China is expected to announce a new mining technology for its bitcoin mining equipment in the coming weeks, according to media reports.
Chinese mining equipment manufacturer ASICMINER is set for an official announcement in the Chinese capital of Beijing, according the Wall Street Journal.
The company, which has a long history in China, is reportedly set to introduce a new type of ASIC chip, the ASICMiner Pro Series, to the mining industry.
The news follows the recent introduction of the latest ASIC chip in the world, the “Zilog”, which is set up in Taiwan to produce Bitcoin mining equipment.
The Zilog is designed to be used with an ASIC chip and the company plans to release its chips in early 2018.
The announcement comes in the wake of a Chinese Bitcoin miner who recently purchased an ASIC miner and has been working on its production.
The miner has been producing hashrates at an average of around 1,000 GH/s.
The new chip is expected at the same time as the next major chip, which will be made by Taiwanese chip company ARM.
The chips that will make up the Zilogs production, however, will not be as powerful as the “KushBitcoin” ASIC miner.
It will only produce around 500 GH/sec, the company said.
The Chinese mining equipment manufacturers have been working for some time on a new chip.
Last month, the Chinese company announced it would be producing an ASIC with more than twice the power of the current Zilogo, and that the next chip would be produced with more energy than the current chip.
It has also revealed it will be producing its chips on its own equipment, rather than with third-party manufacturers.
The ASICMining Pro Series chip is the latest in a line of ASIC chips, and the firm is not the only one to have started making them.
A month ago, Chinese Bitcoin miners also purchased an “MinerPro” chip.
A chip that uses an ASIC that uses up to twice the hashrate as the current miner, but with a much larger footprint and cost, was announced by a Chinese company in March, according Reuters.
It uses a new kind of ASIC known as a “supercomputer”.
The company has already produced one of these chips and said it will begin producing more of them, as the mining hardware industry in China has been struggling to keep up with demand.
A Chinese Bitcoin mining firm recently bought an ASIC from a Taiwanese company for about $8 million, Reuters reported.
The chip has a speed of 2.4 gigahashes per second, which is far slower than the next-best chip, but the chip is also capable of up to 30 GH/second.