Ethereum price reached an all-time high the other day surpassing the previous record of $1,420. In the meantime, Bitcoin not only hit a new record, but doubled the previous one in the first half of January.
This led to the growing popularity of ETH mining, and so higher demand resulted in higher supply. Innosilicon released its new flagship ASIC. Let’s get into it.
Ethereum mining popularity is truly at its all-time high at the moment. The cryptocurrency network hash rate, which is the cumulative computing power of all its devices, proves the point. Over the last year it increased 2.2 times meaning that the number of GPUs and ASICs equivalent to computing power doubled at the very least.
The growing number of miners in the 2Miners pool also reflects the rising demand for Ethereum mining. The number of miners hit a new record of over 8600, while on December 1, 2020 it was 5000.
Innosilicon A11 Specs
Despite the growing Ethereum mining popularity, it’s not easy to find up-to-date equipment. In the recent article we discovered that it’s almost impossible to order the new-generation Nvidia RTX 3000 series graphics cards, while the models in stock are sold at a much higher price. Other brands are also releasing new products due to the growing mining popularity.
According to the source on the Chinese platform Weibo, some mining equipment sellers are already accepting payments for the new Innosilicon A11. This Ethereum mining device is the successor of the A10 ETHMaster series announced in July 2018.
There isn’t much information about the new device, but here are some Innosilicon A11 key features.
- Hash rate – 2100 MH/s ± 10%
- Consumption – 2300 W
- Memory – 8GB
- Supply – April–June 2021
The new ASIC costs around 100 thousand yuan or 15.46 thousand dollars. In 2018 the A10 ETHMaster devices with 365 MH/s and 485 MH/s cost $3,800 and $5,000 respectively, so today’s price has hardly surprised anyone.
Plus, the hash rate of the new ASIC is equivalent to 67 Nvidia GeForce 1070Ti graphics cards. According to the source, the supply is going to be limited.
Innosilicon A11 Profitability and Payback
The hash rate of the new ASIC is high enough to estimate Ethereum mining profit using 2CryptoCalc. We are entering 2100 MH/s for Ethash and getting an estimated daily profit of $161. The profit is unadjusted for electricity cost due to the difference in rates for users.
Without considering electricity expenses, the payback period is as short as 3 months.
Innosilicon A11 Life Expectancy
The new ASIC features 8GB of memory. According to Investoon, it is enough to mine Ethereum till #895 epoch coming in May 2027.
Plus, Ethereum is planning to upgrade to version 2.0 switching from Proof-of-Work to Proof-of-Stake. So ETH mining on GPUs will become inefficient. The switch is part of phase 1.5 planned for 2021, but there may be some changes and delays.
Innosilicon A11 Mining Setup
Despite all the upcoming changes, there is still plenty of time to mine Ethereum on Innosilicon A11. If you bought the new ASIC, you can start mining in the 2Miners pool using the following settings.
YOUR_ADDRESS is a cryptocurrency address where you get mining rewards. You should indicate your wallet address here starting with 0x.
Innosilicon created a powerful and expensive ASIC. Despite the limited supply, the device will not only pay back, but also bring you a profit thanks to the high hash rate at the current cryptocurrency exchange rates. It will still be true even if Ethereum manages to switch to PoS this year.