Following the Bitcoin mining reward halving event that took place at the beginning of last month, there has been a dip in the Bitcoin hashrate, but not one that has been too substantial or irreversible. In fact, the news is even better for the mining ecosystem now as a new model of mining rig has been released by world-leading mining hardware producer Bitmain.
The new Antminer T19 Bitcoin Mining application-specific integrated circuit (ASIC) rigs have followed soon on from the Antminer S17+ mining ASICs which were reportedly defective and faulty in some situations.
However, the latest rigs, announced on June 1, will feature a SHA256 hash rate of 84 terahash/second with a 3% error margin and a power efficiency of 37.5 joules/terahash with a 5% error margin. This performance is remarkable and should help bolster the lagging Bitcoin hashrate which suffered at the account of a 50 percent reduction in profitability.
The fall in Bitcoin’s hashrate was always to be expected following the halving event as it suddenly cut the number of coins coming to miners by 50 percent and thus impacted their business substantially in such an incentive-based game.
However, the fall was not nearly as dramatic or damaging as it could have been — especially based on what happened with the two other forks of Bitcoin, Bitcoin Cash and Bitcoin SV, which had their halvings just before.
Bitcoin’s hashrate, in fact, fell just a little more than it did when the price of the coin suddenly dropped in March when the impact of the Covid-19 pandemic struck all markets. Now, the hashrate is once again climbing as a difficulty adjustment has helped, as well as the potential for more gains.
Troubles at Bitmain
Bitmain has long been heralded as the leader in Bitcoin mining equipment, but there have been a few issues at the company in recent times. The issues with the S17+ did not help boost the company’s image, and this follows on from the controversial sacking of one of its heads, and the failed IPO last year.
In October, Bitmain CEO Jihan Wu ousted co-founder Micree Keutan Zhan, who was also the major shareholder with a 60% stake in Bitmain.
While Zhan claimed that he was “stabbed” in the back and he would return “as soon as possible through legal methods,” no proper revelation as to what actually happened has been made.
Still, the mining ecosystem is still on the rise, and Bitmain continues to play an important role in its expansion and the security of the Bitcoin network.