The Ethereum Classic Summit that took place in Seoul, South Korea, saw some incredible new innovations and some exciting announcements. One of them was the launch of the new company of Chen Min, who was formerly the chief chip maker at Bitcoin mining chip developer Canaan Creative. The new company is callled Linzhi and it is devoted to building cryptocurrency mining devices.
A major shift can be noticed in Chen’s interest area, now that their first product launch has been announced. The first official product is going to be a series of application-specific integrated circuit ( ASIC ) miners which have been designed specifically for Ethereum and Ethereum Classic. A bitcoin to Ethereum shift is quite evident here for Chen.
For those not aware of Ethereum ASIC miners, you need not be embarassed, you are the majority here. Since Ethereum ASIC miners are new in the market, not a lot of people are aware of them. Bitmain was responsible for launching the first group way back in April via Bitcoin. They were called Antminer E3s, and per unit approximately costed $800.
They were an immediate hit in the market and sold out pretty fast. Although the product had selling and shipping limitations, it still raked in a huge profit.
To elaborate further on Chen’s Ethereum Miner, she revealed during her speech at the Ethereum Classic Summit that this new miner would only use one-eighth of the power consumed by Bitmain’s devices. Additionally, it will also run 1,400 million hashes per second, whereas Bitamin’s Antminers produce a mere 190 million hashes per second.
The miner is all set to release by April 2019. However, Chen has not yet revealed how much an unit will cost. It is definitely going to be a battle over control of the market between Linzhi and Bitmain.