Bitcoin fell to $26,600 in the Asian market on Friday (August 18) amid the panic caused by Musk's massive sell-off. However, Chinese miners have sent out important signals. Bitmain and Canaan have both hinted that they will launch a breakthrough mining machine in September, promising investors that they will witness the debut of a product that will redefine the industry. Currently, many old mining machines have been slashed in price, which means that Bitcoin mining will usher in a mysterious and groundbreaking new wave.
Canaan Creative, a publicly traded bitcoin mining machine manufacturer, is preparing to celebrate its 10th anniversary. On Thursday, the company revealed plans for an event in Singapore on September 12, 2023, aptly named "Avalon Bitcoin & Crypto Day." The event promises to be a hotspot for bitcoin mining giants, with Canaan highlighting a rich "path for insight exchange, collaborative learning, and networking."
Meanwhile, Canaan remains tight-lipped about specific details of its upcoming innovation, leaving people to speculate whether it is a new Avalon miner model. Their trailer does promise that viewers will “witness the debut of a groundbreaking, industry-redefining product that will shape the future of Bitcoin mining.”
In addition, Canaan’s online store also shows big discounts on older Avalon mining machines, with prices slashed by 77-89%.
For perspective, the Avalon Miner A1326, which has a capacity of 115 Terahash per second (TH/s), once priced at $8,800, now costs just $1,495. Canaan’s move follows the announcement of its competitor Bitmain, which also plans to release a product in September this year.
Now, Bitmain has revealed its trump card, announcing the name of its upcoming mining machine, Antminer S21, and claiming that it is a pioneer in efficiency below 20 joules per terahash (J/T).
It is also worth noting that on July 20, mining machine manufacturer Bitmain announced the launch of Filecoin mining machines, entering the Filecoin mining field for the first time. Each Filecoin mining machine costs $38,888, with a specification of 4,300T, and the minimum monthly commission pledge service fee is 0.5%.
However, due to the emergence of FIL token pyramid schemes in China, investors remain cautious about this.
Further reading: China cuts off two major cases! Shanxi cracks down on cryptocurrency "money laundering" criminal chain Pingnan: FIL coin pyramid scheme involves 600 million yuan
As the competition in the mining industry continues at a relentless pace, Canaan and Bitmain appear to be vying to surpass Microbt’s recent addition to the Whatsminer family. The Whatsminer M53S++ boasts an impressive 320 Terahash per second (TH/s) and an efficiency of 22 J/T. Notably, Luxor was first to experience the M53S++ at the end of July, witnessing its overclocking capability reach an astonishing 360 TH/s.
In the financial sector, Canaan's stock price has performed better, falling 13% against the US dollar in the past week and slightly more, falling 15% last month, but the decline has begun to converge after the news. More optimistically, Canaan's performance so far this year is up 17% against the US dollar.