It is important to know that cryptocurrencies are, that’ll give us an insight into why more and more companies are interested in producing devices necessary in the creation of these digital currencies.
Cryptocurrencies are digital monies meant to be used as a medium of exchange which uses cryptography to secure and verify the transaction and also to control the creation of new units.
The creation of these cryptocurrencies is brought about through a process called mining. Mining is a decentralized computational intensive process that computers on a cryptocurrency network go through to verify transaction records on the blockchain and in turn get cryptocurrencies as rewards. The process of mining accomplishes two tasks: confirming transactions and also creating new digital currencies in every block.
The above-mentioned processes are carried out through the process of mining, and it’s done with the help of special devices called “Miners.”
The need for more efficiency in mining has brought about various companies as we have them today manufacturing mining devices. Companies like Bitmain (a Chinese company and major producers of ASIC miners), Canaan (also an Asian company that produces mining rigs and ASIC microprocessors), Ebang (a Chinese bitcoin mining hardware manufacturer), BitFury (one of the largest producers of bitcoin mining hardware and chips), GekkoScience (a United States firm) are major manufacturers of mining devices and we have seen in recent times, other top technology companies showing interests in the production of cryptocurrency mining devices.
These five companies have recently announced their interests in manufacturing better miners:
Samsung is one of the latest technology giants to join the blockchain industry. They have reportedly begun manufacturing of ASIC (application-specific integrated circuit) miners for bitcoin and other cryptocurrency mining. The report further states that Samsung is ready to start mass production of these miners by the end of January.
Japan’s leading internet company and bitcoin exchange operator, GMO as announced that it is expanding into cryptocurrency mining and chip manufacturing. GMO, in a statement, wrote:
“We will operate a next-generation mining center utilizing renewable energy and cutting-edge semiconductor chips in Northern Europe. We will use cutting-edge 7nm process technology for chips to be used in the mining process, and jointly work on its research and development and manufacturing with our alliance partner having semiconductor design technology.”
It’s been rumored that Motherboard maker, ASROCK is set to produce AMD-Based Mining GPUs. The Taipei-based motherboard company, ASRock plans to introduce another segment of products alongside the production of motherboards, PCs, and Workstations. ASRock is to start production sometime in April.
The report also says ASRock will enter the graphic card space with the production of AMD Radeon-based cards. Though Radeon cards aren’t energy efficient, they are good for mining Ethereums, Monero, and Electroneum.
A Russian backed company is currently building a new plant for assembling cryptocurrency mining rigs at the Chinese-Belarusian Industrial Park, Velikiy Kamen. The facility is said to offer equipment intended for large-scale cryptocurrency mining. Dmitriy Marinchev, who is the head of Radius Group mentioned in an interview that the project would be a closed cycle production of printed circuit boards and also assembling of mining devices.
It is sure there is high demand for miners in the cryptocurrency industry. And the need for better and more powerful miners will bring about more companies and investors to invest in the development of these devices. It’s also a great thing to see more and more company joining in; this will create competition among manufacturing companies and probably even causing a slight reduction in the price of these miners than what it is today.
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