Ebang Announces the Launch of a New 6 NM Bitcoin Mining ASIC Chip
One of China’s leading manufacturers of cryptocurrency mining hardware has announced the launch of a completely new chip that will offset its previous models both by hash rate and efficiency. According to a press release published on March 17th, Ebang, China’s second-largest ASIC-chip manufacturer, has completed a 6 nm ASIC chip designed for its Bitcoin mining machines. The company said that they expect the chip to give them a competitive edge in the market in terms of the performance it provides.
Mr. Dong Hu, the chairman and CEO of Ebang International, said that the completion of the 6 nm ASIC chip represents a significant milestone for the company and a culmination of years of research and development.
“We have devoted a lot of resources in building our R&D team and product innovation and iteration. Looking forward, we plan to continue developing ASIC chips designed for more mainstream cryptocurrency machines, which we believe will increase our revenue in the digital currency business and optimize our product offering structure along the blockchain industry value chain,” he said in the company’s press release.
And while this represents a major move for Ebang, which is competing with rivals Bitmain and Canaan for the burgeoning mining hardware market, the company didn’t provide any details as to when the chip might hit the market. In the official press release, the company said that it plans on starting the production of the new 6 nm chip “when it determines market conditions become suitable.”
Ebang also noted that there is still no guarantee that it will be able to commercialize its 6nm chip design as planned at all. There is also no guarantee the commercialization of the new chip will help improve the company’s financial performance or impact its operations. Ebang ended the announcement by warning investors and shareholders not to place undue reliance on this press release of any of the forward-facing statements contained in the press release.
Despite making the biggest impact on the market with its chip manufacturing business, Ebang has been trying to introduce variety into its business operations since the beginning of last year. Back in July 2020, the company won a 369 million yuan bid for China Telecom’s government procurement projects involving 5G edge computing. A month before it won the contracts, the company was listed on the NASDAQ market under the ticker EBON, making it the only Bitcoin hardware manufacturer listed on a U.S.-based exchange.
At end of 2020, the company also announced that it will be launching a cryptocurrency exchange at the end of the first quarter. Following the confirmation that it completed the internal testing of its cryptocurrency exchange, Ebang made the list of the five top stock gainers on the last trading day of 2020.