The 2.0 transition of the Ethereum network makes the agreement one of the largest betting networks in the world, with 1,683,905 Ethereum currently locked in contracts worth $1 billion. According to Chinese reports, although the proof-of-work Ethereum miners have two years left to mine leading crypto assets, it is reported that ten Chinese mining rig manufacturers are racing to build the next generation of Ethereum mines.
The Ethereum 2.0 project has become one of the world’s largest Proof of Stake (PoS) networks, but although people can invest, miners still have two years to use ASIC mining through Proof of Work (PoW).
According to statistics from etherscan.io, the ETH 2.0 contract has locked 1,683,905 Ethereum, which is equivalent to more than 1 billion US dollars at today’s exchange rate. This week, regional reports from China revealed that ten mining equipment manufacturers are said to be “speeding up” the development of new Ethereum mining machines.
The reason for the rush to build the next-generation Ethereum mining machine is due to the limited time available for PoW. Financial columnist Vincent He said that Bitmain produced an Ethereum mining device called “E7” in July 2020. According to reports at the time, E7 produces 800 trillion hashes per second.
However, even if the monitoring data show that miners are working in the field, E7 sales have never been mass produced. The new type of miner under discussion and speculation is called the “E9” miner. Vincent Hesson said that in theory, the performance of E9 is twice as fast as E7.
If a person wants to use the theoretical E9 model of 1600MH/s, the person can earn $52 per machine per day, and the electricity bill is $0.06 per kWh. If the price remains the same or climbs, the miner will profit ridiculously, because the output of today’s top machines is only 720MH/s.
The machine is manufactured by Innosilicon, and A10 Pro + Ethminer was just released this month. In fact, for the ethash consensus algorithm, Innosilicon commands the top Ethereum-based miners with a hash rate between 485MH/s and 720MH/s.
There are also rumors that the field programmable gate array (FPGA) Ethereum mining solution will be used in the next two years. Currently, people estimate that if the price of ETH is $650 per unit, the storage of 32 ETH ($20,778) will accumulate approximately 13% or $2,800 per year.
The price of Innosilicon A10 Pro + ETHMINER is between US$6,500 and US$7,000 per unit. Using today’s ETH exchange rate, it would take more than 250 days to pay off the machine at a price of $0.06 per kWh. Over time, Ethereum miners may find it more valuable to start investing in Ethereum or waiting for machines such as the theoretical E9.
What do you think of Chinese mining manufacturers doubling down to create next-generation Ethereum mining equipment? Let us know your thoughts on this topic in the comments section below.
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$0.06 per kWh, 1600MH/s, A10 Pro + Ethminer, Bitmain, Cryptocurrency, E7, E9, ETH, Ethash, ether, Ethereum, Ethereum exchange rate, Ethminer, FPGA, GPU, GPU Miners, Innosilicon, mining, mining Consensus, Mining Ethereum, rig, PoS, PoW, proof of work, proof of equity, equity, two years, Vincent He
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Innosilicon, Asicminervalue.com, etherscan.io,
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