Bitmain: Revolutionizing Crypto Mining Through Use of AI

While most of us are aware of famous cryptocurrencies such as Bitcoin, Ethereum, XRP, etc., the knowledge about the mining process of these coins is quite limited. Digital coins are mined through a complex procedure and to accomplish this complicated process, an optimal combination of hardware equipment and software prowess is required.

Bitmain is one of the most credible names when it comes to providing customized solutions for the mining cryptocurrencies. It is headquartered in Beijing, China and has a presence all over the globe with specific research and development centers located in different parts of the world. The company has achieved specific competence in developing applications specific Integrated circuit (ASIC) chips that are extensively used in Bitcoin mining and has been a dominant player in the segment.

Products and Services

Bitmain offers a range of products and services for cryptocurrency mining. Take, for instance, the Antminer S90 Pro, which has been touted to be game-changer hardware equipment in the field of crypto mining. It comes with the hash rate of 110 TH/s while consuming low power for extra saving on the cost front. The artificial intelligence server invented by the company, SOPHON, is one of its kinds and thanks to its powerful performance, it is winning accolades and garnering rave reviews from users.

The cost of mining Bitcoin is high owing to the huge requirements of computing costs along with other supplementary costs like hardware equipment cost, cost of electricity required for mining, etc. Understanding this inherent requirement of reducing the cost of computing, Bitmain has come up with a sharing platform where you can share the computing power required for mining cryptocurrencies. Called Bitdeer, the platform allows sharing computing prowess, thereby bringing home a sufficient amount of saving.

Eye on Artificial Intelligence (AI)

After dominating the field of Bitcoin mining for quite a while now, Bitmain is setting its target on enhancing the integration of AI in the mining operations. Its applications chips have been designed in a manner that they will be able to harness the AI and its cloud-based servers are preparing are making these capabilities available for a large number of mining companies. We have already witnessed the launch of SOPHON and the AI-ready chips will further enhance the potential of using AI in the Bitmain’s ecosystem.

Ethereum Mining

In one of the important developments that happened recently, users had found that Antminer E3 of Bitmain had registered a six-time drop in the mining rate of Ethereum. Bitmain claims a hash rate of 180 MH/s on Ethereum Pool, although the actual hash rate recorded was around 30 MH/s. Speculations are rife that Antminer will completely stop Ethereum mining as the Ethereum blockchain network getting prepared to make a shift to the proof of stake consensus mechanism for mining.

Conclusion

Bitmain, with around 70% share in the cryptocurrency mining business, continues to be dominating force among industry players. The decision taken by the company to shift to AI is in the right direction. Not only AI will help to keep costs in check but also able to provide superior computing and mining services to the clients. Both these aspects bode well for the Bitmain as well as for the whole cryptocurrency and blockchain industry.