Bitmain has a New ASIC Chip for Mining BTC and BCH

Bitmain has a New ASIC Chip for Mining BTC and BCH

The BM1397 is the next generation 7nm ASIC chip designed for mining SHA-256 cryptocurrencies, like bitcoin and bitcoin cash. It is the latest release by mining rig producer Bitmain

To achieve [better efficiency], Bitmain’s engineering team has thoroughly customized the chip design to optimize its architecture, circuit, and economics


The new product, made using 7nm FinFET process by TSMC, was revealed through a press release published on 18 February 2019. The BM1397 is touted to have a greater degree of efficiency than its precursor, the BM1391. The new chip has an energy consumption to computing ratio of 30J/TH – which is a 28.6% improvement in contrast to the BM1391 – thus, has a low power outlay.

Bitmain’s BM1397 will be part of the yet to be released Antminer models, the S17 and T17.


In November 2018, Bitmain restructured its Board of Directors in an effort to simplify the board for their much-desired IPO. Also in November, the mining rig manufacturer released two Antminer models.

In January 2019, Bitmain co-founders Jihan Wu and Micree Zhan Ketuan stepped down from their CEO positions but they still hold decision making powers. Also on the same month, the HKEX spotted problems in the company’s IPO proposal.


8,744 USD


437.73 USD

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Bitcoin Price (BTC) Could Retest Key Support Before Fresh Increase

Bitcoin price climbed higher recently above the $11,000 resistance level against the US Dollar. The price spiked towards $11,200 and recently corrected lower below $10,800. There is a connecting bullish trend line forming with support near $10,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price could retest the key $10,000 support level before it could rise again towards $11,000. Bitcoin price is struggling to continue higher above $10,800 support against the US Dollar. Therefore, BTC price might decline towards $10,000 before it could start a fresh increase. Bitcoin Price Analysis After a successful close above the $10,000 pivot level, bitcoin price extended gains against the US Dollar. The BTC/USD pair broke the $10,500 and $10,800 resistance levels. Moreover, the pair settled above the $10,500 level and the 100 hourly simple moving average. Finally, the price broke the $11,000 resistance level. Finally, a new swing high was formed near $11,200 and recently the price started a downside correction. The price traded below the $10,800 support level to start the correction. It even broke the $10,500 support level and spiked towards the $10,000 level. A swing low was formed near $10,018 and the price found support near the 100 hourly simple moving average. Bitcoin price started a decent rise and broke the $10,400 level. Moreover, there was a break above the 23.6% Fib retracement level of the recent slide from the $11,200 high to $10,018 low. However, the upward move is facing hurdles near the $10,700 level. More importantly, the 50% Fib retracement level of the recent slide from the $11,200 high to $10,018 low is capping the upward move. At the moment, the price is struggling to gain momentum above the $10,700 and $10,800 levels. Therefore, if there is an upside break above $10,800, there are chances of more gains above $11,000. On the downside, there are many supports near the $10,500 level. Moreover, there is a connecting bullish trend line forming with support near $10,450 on the hourly chart of the BTC/USD pair. If there is a downside break below the trend line and the 100 hourly SMA, there could be more downsides towards $10,000 in the coming sessions. Looking at the chart, bitcoin price is clearly struggling to gain traction above $10,800. Therefore, if the bulls continue to struggle, there are chances of a downside thrust towards the $10,000 support level before BTC climbs higher again towards $11,200. Technical indicators: Hourly MACD – The MACD is slowly moving back into the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving lower and is below the 50 level. Major Support Levels – $10,400 followed by $10,000. Major Resistance Levels – $10,800, $11,000 and $11,200. Bitcoin Price (BTC) Could Retest Key Support Before Fresh Increase was last modified: July 22nd, 2019 by Aayush JindalThe post Bitcoin Price (BTC) Could Retest Key Support Before Fresh Increase appeared first on NewsBTC.

