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What’s In Store For ASIC Miner E3 And Ethereum Miners?

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The world’s leading mining hardware firm Bitmain has released their long-awaited Ethereum Antminer E3 on Monday 2nd April. There were several rumors, leaks regarding the upcoming launch of Bitmain Antminer E3 Ethash ASIC Miner since February when a China-based technology news site ‘technews.cn’ published details about the expected hardware. The rumors got strengthened when a leading Wall Street research firm Susquehanna slashed price targets for leading international Chipmakers which are Nvidia and AMD claiming that they have confirmed the news that the Bitmain has started production of their Ethereum ASIC Miners.

Features & Specialties:

  • E3 is the first ASIC miner produced by Bitmain that is capable of mining Ethereum (ETH) and other cryptocurrencies.
  • It uses the Ethash/ Dagger-Hashimoto algorithm and delivers 180 MHS hashrate at the power usage of 800W.
  • The price tag at this sensational hardware mining tech is $800 USD.
  • The first batch of Antminer E3 Ethash ASIC miners is set to be shipped 16-31st July according to the information at Bitmain’s official website.
  • There’s a limit of purchase to ensure more buyers worldwide that is five miners per user.
  • The user would need an ATX PSU with sufficient 6-pin PCIe connectors and the ones on the hashing board need to be connected to the PSU for the hashing board to operate.

Ethereum’s Increasing Hash Rate:

According to the uptrend and dramatic increase in Ethereum’s hash rates in the past months, its evident that Bitmain has already started using these miners. Pre-orders are open, and it seems as the net result of Antminer E3 is going to be positive for the industry. The ASIC development and centralized hash power are currently in the hands of Bitmain only and analysts find it argumentative.

Strengths and Weaknesses of ASIC Chips:

As the name suggests Application Specific Integrated Circuit chips are known to be the most profitable and efficient way to mine cryptocurrencies. The only difference that sets apart an ASIC chip from CPU and GPU chips lies in the fact that it’s not general-purpose chip like the others. The sole application of an ASIC chip is mining a cryptocurrency and it can be rendered obsolete easily by simply changing the mining algorithm of a digital currency.

Ethereum’s Stance for ASIC Miners:

For a long time, Ethash had remained ASIC-resistant to allow mining Ethereum and other cryptocurrencies by making use of the GPU chips which are generally found in gaming computers. This has contributed greatly to the last year’s profit in Gaming GPU manufacturers Nvidia and AMD.  But the release of Ethereum ASIC miner could adversely affect the mining-related demand for GPUs.

Up until now, the release of Antminer E3 has been intensifying the calls to execute an Ethereum fork which is similar to the path taken by Monero, which claimed to constantly alter their mining algorithm to keep it ASIC resistant. It should be noted that there are a couple of other companies which are presently developing Ethash ASIC (Application Specific Integrated Circuit) miners so there’s a possibility of seeing more announcements with various second-generation miners with similar features and a recap of what happened with recent Cryptonight ASICs.

Influence on Ethereum:

It is still unclear as to what steps Ethereum ecosystem is planning to take whether to block the use of upcoming ASIC through protocol changes or not. There are rumors of an improvement proposal in Ethereum being contemplated at present which could make the Ethereum ASIC miners completely incompatible with Ethereum’s Proof-of-Work Ethash mining algorithm. On 28th March, an Ethereum developer put forward a poll suggesting Ethereum hard fork, Ethereum Improvement Proposal on which most of the respondents have agreed for an Ethereum hard fork execution.

But it’s early to comment on whether Ethereum will choose to walk down the path of Monero or Siacoin which announced way back in January to invalidate A3 miners by means of soft-fork unless Bitmain’s actions result into direct harming their project.

We will be updating our subscribers as soon as we know more. For the latest on ETH, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Mirko Tobias Schafer via Flickr

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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