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A Bitcoin mining hardware manufacturer Halong Mining is expected to launch a new mining machine called the ‘Dragonmint’ in 2018. The new machine would take on the Bitcoin mining hardware industry as it claims to be 30 percent more efficient than the current ASIC miners in the market.

In 2017, there has been a lot of chatter about new mining technologies and powerful chips below 16nm that are being used by the two main ASIC miners in the market – the Bitmain Antminer S9 and Avalon Miner 741. In addition, there has been rumors that a Japanese company GMO plans to produce 7nm semiconductor chips for bitcoin mining.

Welcome the Dragonmint 16T – Short overwiew

The new device, called the Dragonmint 16T, boasts ‘newly designed chips’ which are 30 percent more efficient than the Antminer S9. Additionally, the machine’s hash power is also higher than Antminer S9, at 16TH/s.

The project’s development team claims that they want to bring more competition to the mining rig market, thereby leading to greater decentralization in the market.

The product’s specifications are as follows:

  • Type: SHA256
  • Hash rate: 16TH/s
  • Power consumption: 1,205W +/-6%
  • Chip efficiency: 0.075J/GH +/-6%
  • Fans: Dual fan variable 6,000rpm (100W)
  • Weight: 6kg
  • Dimensions: 340 x 125 x 155 mm

Dragonmint 16T Shipping Starts in March 2018

DragonMint 16t with logo

Image source: https://halongmining.com/shop/dragonmint-16t/

When the news initially came out, the Bitcoin community was divided if the news is real or fake, as photo-shopped images of fake Bitcoin mining hardware have circulated on the internet in the past.

To put the rumors to rest, Blockstream CEO Adam Buck (founder of bitcoin mining pool Multipool) vouched for the company’s miner suggesting that Halong Mining is a new company and that he has demoed a unit in action.

It is expected that the new product will begin shipping starting March 2018, and will be priced at US$1,595. However, there is a catch – the purchaser would have to buy a batch of five or more machines. The company would also sell a 1,600W power supply unit (PSU) along with the machine.

The developer of Dragonmint

A Bitcoin Core Contributor by the name of ‘BtcDrak’, who maintains bitcoincore.org announced that he had set up a ASIC mining manufacturing company Hailong Mining in 2016 and produced a batch of mining hardware that would ‘the most advanced miner to date’.

The developer also announced that the company had spent US$30 million in research and development so far, involving 100 individuals including chip designers, hardware specialists and software designers.

The company claims that it has produced a prototype batch of Dragonmint machines for testing and fine-tuning, and published a video of Dragonmint on Youtube.

The anticipated rise of competition

Hailong Mining aims to bring competition to a market which is monopolized by Bitmain machines holding close to 70 percent of the hash power in the market. The company believes that centralization is not ideal in the mining industry as governments and criminals can attack it, while decentralization would prevent the invasion of criminals and other unfavourable participants.

The company aims to distribute its ASIC miners globally so as to decentralize the mining industry. The company also intends to open source its board designs and software, thereby helping new manufacturers get a foot hold in the industry.

The machine’s advantages of being the most efficient Bitcoin miner, higher hash rate and cooler than the competition makes the project seem promising.

Russian competitor to Dragonmint 16T

There have also been announcements of new competitors in the market. A Russia-based mining company RMC One, co-founded by Dmitry Marinichev known as technology advisor to Russian President, announced plans to bring a Bitcoin mining machine to the market. The company ran an ICO and raised $37 million to fund the development of its mining solution, dubbed the Sunrise S11i.

The company claims that the machine would offer 22.6 TH/s while using 2.3kW power.

Asian counterparts

Within a day of Dragonmint announcement, another Chinese mining company Ebang launched E10 line of 10nm process ASIC chips. Furthermore, Japan’s largest internet service provider (ISP) GMO Group announced investment of US$8.9 million over the coming years on mining hardware.

The plans by several competitors to introduce new mining hardware in the market is expected to result in decentralization of the mining hardware industry in the future. Additionally, the research and development of ASIC mining chips, especially smaller 7nm and 5nm processors, is expected to result in further developments in the ASIC mining hardware industry.