Bitmain, MicroBT Heat up Bitcoin Miner Arms Race in Dubai

The race to deliver the next generation of Bitcoin ASIC miners is officially underway as Bitmain and MicroBT unveiled their flagship products in Dubai this week.

MicroBT launched the highly anticipated WhatsMiner M60 series on Tuesday during the Blockchain Life event in Dubai, showcasing two tiers of power efficiency – 18.5J/TH and 19.9J/TH – in air, hydro, and immersion cooling modes, respectively. The company’s founder, Yang Zuoxing, made a rare appearance on stage to announce the products.

On the second day of the event, Bitmain introduced the AntMiner T21 model following its Hong Kong launch of the AntMiner S21 series in September.

Both companies set up exhibition booths during the event to emphasize their competitiveness ahead of the halving next year. Canaan also exhibited its newest Avalon 14 series and revisited the September launch in a press release, capitalizing on the event’s buzz.

Bitmain stated that the T21 model can switch between what it calls Normal Energy Mode (NEM) and High Energy Mode (HEM). The NEM mode offers 19J/TH efficiency, producing 190 TH/s, while the HEM mode sacrifices some efficiency, at 22J/TH, in exchange for higher computational power, reaching up to 233 TH/s.

In a move to strengthen relationships with existing and potential customers, the world’s largest Bitcoin miner manufacturer is promoting what it terms a “Bitcoin Fluctuation Protection Plan.” Essentially, Bitmain offers to compensate potential T21 buyers during a protection period if the price of Bitcoin falls below a certain threshold.

This strategy mirrors the financing aid that Bitmain provides to buyers who preorder the S21 series. As reported previously, CleanSpark and Iris Energy, two public mining firms, have signed purchasing agreements for nearly 6 EH/s of AntMiner S21s, with approximately 20% of the deals being financed by Bitmain, with payment not due until a year after delivery.