Canaan Unveils New Avalon ASIC Miner as It Expects Further Industry Growth

Canaan (CAN), a Bitcoin mining rig manufacturer, has unveiled the Avalon 1266 model, which aims to capitalize on what it expects will be faster growth in ASICs markets.

In the recent past, Canaan Creative has been known for manufacturing Bitcoin mining machines, known as Application-Specific Integrated Circuits (ASICs). Their new Avalon 1266 model has some noteworthy characteristics. It boasts a hash rate of one hundred terahashes per second(TH/s) and a 35 joules/terahash (J/T) power efficiency, said Canaan executives at the Bitcoin 2022 conference in Miami. Its predecessor, the Avalon 1246, had a 90 TH/s capability and 38 J/T efficiency. Canaan’s Senior Vice President, Edward Lu, believes that the 1266’s durability is its main claim to fame. “If you buy our machines, you can use them for a lifetime … You don’t have to change your machine or replace them every year,” he said.

The company plans to set up service centers worldwide to provide faster support. The new machine supports immersion and air cooling, but Canaan executives have not yet released pricing. The company plans to expand its business with the new Avalon model, and expects demand for its ASICs to increase at a faster rate than expected. “I believe this market really has a potential to grow and develop further,” Lu opined.

Intel’s new chip is a good thing for the industry

Global chip giant Intel recently revealed its new mining chip, boasting 26 J/T efficiency and high customization ability for improved mining power. Lu believes Intel’s foray into the mining space will enhance the industry’s competitiveness and drive faster growth. “Previously, this industry used to be somewhat mysterious. Now, with big companies coming into the market, it is proof that the industry has the potential to grow,” Lu concluded.

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Canaan’s new ASIC’s performance falls between two machines from Bitmain, the Antminer S19, and the Antminer S19 pro. The S19’s hashrate maxes out at 95 TH/s with an efficiency of 34.5 J/T, while the S19 Pro’s hashrate is 110 TH/s with an efficiency of 29.5 J/T

The latest Antminer S19 ASIC bitcoin mining rig from Bitmain was officially announced at Dubai’s World Digital Mining Summit. It is 27% more powerful than the S19 Pro and consumes less energy than its predecessor. The Antminer S19XP also uses less electricity, making it more environmentally friendly.

Choosing the right machine is critical

Choosing the best Bitcoin mining machine is critical for your mining efforts. It will determine the amount of electricity used and the number of bitcoins mined. As the popularity of Bitcoin mining increases, more expensive ASICs may become unavailable in the market. Purchasing a cheap ASIC will save you money in the long run, as it will allow you to mine more bitcoins with the same power consumption.

Ultimately, the more powerful your mining machine is, the better it will be for your wallet.

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