Chinese mining giant and ASIC hardware producer Bitmain has announced its next generation 7nm ASIC mining chip

Chinese mining giant and ASIC hardware producer Bitmain has announced its next generation 7nm (nanometer) ASIC mining chip, according to a press release published on Monday, Feb. 18.

The new mining hardware, BM1397, is designed for mining cryptocurrencies that use the SHA256 algorithm for their proof-of-work (PoW), such as Bitcoin (BTC) and Bitcoin Cash (BCH).

BM1397 requires less power for mining cryptocurrencies, representing a 28.6 percent improvement in power efficiency in comparison with the company’s previous 7nm chip, BM1391.

The new chip will be used in new Antminer models — S17 and T17 — which will be revealed later this year.

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