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Bitmain Unveils New 7nm ASIC Chip BM1397, Making Bitcoin and Bitcoin Cash Mining More Energy Efficient

The Chinese bitcoin mining giant Bitman has announced its new 7nm ASIC chip that claims to deliver breakthrough energy efficiency, according to an official blog post published on February 18.

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The improved 7nm chip dubbed the BM 1397 is said to make improvements in performance, chip design and energy efficiency for mining proof-of-work(PoW) cryptos based on the SHA256 algorithm, such as bitcoin (BTC) and bitcoin cash (BCH).

Powered by the leading-edge FinFET process technology from Bitmain chip supplier Taiwan Semiconductor Manufacturing Company, the BM1397 which integrates more than 1 billion transistors will consume less electricity in mining operations, offering an energy consumption to computing ratio “as low as 30J/TH”. This represents a 28.6% improvement in energy efficiency compared with the company’s previous 7nm chip, the BM1391 which was launched last November to power Bitmain’s most recent Antminer mining devices, the S15 and T15.

The new BM1397 chip, part of Bitmain’s growing chip portfolio, aims to enable anyone to mine and benefit from cryptos anywhere, and to set a new benchmark for ASIC chip technology.

It will come as part of new Antminer models—the S17 and T17 —that Bitmain said will be revealed at a later date.

The Beijing-headquartered mining behemoth noted on its blog that “the BM1397 is a testament to Bitmain’s improvements in chip design methodology and deep understanding of the most advanced semiconductor fabrication technologies.”

Bitmain which operates some of the world’s largest crypto mining pools—Antpool and BTC.com—is taking a beating when crypto price plunges make mining unprofitable. The world’s largest bitcoin mining hardware manufacturer has reportedly started a massive layoff since the end of 2018, and is forced to shutter some overseas offices in order to reduce costs to survive the protracted crypto winter.

The mining giant could have lost around $500 million in Q3 last year, according to Coindesk, citing the company’s file that is not public. The report indicated that Bitmain earned around $500 million for the first three quarters of 2018 with a revenue of $3 billion.The company previously disclosed it had made a profit of $ 1 billion in the first half of the year. Subtracting that from the $ 500 million profit from January to September leaves Bitmain with a net loss of nearly $500 million in Q3. Amid crypto downturn, there are a lot of uncertainties around the company’s upcoming IPO.

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