Victor Ugochukwu · Dec 14, 2020 . 5min read
Nasdaq Listed Chinese Firms Launch Mining Rigs
The two Chinese ASIC mining rig firms Ebang and Canaan recently released some new bitcoin mining devices. Avalonminer 1146 Pro (63TH/s) and E12+ (50TH/s)
By Victor Ugochukwu · Aug 3, 2020 . 6min read
Two top firms which recently did their IPO and are now listed on Nasdaq announces the launch of their commercial mining rigs.
According to a report on Bitcoin.com, the two Chinese ASIC mining rig firms Ebang and Canaan recently released some new bitcoin mining devices. Canaan launched the Avalonminer 1146 Pro (63TH/s), while Ebang released the E12+ (50TH/s).
However, both Ebang and Canaan’s new machines do not produce as much hashrate as Microbt and Bitmain’s latest units. Canaan launched its Avalonminer 1146 Pro in June. It comes with a hashrate of 63TH/s and power consumption of [around] 3276W.
Contrary to Canaan, the new Ebang E12+ comes with a price tag displayed on website. The rig sells for $1,500 per unit. The E12+ churns a hashrate of around 50 terahash per second. It has an efficiency rating of around 2500W off the wall.
Additionally, Ebang’s E12+ has much lower power consumption than the Avalonminer 1146 Pro, but it is 13 terahash less when compared to the latter’s hashrate output.
Thes rigs are employed in the mining of Proof-of-work powered cryptocurrencies like Bitcoin, Bitcoin Cash, Bitcoin SV. Even Ethereum is still running on proof-of-work but plans on moving to proof-of-stake with the Serenity upgrade.
Bitmain and Microbt leading in Miners market share
Bitmain and Microbt are still the leading firms in ASIC miners production. These two firms combined have four of the top SHA256 mining rigs with over 3000W per unit off the wall. Also, each of these miners can produce 95 TH/s or higher.
As Bitcoin mining difficulty level increases especially due to halving a lot of miners have complained of lack of profitability.
Even Bitmain which was valued at $12 billion and eventually $14.5 billion in a pre-IPO round isn’t left out. Below is a profitability metrics of the top four ASIC miners in the industry.
From the chart above, both Bitmain and Microbt also lead when profitability is considered. Even though Canaan’s pricing isn’t available yet, Ebang’s E12+ does show that at current Bitcoin prices, the new machine is profitable by $0.80 to $2.00. Bitmain Antminer S19 Pro beats that by over 300%.
IPO listing is not a guarantee for market share
Microbt & Bitmain still have a much larger market share for ASIC mining rig sales. Consequently, Ebang and Canaan Chinese mining rig firms will have to do more to dislodge especially Bitmain and Microbt. As at this publication, Canaan’s stock on Nasdaq with the ticker CAN sell for $2.91. Ebang’s EBON is currently trading at $5.07 down from its ATH at $5.50