Ethereum’s network 2.0 transfer has pushed the protocol to become one of the largest staking networks in the world with 1,683,905 ether locked into the $ 1 billion contract today. According to reports from China, while proof-of-work ethereum miners are two years behind mining the leading crypto asset, ten Chinese mining rig manufacturers are said to be racing to create a next-generation ether mining rig.
The Ethereum 2.0 project has become one of the largest proof-of-proportion (PoS) networks worldwide but although people can get involved, miners still have two years to leverage ASIC mining by proof-of-work ( PoW).
According to etherscan.io stats, the ETH 2.0 contract has 1,683,905 locked ether equivalent to more than $ 1 billion USD using today’s exchange rates. This week, regional reports from China reveal that ten mining rig manufacturers are allegedly “speeding up” development for a new type of ethereum miner.
The rush to build a next generation ethereum miner is because of the limited time remaining PoW will be available. Financial columnist Vincent said an ethereum mining rig called “E7” was made by Bitmain in July 2020. According to reports at the time, the E7 generated 800 megahash per second (MH / s).
However, there has never been any mass production from E7 sales although monitored data has shown that the miners were operating in the wild. A new miner that is being discussed and speculated is called the “E9” miner and Vincent states that, theoretically, the E9 has twice the speed of the E7’s performance.
If a person were to leverage a hypothetical E9 model with 1600MH / s, then the person could make $ 52 a day per machine with electrical rates at $ 0.06 per kWh. The miner would be ridiculously profitable if prices stayed the same or climbed higher, as today’s top engine has only a output of 720MH / s.
The machine is made by the company Innosilicon and the A10 Pro + Ethminer was released this month. In fact, for the ethash consensus algorithm, Innosilicon commands the highest ethereum-based miners with hashrates between 485MH / si 720MH / s.
There have also been rumors that programmable gate array ethereum (FPGA) mining solutions will be deployed over the next two years as well. Currently, people estimate that a stash of 32 ETH ($ 20,778) will accrue about 13% or $ 2,800 annually if ETH prices are at $ 650 per unit.
Innosilicon A10 Pro + Ethminer ranges in price from $ 6,500 to $ 7k per unit. It would take more than 250 days to pay the machine at $ 0.06 per kWh and use ETH exchange rates today. In time, ethereum miners may find it more valuable to start staking ethereum or wait for machines like the theoretical E9.
What do you think of Chinese mining manufacturers doubling down to create a next-generation ethereum mining rig? Let us know what you think of this topic in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Innosilicon, Asicminervalue.com, etherscan.io,
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