Linzhi ETH Miner Manufacturer to Oppose the ProgPoW

If the proposal is accepted, the impact of ASIC miners can be limited
09 January 2019   1568

Based in Shenzhen, the manufacturer of miners Linzhi criticized the intention of Ethereum-developers to implement a ProgPoW solution, aimed at blocking ASIC-miners. It is reported by CoinDesk.

The possibility of updating the Ethereum codebase with ProgPoW activation was discussed by developers last Friday. If the proposal is accepted, the influence of ASIC miners will be limited, and the ETH mining will continue to be carried out on more traditional equipment like video cards.

According to representatives of Linzhi, the company was "shocked" by this initiative:

We reject arbitrary enforcement of rules, and request clear and equal guidelines to be established for all hardware makers. Today we are calling upon the ethereum developers to publish rules and requirements for what constitutes a good ProgPoW ASIC maker. 
 

Linzhi Team

Currently, Linzhi is developing an innovative chip for the Ethash mining algorithm. The company has already spent $ 4 million on its creation, and Linzhi is confident that the miners based on these chips outperform all ASIC devices on the market for Ethereum.

In a conversation with CoinDesk, a spokesman for Linzhi, Wolfgang Sproul, announced the developers' intention to explore the possibility of creating an ASIC device compatible with the ProgPoW solution.

Argo to Report on Mining Profitability Increase in Q2

It was also reported that by the end of June, company owns about £ 3 million in crypto assets, which is 7.7% higher than expected
03 July 2019   387

The British mining company Argo Blockchain published a financial report for the second quarter of 2019, according to which its revenues increased significantly in the second quarter, exceeding its own expectations.

So, in comparison with the previous report, published in early June, the income from mining Argo Blockchain increased by 24%. The increase in profitability from mining at the same time turned out to be proportional to the increase in the Bitcoin price observed during the recent period.

The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.
 

Argo Blockchain Team

Argo Blockchain also said that as of the end of June, the company owns about £ 3 million in cryptocurrency assets, which is 7.7% higher than expected.

Also Argo Blockchain intends to expand its activities. In particular, the company plans to deploy another 2500 miners in Quebec by the end of the third quarter, which is also expected to significantly increase revenues.

Our better-than-expected mining performance reflects both improving industry conditions as well as Argo's business strategy, which has enabled it to rapidly ramp up operations and thereby take full advantage of the upturn. As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.
 

Mike Edwards

Executive chairman, Argo

It should be noted Argo Blockchain was the first cryptocurrency company, the placement of shares of which was approved by the London Stock Exchange last June.