Canaan To Launch New ASIC Miner As Competition Tightens

Canaan launches new mining rigs, as the firm is set to expand its scope and reach. This will increase the competition in the cryptocurrency mining space, even as the cryptocurrency market is experiencing a bearish trend at the moment.

New Crypto Miner Launched By Canaan

Canaan, the second largest manufacturer of cryptocurrency equipment in the world, might be set to become the number one in the world with its latest addition to its products.

As revealed at the 2018 Mining Summit held last Saturday in Chengdu, China, the firm unveiled its new product, AvalonMiner A911. The ASIC (application-specific integrated circuit) miner is noted to have a maximum hash rate of 18 terahashes per second (TH/s) and has a power consumption rate of 1440w according to the manufacturer. Also, it gives 80W of power per TH/s usage, and it is presently undergoing last minute preparation before it is made available to the retail store.

Also, the detail revealed on the Canaan WeChat account shows that the machine will be powered by a 7 nanometer (nm) mining chip. This chip offers stronger hash power and consumes less energy in comparison to the companies A921 miner.

Canaan launch of A911 is to be followed by the release of other products, as the firm increases its scope. Products planned to be launched shortly includes a cloud computing heater and mobile mining farm that it calls the “Avalon Box.” Also, plans are underway to start distributing an artificial intelligence chip, Kendryte, and an announcement has been made that the firm is preparing to roll out its 5nm chip, which Bitmain also plans to launch. These innovations are aimed at making cryptocurrency mining easier and better.

Products that have been launched by the firm this year include the world first cryptocurrency mining television that was launched in August. The Avalonminer inside the device is based on AI and is capable of calculating crypto mining profitability in real time.

Notably, the cryptocurrency market has been experiencing a bearish trend in 2018, but this has not stopped the trend of innovation on all facets of the industry. This includes the mining sphere as space is getting more competitive.

Last month, Ebang Communication stated that it was introducing three new mining rigs capable of 44 TH/s. Also, Squire mining, Canada revealed that it tapped tech giant Samsung Electronics to manufacture its ASIC chip in South Korea.

The good news however is, with more companies manufacturing mining devices, these devices will become more affordable and eventually make mining profitable again.