7nm Chips – Idelto

Chinese Lottery Firm Rebrands, Purchases Bitcoin Mining Rig Manufacturer for $100 Million

Following the acquisition of the Chinese mining pool Btc.com, the China-based lottery company 500.com revealed the purchase of a bitcoin mining rig manufacturer Bee Computing. The Shenzhen firm purchased the semiconductor and mining device manufacturer for roughly $100 million in a share exchange agreement.

500.com Changes Name to Bit Mining Limited and Acquires Bee Computing for $100 Million

On April 5, 2021, the company 500.com Limited (NYSE: WBAI) registered a statement with the U.S. Securities and Exchange Commission (SEC) in a Form 6-K filing. The Shenzhen-based firm detailed that it entered into a share exchange agreement with the company Bee Computing. The mining rig manufacturer Bee Computing was established in 2018 and the filing notes that it specializes in 7nm-powered mining machines. Additionally, after acquiring the well-established mining pool Btc.com, 500.com changed its name to “Bit Mining Limited.”

Bee Computing has two mining rigs and both leverage 7nm semiconductors. The Pumbaa mining machine gets around 52 terahash per second (TH/s) and the B2T series gets around 21 TH/s. The most powerful miner has an efficiency rating of around 54 joules per terahash (J/TH) and the B2T has around 55 J/TH. The share exchange agreement is noteworthy and totals around $100 million for the acquisition.

The company’s SEC filing explains:

Pursuant to the share exchange agreement, the company shall, subject to customary conditions, [and will] issue at the first closing an aggregate of 16,038,930, or US$35 million worth, of its Class A ordinary shares to the selling shareholders. The first closing is expected to occur in the second quarter of 2021. Subject to satisfaction of the following milestones, the company shall issue at the subsequent closing an aggregate of 29,786,600, or US$65 million worth, of its Class A ordinary shares to selling shareholders and research and development team members.

Bee Computing to Continue Mass ASIC Mining Rig Production

Bee Computing is expected to continue the mass production of bitcoin miners incorporated with 7-nanometer application-specific integrated circuits (ASIC). The manufacturer must continue the development of machines with 7nm technology and deploy ETH-based ASIC mining machines as well. Bit Mining also wants Bee Computing to develop litecoin (LTC) mining machines.

According to the filing, Bee Computing has invested over $35 million into R&D projects and leveraged Mediatek Inc., the largest IC design company in Asia to help with the 7nm chips. Yufei Jiang, CEO of Bee Computing says the chips stem from Taiwan Semiconductor Manufacturing Company (TSMC).

What do you think about 500.com’s purchase of Bee Computing and its entry into the bitcoin mining space? Let us know what you think about this subject in the comments section below.

On April 28, the China-based mining rig manufacturer Bitmain Technologies announced the launch of its latest Antminer T17 model which processes roughly 40 terahashes per second (TH/s). The machine delivers better power efficiency with 55 joules per terahash (J/TH) and the T17 is also equipped with second-generation TSMC 7nm semiconductors.

Also read: Statistics Show Bitcoin Cash Is a Strong Contender After Crypto Winter

Bitmain’s Newly Launched Antminer T17 Boasts 40TH/s

Bitmain has announced its latest product release with the new T17 model, a mining rig that supposedly boasts 40TH/s at top speeds. The manufacturer had already released the Antminer S17 series two weeks ago and the newest T models were announced as “coming soon,” but the specifications and prices were not yet available. The Antminer T17 is a mining rig that processes the SHA-256 algorithm allowing users to mine bitcoin cash (BCH) and bitcoin core (BTC). Bitmain’s blog details that the T17 uses an entirely new design feature aimed at reducing dust entry. Further, the company reveals the mining rig also uses dual tube heat dissipation technology in order to reduce wind resistance.

“The space between the air inlet to the air outlet has been reduced by 50%, improving heat dissipation which further enhances the long-term operation of the miner and reduces maintenance costs for users,” the company’s announcement explained on Sunday.

According to the Antminer T17 specifications, the machine costs $1,270 per unit and the company has set a limit to 10 miners per user. Shipments of the first batch will start on a first-paid-first-ship basis and delivery starts between May 5-20, 2019. In addition to the 40 TH/s, the miner has a power consumption of 2200W. The T17 weighs around 11.5kg with four fans and a sound output of around 82dB. There are three boards that utilize approximately 90 BM1397 7nm chips that employ TSMC’s FinFET technology. The T17 offers a newly improved APW9 power supply which aims to ensure longer and stable operations. The new miner can be purchased through the website but shipments to the U.S. will include a 2.6% tax due to the mining rig’s import classification.

Competitor ASICs Are Still Unavailable While the 5 Latest Antminer Models Are Now Available for Public Consumption

The latest T17 model follows the recent lineup of competitor models offered by manufacturers from the same country. Canaan has recently announced the new Avalon series with the Avalonminer 1041 and the 1041F. The new Canaan models boast hashrates between 31-33TH/s but use 16nm chips. Then there’s the Microbt Whatsminer M20S which claims to command 70 terahashes per second by utilizing 12nm TSMC made semiconductors. However, the new Whatsminer is not available until August and the Avalonminers from Canaan are also “out of stock.” With the latest Antminer S17s and the newly launched T17, Bitmain is once again leading the pack by being able to deliver miners first. A few miners have already reported on receiving the latest S17s from the company on social media.

“Antminer S17 Pros just arrived — I apologize in advance for the slight bump in the BCH hashrate,” one person said jokingly on Reddit.

Bitmain Aims to Leapfrog Competition With Its Next-Gen Bitcoin Miner — **The Redditor on r/btc who recently received his Antminer S17 Pros in the mail on April 25.**

At the moment, according to statistics on Asicminervalue.com, a data website that records live income estimation of all known ASIC miners, the Antminer S17 Pro (53TH/s) is the most profitable miner in the industry. All of the S17 series and the new T17 are in the top 10 list of the most efficient miners in the globe.

The mining rigs are among Whatsminer’s M20S which is not available until the summer and Innosilicon’s Terminator 3 (T3) which is comparable to the T17 at 39TH/s. The Innosilicon miner is $1,290 per unit for pre-orders but the price will increase to $1,450 per unit when the T3 is in stock. As it stands, besides older generation machines released last year, the new Antminer products from Bitmain are the only 2019 miners released this year that are currently available to the public.

What do you think about the new Antminer T17 model from Bitmain? Let us know what you think about this subject in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies, ASIC manufacturers, software or any of the affiliates or services. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. This editorial review is for informational purposes only.

Image credits: Shutterstock, Bitmain, Asicminervalue.com, and r/btc.

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