Beijing-based crypto mining hardware manufacturer Bitmain is launching a new mining model on the Ethereum network.
The firm announced on Friday that its AntMiner E9 is coming soon, which will be an application specific integrated circuit (ASIC) miner that runs on the Ethash algorithm.
This move comes amid surging mining revenues on Ethereum, which has already driven up prices for both general purposed graphics processing unit (GPU) as well as ASIC mining equipment.
But Bitmain has yet to release the prices and tech specifications for E9, which builds on its AntMiner E3 that was launched in 2018.
It's not clear how soon Bitmain will be able to launch the model to the market with shipment details as the world is going through a chip shortage at a global scale.
The most widely used Ethereum ASIC miner on the market is the A10 Pro made by Wuhan-based manufacturer InnoSilicon, which has a computing power of between 500 to 750 megahashes per second (MH/s), depending on the exact versions.
Quotes posted by Chinese mining hardware resellers show that even second-hand A10 Pro with a 500 MH/s of hashing power could change hands at over 70,000 yuan, or nearly $11,000 per unit.
An A10 Pro with a 500 MH/s of computing power is able to produce $55.91 on Ethereum mining revenue with a 98% gross profit margin, data from F2Pool's miner profitability index shows.
According to The Block's data dashboard, Ethereum's monthly mining revenue has been going up since October and reached $1.38 billion in March.
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Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.