CoinGeek.com Funds €3.6 mln to Scale BCH with 1 TB Blocks

16 January 2018   3157

CoinGeek.com, the cryptocurrency media outlet and blockchain company, announced on Monday that it is funding of up to 3.6 million Euro to support Terab, an open source initiative that will solve a key technical issue to enable the Bitcoin Cash chain to massively scale to terabyte size blocks and 7 million transactions per second.

The Terab project will be managed by Lokad, the French quantitative supply chain technology provider, and will receive technical support from nChain, the blockchain research & development specialist.

One of the major criticisms of Segwit Bitcoin is the apparent inability to scale to the level of transactions that payment networks such as Visa and Mastercard can provide. For cryptocurrencies to be competitive in the global payments space, high volume transaction scaling is vital but, not, as many have suggested, impossible and Bitcoin Cash is now firmly on that road.

 

CoinGeek statement

Joannes Vermorel, Lokad founder,  has recently advocated that terabyte-size blocks are viable – but only on the BCH chain. A single terabyte block (added every 10 minutes) can contain about 4 billion Bitcoin transactions, and provide capacity of 7 million transactions per second.  

He added that the scale of a network with 1 TB blocks would be immense, and enable BCH to power not just monetary transactions but machine-to-machine data transactions of many types.

Bitmain to Announce New ASIC Chip

BM1397 chip requires less energy and is able to achieve efficiency at 30J / TH
18 February 2019   557

This Monday, the Chinese mining company Bitmain announced the next-generation 7-nm chip codenamed BM1397, which, according to it surpasses its predecessors in performance and energy efficiency and is suitable for mining cryptocurrencies on the SHA256 algorithm, including Bitcoin and Bitcoin Cash.

The BM1397 chip requires less energy and is able to achieve efficiency at 30J / TH, which is “higher by 28.6% than the previous 7-nm chip from Bitmain”, codenamed BM1391.

BM1397 is manufactured using TSMC, a Taiwan-based semiconductor product company, which is one of the leading suppliers in the cryptocurrency mining industry.

The BM1397 chip will be installed in the new ASIC miners of the Antminer S17 and Antminer T17 models, the release of which Bitmain promises to announce later. The company does not provide other details of the updated devices in its message.