ASIC-based mining giant Bitmain announced yesterday that they will launch a new mining rig, dubbed “Antminer X3”, to mine cryptocurrencies based on the CryptoNight algorithm. This was made via a Tweet. They are looking to compete in this new niche market, with two companies: Baikal and Halong Mining.
The specs of the Antminer X3 announce that it will have a hash rate of 220 KH/s, with a weight of 7 Kg. Its price will be of 11,999 dollars for the first batch and 7,599 dollars for the second batch. In contrast, the miner announced earlier by Baikal, the Giant, will have a measly output of 20KH/s, making it effectively 1/11 of the Bitmain’s miner.
Traditionally, CryptoNight based currencies have not been targeted by for ASIC companies due to their PoW(Proof of Work) algorithm, that makes them better to be mined with GPU’s. The most recognized and tradable coin mined with this algorithm is Monero, an altcoin that will be facing a fork next month. This with the objective to avoid mining centralization by companies like Bitmain.
Whattomine shows that with the said hash rate and actual prices, an Antminer x3 would have a profitability of roughly 200 dollars daily mining Electroneum, another popular CryptoNight currency. To avoid hoarding and centralization, Bitmain also announced that they will only sell one X3 per miner.
These launches can only mean something: The start of a cat and mouse chase between CryptoNight mining communities and companies like Bitmain for profitability. We will see how it all plays out in the coming months. The x3 will be launched next June.