they still find use under specific, low-cost electricity conditions and continue to circulate in secondary markets.
Canaan continues to innovate with its Avalon ASIC mining rigs, the first ASIC bitcoin miner in the market, enhancing efficiency. Bitmain and Microbt remain influential, consistently releasing new lines of Antminers and Whatsminers. Microbt has maintained a strong presence in the industry since 2016. All three have been actively engaging with specific mining operators this year.
For example, Stronghold Mining partnered with Canaan’s Cantaloupe Digital and followed up by ordering 2,000 Avalon-made machines. Recently, Bitmain and Microbt have distributed thousands of advanced mining machines to leading industry players. North American newcomer Auradine introduced itself in 2022, recently unveiling its Teraflux bitcoin miners.
Like Canaan, Microbt, and Bitmain, Auradine has focused on producing miners with improved efficiency and high terahash output for both air-cooled and immersion-cooled systems. Since the inception of air-cooled machines, the advent of hydro-cooled and immersion-cooled ASICs has significantly increased the terahash output and efficiency of these devices.
The consolidation of just a few key players begs the question: What’s driven the mass departure from the bitcoin mining industry? It might be the industry’s exacting competition and substantial entry barriers that make it a formidable arena for sustainability. The hefty investment demands, swift pace of technological progress, and the crypto market’s inherent volatility could dissuade newcomers and thin out those unable to adapt quickly or expand effectively.
The enduring presence of certain manufacturers that have lasted stands as a testament to their adaptability and robustness in the demanding realm of high-tech semiconductor and ASIC bitcoin mining rig production.
What do you think about the fact that there aren’t as many bitcoin mining rig manufacturers as there used to be? Share your thoughts and opinions about this subject in the comments section below.