While Bitcoin mining becomes more and more energy intensive, the race is on to produce new machines.
Cryptocurrencies are all decentralized and open for anyone to buy and transfer, however, the mining of the Blockchain and coins can still be managed and dictated by big companies. This is how it has been in the case of Bitmain. It has been a mass production process to mine Bitcoin and they receive Bitcoin Cash as payment.
At the moment, Bitmain is dominating the market for mining rigs, by selling the latest model, which is the Antminer S9. Building a platform and ASIC processor with such quality and standards including capacity takes a lot of time and a lot of capital investment. This is exactly what Halong Mining has been busy with and they will soon be ready to launch the new DragonMint hardware.
This project has already claimed $30million towards research, development and sourcing the right type of miners. The writing of software programs and production of silicon wafers are also a complex part of this process. The next step will be to launch this on a mass production scale, allowing the system to build the coins from scratch.
Halong Mining wishes to include a few other aspects and to allow other developers to provide insight into their product. The designs will be made public and an opportunity to improve on this code will be made available.
However, none of this information will be released until the first batch of miners is ready for distribution and on their way to shipping. It is underestimated how much time, complexity and cost is absorbed by such a project.
The designs should be published in the early half of next year in the attempt to at least recover the production, designing and groundwork costs.
Will DragonMint be overpowering the mining industry in the near future? Will Bitmain regain their grounds in this field?
This is yet to be revealed.