AtoZ Markets – Cryptocurrency miners using multiple products from reputable mining equipment manufacturers would experience higher than expected failure rates. Notably, two Bitmain Antminers are responsible for high failure rates. Users of T17 and S17 Antminer report efficiency failures among miners, which greatly exceeds the company’s expectations.
Bitmain’s Crypto Antminer Units Are Failing
Bitmain is one of the major suppliers of crypto mining equipment. The company expected the two Antminers to have a failure rate as high as 5 percent in a normal range. However, recent statistics provided by Blockstream’s CSO, Samson Mow, contradict the company’s speculation.
Mow revealed that the two Bitmain Antminers see a failure rate of up to 20-30%, which also linked to customer complaints. Mow said customers are reporting technical issues. In particular that “the heat sinks on the Antminer S17 and T17 platforms fell, causing a short circuit in the machines. Besides, users have reported problems with the fans in the S17 power supply.
These pieces of equipment were designed to regulate the heat generated by mining machinery. As a result, almost a third of the machines were bypassed by the reported problems.
Want to trade Bitcoin with a reliable exchange? Open a live account with AtoZ Markets approved Crypto exchanges:
Mow also pointed out that Jihan Wu, co-founder and managing director of Bitmain, attributes responsibility for the faulty machines to Micree Zhan, another co-founder of the company. Wu ousted Zhan from the company in October last year. He also said the action took to “save this ship from the sinking”.
Read More: China Takes Steps to Become First Cashless Society Amid Pandemic
Mining Competition Before BTC Halving
The coronavirus has disrupted the mining industry. Upcoming halving and March price crash did not help. Mow’s tweet comes just 15 days Bitcoin halving, with the two cryptocurrency makers MicroBT and Bitmain competing stiffly. However, the supply chain disruptions resulting from COVID-19 have caused many in the crypto community to expect delays in mining equipment.
However, the global shipping and supply chains have resulted in disruptions in the distribution of already sold mining equipment.
The upcoming Bitcoin halving puts all the manufacturers of crypto-miners in competition for who will offer competent and profitable equipment. The event will reduce the rewards of the miners, forcing many of them to leave the market.
Should you trade cryptocurrencies on your own at all?
Before you start trading cryptocurrencies, you'll want to read this.
Our in-house trading expert Dr Yury Safronau, PhD in Economic Sciences, gives you daily his best forex, metals, and cryptocurrencies to buy and sell signals right now.
His trading strategies which are based on non-linear dynamic models have achieved more than 65 000 pips of profits since 2015. And right now there are some very strong buy and sell signals across several markets you don't want to miss.
Want to see which ones?