Bitmain, the bitcoin mining hardware manufacturer has announced the launch of its latest mining ASIC named BM1385. This piece of hardware boasts of over 32.5 GH/s of processing power while consuming 50 percent less processing power than its predecessor.
Mining is a very important operation on the bitcoin network. Bitcoin mining involves a set of computers or processors connected to the bitcoin network which supplies the required processing power to decrypt the blockchain and verify bitcoin transactions. Blockchain is a decentralized ledger that maintains a record of all transactions happening over the network.
Bitcoin mining involves a lot of processing power and the incentive to share processing power is offered in the form of newly minted bitcoins. For every block processed, miners will receive the bitcoin reward. The bitcoin network is growing on a rapid scale. As the network expands, the processing power required to decrypt the blockchain also increases progressively.
During the initial days, the graphics processing units found on computers used to act as miners. In order to keep up with increasing difficulty levels, now we have specialized hardware designed and manufactured for bitcoin mining. These chips are called Application Specific Integrated Circuits (ASICs). There