In the latest crypto news, Bitmain is in the focus – this time for extending the features of its Bitcoin mining technology and unveiling the new and next-generation ASIC chip. As the company announced, the new chip will be first used in the new “Antminer” crypto mining machines.
Meanwhile, ASIC chips are a piece of tailored mining hardware that is geared to mine cryptocurrency based on a specific hashing algorithm. The CEO and co-founder of Bitmain, Jihan Wu has reportedly announced the new crypto-mining specific chip during his keynote lecture at the World Digital Mining Summit in Georgia.
Furthermore, Wu added that the new ASIC chip is said to use an SHA256 algorithm and as such is based on a highly advanced semiconductor manufacturing technology, 7nm Finfet. The chip reportedly integrates “more than a billion transactions” and uses a special circuit structure with a low power-intensive technology to optimize the efficiency.
The CEO of Bitmain also said that as the industry matures, “exponential growth” in blockchain will be required in order for the technology to keep pace. He also predicted that the bleeding-edge computing technology development will also need to be integrated with blockchain to address the challenges of the burgeoning industry.
This again confirms that Bitmain is on the path towards becoming the biggest company in the crypto business, which has been reported on our news site on several occasions.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
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