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Bitmain introduced the future of Bitcoin mining at global summit

At a recent global summit in Hong Kong, the Chinese company Bitmain wowed the audience with its latest technological advancements in the realm of Bitcoin mining. The company, renowned as the leading manufacturer of Bitcoin mining hardware (ASIC miners), showcased its two groundbreaking mining devices, the Antiminer S21 and the S21 Hydro ASIC, on September 22nd. The mentioned machines will be available at the earliest by the transition between spring and summer of 2024.

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The impressive S21 boasts a hashing speed of 200 terahashes per second (TH/s) and an efficiency of 17.5 joules per terahash (J/T).  In comparison, the S21 Hydro races ahead with a hashing speed of 355 TH/s, but with a slightly better efficiency of 16 joules per terahash (J/T). To put this into perspective, the S21's performance is akin to having two S19 100T devices in tandem. Cointelegraph weighed in on these developments, highlighting, "In terms of efficiency, this represents a significant leap forward as most Bitcoin ASIC miners previously operated above the 20 J/T mark."

The topic of mining device performance and efficiency becomes even more critical as we approach the next 'halving', an event that slashes miners' rewards by half every four years. By April 2024, this reward will be a mere 3.125 BTC per block (every 10 minutes). 

This means that for miners to stay afloat in an increasingly competitive environment, they'll not only need cost-effective energy sources but also top-notch mining equipment.

Efficiency and Sustainability

The main theme of the Hong Kong conference centered on the efficiency and sustainability of the entire Bitcoin mining industry, especially concerning its environmental footprint and ESG considerations.

During a panel discussion featuring representatives from prominent mining firms like Core Scientific, CleanSpark, Iris Energy, and Terrawulf, there was a consensus. The integration of renewable energy sources into Bitcoin mining is becoming increasingly crucial. Such energy is not just environmentally friendlier but often more cost-effective.

"There's a significant shift on the production side, with a concerted effort towards decarbonizing the entire supply chain.  So, when we talk about Bitcoin miners tapping into more renewable energy sources, it's part of a broader narrative unfolding across the U.S. Our role in this transition? To localize Bitcoin mining in areas where this change is happening, facilitating the decarbonization process," commented Nazar Khan from Terrawulf.

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