Research finds Bitcoin and Litecoin halvings do not impact price

Contrary to the popular media narrative, new research finds that Bitcoin and Litecoin prices are unimpacted by block reward halvings. Searching for cause and effect People crave cause and effect relationships. The crypto markets are the opposite of what people want—a near perfect machine of randomness and volatility. Nonetheless, people’s desire for cause-and-effect cause the mainstream media to build narratives around likely arbitrary price changes. “Bitcoin prices recover after tumbling on Libra hearings,” wrote Forbes. A “mystery order” triggered the beginning of the 2019 bull market, reported Reuters. Tether issuances are the underlying factor behind Bitcoin’s recent resurgence, suggested QZ. Yet, even phenomenon with basis in logic may be susceptible to the search for cause and effect. One widespread belief among cryptocurrency enthusiasts is that the halving of block rewards causes prices to increase. And, the logic is sound. If miners earn fewer coins then sell-side pressure should decrease. Reductions in supply, consequently, should cause an associated increase in prices. #bitcoin stock-to-flow on black background! h/t @AltcoinSara for color coding suggestion. 2012: 10m before halving btc $5, at halving $122016: 10m before halving btc $237, at halving $627 — PlanB (@100trillionUSD) July 19, 2019 Litecoin has more recently brought this narrative to mainstream attention. From a December 2018 low of $22, LTC surged 480 percent to new highs of $130 by July—becoming one of the few assets to outperform Bitcoin during its bull run. Publications, including CryptoSlate, pinned the price increase on the upcoming halving. The data suggests we were wrong. Research on the price impact of halvings Research conducted by Nico Cordeiro and Ava Masucci from Strix Leviathan, a Seattle-based startup that specializes in engineering and operating trading algorithms for the cryptocurrency markets, challenge the belief halvings materially impact coin prices. The researchers analyzed 32 halvings across 24 cryptocurrencies and compared these to an overall market benchmark. Performance of each coin was evaluated six months before and after each halving and compared against cryptocurrencies not going through a halving event in the same timeframe. “The divergence and seemingly random results before and following a halving suggests that the underlying factors driving price is not a shift in supply and demand dynamics.” Then, Strix Leviathan compared halving coins against themselves. Historically, variations in price should increase during a halving period. Yet, the researchers found that coins undergoing a halving event did not experience outsized volatility, or returns, before or after a halving. “What we find is that the return distribution of an asset’s halving periods versus the return distribution outside of its halving periods reveals that they are statistically the same at a 99 percent confidence level. In other words, we did not find evidence that a halving event results in abnormal pricing action and we are dealing with a circumstantial illusion.” In summation, the researchers concluded: “We found no evidence that cryptocurrency assets experiencing a halving event outperform the broader market in the months leading up to and following a reduction in miner rewards.” … “While the narrative is certainly feasible as a logical theory, it is equally possible that we are dealing with an illusion of validity and previous bull runs were the result of nothing more than increasing levels of speculation within the asset class.” Surviving in a world of noise Ultimately, the cryptocurrency markets are dominated by people attempting to force cause-and-effect on largely random market movements. “The world of financial markets is filled with tens of thousands of logical and thoughtfully conceived theories that don’t turn out to be true in practice,” Cordeiro and Masucci said succinctly. Those invested in Bitcoin and other cryptocurrencies need to be wary of this bias. ‘Top’ crypto traders could be in their position not because of their skill but out of sheer luck. Many market movements supposedly caused by large news events could be mere randomness. Conspiracy theories, such as Tether price manipulation moving the $150+ billion Bitcoin market, could be falsely drawing on cause and effect to prove the theory. In a world of noise it is important to be skeptical. But, if you believe that Bitcoin (and other cryptocurrencies) will continue trending up, then perhaps the most reasonable strategy is dollar-cost or value-cost averaging into the market over a long period of time, ignoring the noise and taking advantage of the long-term trend. The post Research finds Bitcoin and Litecoin halvings do not impact price appeared first on CryptoSlate.

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