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Will This New Bitcoin Chip Be a Boon for Miners After Next Halving?

2 mins
Updated by Kyle Baird
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In Brief

  • Marathon Digital sees surge in stock price after reporting $151.8 million profit in Q4 2023.
  • Hut 8 plans to invest $17.3 million for a new Bitcoin mining facility in Texas.
  • Bitcoin halving event expected to double average cost of mining one Bitcoin.
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Bitdeer, a pioneering company in Bitcoin mining and AI cloud solutions, has developed a highly efficient Bitcoin mining chip. This chip delivers exceptional power efficiency, significantly boosting Bitcoin mining performance while minimizing power consumption.

Bitdeer asserts that the chip will empower the Bitcoin mining community to capitalize on opportunities following the April Bitcoin halving event.

Bitdeer Flexes Newest Bitcoin Mining Chip

In a recent post on X (formerly Twitter), Bitdeer recognized the imminent challenges awaiting Bitcoin miners.

It addressed the upcoming Bitcoin halving in April, which may temporarily reduce miners’ profitability. Bitdeer touted the SEAL01 chip’s efficiency,

“The SEAL01 was designed using an advanced 4-nanometer process technology from a world-leading semiconductor fabricator. In the tests, the chip level achieved an exceptional power efficiency ratio of 18.1 J/TH.”

If this is true, it would make the SEAL01 one of the most efficient BTC mining chips on the market. Data from 2023 shows that Bitmain’s AntMiner S19 Pro chips run with a mining efficiency of below 30 J/TH.

Read more: How To Mine Cryptocurrency: A Step-by-Step Guide

Bitcoin mining ASIC chip efficiency. Source: D-Central
Bitcoin mining ASIC chip efficiency. Source: D-Central

The company emphasized that this initiative is part of its efforts to prepare for the mass production of its SEALMINER A1 mining rigs.

Bitcoin Mining Firms Record Positive Stock Growth

Major Bitcoin mining firms have spent the past year or so preparing for the next Bitcoin halving event that will likely occur in April.

On February 28, Crypto mining company Hut 8 disclosed its plan to invest $17.3 million in establishing a new crypto mining facility in Texas. 

BeInCrypto recently reported that the halving is expected to double the average cost to mine one Bitcoin, ranging between $30,000 to $60,000.

On February 28, Bitcoin miner Marathon Digital witnessed a surge in its stock price following the disclosure of an annual profit of $151.8 million in the last quarter of the previous year.

At the time of publication, MARA’s price stands at $27.

Marathon Digital Holdings Stock Price 30 Days. Source: BeInCrypto
Marathon Digital Holdings Stock Price 30 Days. Source: BeInCrypto

During its earnings call, Marathon Digital announced a Q4 2023 net income of $151.8 million per share. This marks a significant turnaround from the net loss of $391.6 million reported in Q4 2022.

Read more: How To Build a Mining Rig: A Step-by-Step Guide

The primary expenses of Bitcoin mining firms include electricity, hosting, depreciation of mining gear, sales, and general and administrative costs.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.