Bitmain is one of the biggest players in the cryptocurrency mining industry. The Antminer series, which is widely used by miners, is the most well-known products of the company, which works with high efficiency in the production of ASIC mining machines.
At Bitcoin Amsterdam 2024, which will be held on October 9-10, the company presented its latest mining equipment, the S21+ Hyd and the S21+ Miners. The energy efficiency of the newly presented machines reaches the ratio of 15 J/T, and its computing power is close to 320 Tt.
Bitmain promises high efficiency
The Chinese hardware manufacturer has been producing equipment for cryptocurrency mining since 2013, and by 2023 it will dominate 75% of the ASIC mining machine market. The energy efficiency ratio of the machines presented by Bitmain promises unprecedented heights.
The energy efficiency ratio of the S21 + Hyd mining machine is 15 J/T, and the single-machine computing power is 319T. The energy efficiency ratio of the simple S21+ machine is 10% worse, 16.5 J/T. The lower the energy measured in joules required to produce 1 terahash computing capacity on a single machine, the better. The S21+ single-machine computing power is 216T.
Although the computing power of the S21+ is slightly less, it is energy efficiency (16.5 J/T) is still outstanding. A stable and efficient mining experience exists for both machines. The hardware manufacturer also announced that the conversion of the S21+ to the S21+ Hyd will also attack miners who signed up for models with equal computing power two months earlier.
The newest model of Antminer arrives
Bitmain’s best-known product line is Antminer, which helps miners produce cryptocurrencies with various models. The company also introduced the oil-cooled and air-cooled Antminer S21 XP mining machine and the water-cooled Antrack rack to meet the diverse needs of customers.
The energy efficiency of Antminer machines is 16 J/T, and their computing power is 335T. These debuted during the 2023 World Digital Mining Summit.
Antminer machine sales are key to Bitmain’s revenue. A product family that belongs to the world’s most popular and widespread ASIC mining machines, which generates 75-80% of the company’s revenues. The company’s expected revenues may increase further in 2024, after the 5.5-6 billion dollars produced in 2023. More than 80% of this revenue came from ASIC-based machines, but the S21 pro series can be behind this year’s growth.
Bitcoin’s hash rate breaks records
The hash rate of Bitcoin went through a significant increase in the first days of October. The number of computations performed per second increased from 625 EH/s on October 1 to 697 EH/s on October 9, which is an all-time high.
Evolution of the Bitcoin hashrate, source: Hashrate Index
An increase in hash rate indicates greater network security, which increases the resource requirements for malicious attackers to take over. A higher hash rate often indicates that more miners or more computing power are joining the network.
According to data from YCharts, the daily earnings of Bitcoin miners reached $33.70 million on October 1st, and it continues to grow. According to the analysis portal, however, the relapse significant compared to April’s $107.76 million.