If you are copying someone that doesn’t mean that you can take place of someone who is more efficient. Bitmain has played a major role in changing mining cryptocurrencies. Earlier mining cryptocurrencies such as bitcoin were not harder and anyone with good NVIDIA or AMD GPU can take full 50BTC block reward by mining on his own. Mining with GPU was not profitable so there was the introduction of field-programmable gate array in mining which was later converted into ASIC machines. By seeing FPGA boards as an opportunity to manufacture potential miners to compete with high block difficulty. Antminer S series has a high impact on mining and many of the mining farms still prefer only Bitmain’s products.
Bitmain is a private company based in Beijing, China founded by Jihan Wu and Micree Zhan in 2013. The company manufactures high-grade ASIC chips and bitcoin and altcoin miners. They also operate one of the largest pools known as ‘Antpool’. Bitmain is criticized because of its dominance over cryptocurrency mining. Last year in 2017, Bitmain generated $3 – $4 billion in profit.
Most successful Mining products by Bitmain
AntMiner X3 (cryptonight)
AntMiner Z9 mini(Equihash)
Bitmain is currently launching an IPO for crowdfunding and previously the company received $50 million as funding from Sequoia and IDG to support the company to produce chips for artificial intelligence. Bitmain has cracked many ASIC resistant algorithm coins such as Zcash. Bitmain has also made ASIC machines such as Antminer Z9 and Antminer X3 to mine Equihash and Cryptonight Algorithm coins which not earlier possible. Models such as Antminer T9 is very long life machine which is still found in many mining farms such as Genesis.
Besides Antminer Bitmain also has one of the biggest mining pool “Antpool” which covers almost every ASIC mining by their products which means double hit. So it doesn’t matter how much competition to be faced by the company if we have an alternative to generating revenue.
Related on ASIC Miners:
- List Some best ASIC-Miners for mining Bitcoins
- ASICminer 8 Nano Pro: Review, is it worth a buy?
- Which ASIC Miner is Best for mining Siacoin?
- Is it profitable to buy ASIC miner to mine Bitcoins?