Bitmain has been in a tough spot ever since the crypto winter began. The company needed to lay off a good portion of its employees, closing foreign offices, and also had a failed IPO application with HKex. It's undergone some management changes, with a new CEO officially announced earlier this week. The company hopes the next bitcoin halving—in May 2020—will boost the sales of its 7nm chip miners planned to launch by the end of this year, South China Morning Post writes.
According to SCMP, that was the case with the previous bitcoin halving—this strategy paid off in 2016. Bitmain launched its Antminer S9 model just before the halving, and a year later, the S9 constituted 60 per cent of all bitcoin miner shipments.
However, this time the competition is fierce. While Bitmain has already launched two 7nm chip miners, the S15 and T15, it is not the only company to have done so. Canaan Creative has manufactured its own 7nm chips. Some analysts speculate Bitmain seems to be losing its technological edge. Bitmain promises its new S17 and T17 bitcoin miners—advertised to have second generation 7nm chips—will be 30 per cent more efficient.