Back in 2009, Bitcoin mining was a hobby for cryptocurrency enthusiasts. But since then, it has evolved into a billion-dollar industry, with BITMAIN at the forefront of this development since 2013 as evidenced by their website BITMAIN.
BITMAIN’s foray into the mining market in 2013 ushered in the ‘ASIC age’, aimed at democratizing ASICs for all. These specialized chips were specifically designed for cryptocurrency mining, and their demand has continued to soar alongside the advancement of bitcoin mining industry.
From Hobby to Global Market: The Evolution of BTC Mining
Back in 2009, Bitcoin mining only required a simple computer with moderate specifications. These computers utilized multi-core CPUs to mine BTC at a rate of 50 per block, resulting in a few dollars in daily profits.
Fast forward a decade later, Bitcoin mining revenue exceeded 5 billion US dollars in 2019, according to Statista. Despite market volatility, these numbers indicate that the demand for bitcoin miners has risen.
This demand first emerged in October 2010, with the release of the code for mining bitcoin using GPUs to the public. Although individuals were able to mine bitcoin themselves, GPU users quickly realized that scaling hash rates was challenging, as outlined in this IEEE Computer article. Mining became scalable with the introduction of FPGAs, which are more energy-efficient than GPUs.
By 2012, the mining industry had progressed even further with the integration of ASIC technology. These miners were specifically designed to mine cryptocurrencies and eliminated the need to alter the field-programmable part of FPGAs after purchase. Since there will always be a need to improve a particular calculation’s efficiency, ASICs were a natural evolution in the Bitcoin mining industry.
The Inception of ANTMINER
In November 2013, BITMAIN introduced its own ASIC, the ANTMINER S1, which boasted a hash rate of 180 GH/s. A few months later, in early 2014, the ANTMINER S2 was launched, which had a significantly higher hash rate of 1 TH/s.
BITMAIN’s ASICs continued to advance in power and energy efficiency over time.
The Rapid Emergence of ANTMINERs as BTC Makes History
In 2014, AntPool mining pool was launched, highlighting BITMAIN’s dedication to decentralizing the bitcoin network and putting most of the hashing power in the hands of users. BITMAIN’s commitment to this cause was further emphasized by the company’s 2015 release of BTC.com, which offered the leading blockchain explorer that effectively provided users with all the information they needed about the network. By 2016, BTC.com also launched its own pool platform.
As BTC made its historic price run in 2017, BITMAIN continued to release new versions of the S9, as well as entirely new models such as the ANTMINER T9, which boasted a hash rate of 11.5 TH/s.
As the Bitcoin market continued to grow, BITMAIN launched a total of 8 SHA256 models in 2018. Among these models was the ANTMINER S15, which was showcased at the World Digital Mining Summit. It offered long-term energy efficiency through BITMAIN’s 7nm chip, which integrates over 1 billion transistors.
By 2019, BITMAIN had introduced its most popular ANTMINER models to date: the ANTMINER 17 Series.
BITMAIN has been a leading player in the development of ASICs for Bitcoin mining, and has continuously improved its technology over the years to stay at the forefront of the industry. Its commitment to innovation has helped to overcome the challenges of mining, and its advancements have set an example for other players in the field.
BITMAIN continues to pursue its vision of bringing the future of mining to all. That’s why it has launched the ANTMINER S19 et ANTMINER S19 Pro versions, which feature hash rates of 95 TH/s and 110 TH/s, respectively. The ANTMINER S19 series represents the evolution of Bitcoin mining, from the very first ANTMINER S1 to the ever-popular ANTMINER S9, culminating in the modern ANTMINER S19. The mining community has made tremendous leaps in development.