Canaan and Ebang mining rigs out to challenge industry bigwigs

Canaan and Ebang mining rigs out to challenge industry bigwigs

The recently launched Canaan and Ebang mining rigs bring their A-game to challenge industry giants. The well-known Chinese firms, Ebang Communications, and Canaan, recently unveiled their respective BTC mining hardware. Interestingly, this is the first time that any publicly listed firm has unveiled mining hardware as both are available on Nasdaq.

The ASIC-powered machines have somewhat limited hashrate and rivals offer much more. The industry’s biggest players, including Bitmain and Microbt, aren’t publicly listed on any exchange. The Canaan and Ebang mining rigs are not in direct competition with the industry leaders since the hashrate on offer is considerably lower.

Canaan and Ebang mining rigs offer lackluster performance

The Avalonminer 1146 Pro by Canaan gives the user 63 TH/s of mining power. On the other hand, Ebang E12+ delivers 50 TH/s. These figures do not mean much in comparison to the top models on offer by Bitmain or Microbt.

The launch of Canaan and Ebang mining rigs do represent a significant milestone in the crypto journey as both the firms bring the credibility of public listing with them.

Canaan announced the launch of Avalonminer 1146 Pro back in June. The Ebang E12+ will retail at $1,500 and delivers 50 TH/s speed. The power rating of Avalonminer 1146 Pro is higher, but it does offer more hashrate as well.

Industry giants offer superior performance

Both models are far less power-hungry compared to Microbt Whatsminer M30S+ that demands 3472W for mining operations. Most major machines demand anything upwards of 3000W of power and can churn out more than 95 TH/s or more. This is much higher compared to the Canaan and Ebang mining rigs.

The Microbt Whatsminer M30S++, delivers more than 110 TH/s. Due to ship in October, the models are going to push up the mining numbers. Bitmain models available in secondary markets are also far superior to Canaan and Ebang models.

The pricing for the Canaan model hasn’t been revealed yet and may offer more value for money compared to the industry’s best machines. It remains to be seen how the stock prices react to the launch of these mining rigs.

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Gurpreet Thind

Written by Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.