Swedish mining hardware firm KnCMiner is deploying a new bitcoin ASIC it says will be a “game changer” for the industry.
First announced last November, the 16nm Solar is six times faster than the company’s previous 28nm design. Unlike conventional ‘flat’ chips, its components are stacked three-dimensionally to increase efficiency and processing speed.
Sam Cole, KnCMiner’s CEO, said in a statement:
“We’ve produced four consecutive all-new chip designs in only two years, exceeding even Moore’s Law and we see no signs of this development slowing down going forward.”
KnCMiner, which raised a $15m Series B in February, also unveiled details of a new mining facility in Boden, Northern Sweden. The 18,000-sq ft warehouse – roughly the size of four basketball courts – is scheduled to launch this September.
All upcoming data centres will run exclusively on the 16nm Solar, Cole told CoinDesk, with all 28nm chips being “phased out”.
At a time of declining profitability and squeezed margins, efficiency is paramount as mining firms jostle for economies of scale.
The company says the “environmentally friendly” chip, capable of 0.07 w/GHs, will increase the efficiency of its industrial mining farms by six to eight times.
Despite concerns about mining centralisation, the firm said its increased hashing power, which will push the overall hashrate higher, will also bolster the network as a whole. Cole told CoinDesk:
“A higher total hashrate further increases the network’s integrity and security. As such, this piece of news should make many bitcoin aficionados worldwide rejoice.”
When the Solar was first announced, the ASIC pioneer suggested it would bolster the consumer hardware and cloud services offered by KnCMiner.
However, in a period marred by shipping delays, customer complaints and a potential class action suit, KnC has been withdrawing from the highly-competitive consumer space to focus on its role as an industrial-scale transaction processor.
Chip image via Shutterstock.