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A New Semiconductor Manufacturing Competitor Has Entered the ASIC Bitcoin Mining Rig Industry

A New Semiconductor Manufacturing Competitor Has Entered the ASIC Bitcoin Mining Rig Industry

While companies like Microbt, Bitmain, Innosilicon, Strongu, Ebang, and Canaan have ruled the roost in terms of manufacturing application-specific integrated circuit (ASIC) bitcoin miners, a new challenger has entered the competition. A relatively unknown integrated technology firm called AGM Group Holdings has seen a lot of ASIC sales and partnerships in recent times.

A Relatively Unknown Semiconductor Firm Has Been Revealing Large Bitcoin Mining Rig Purchase Orders

2021 has seen record sales, in terms of ASIC mining rigs sold by bitcoin mining rig manufacturers like Microbt, Bitmain, and Canaan. Mining operations located all around the world have purchased thousands of bitcoin mining devices from these firms during the last year.

The demand for ASICs has been so high, many orders placed this year are due to be shipped at some point in 2022. Now a new challenger has entered the ASIC bitcoin mining rig manufacturing competition and recent press announcements detail AGM Group Holdings (Nasdaq:AGMH) is selling a lot of crypto mining products.

On November 3, AGM announced it had “won a purchase order” from Code Chain New Continent Limited (Code Chain) and will deliver 10,000 units of its 100 terahash (TH/s) mining rigs. While AGM won the purchase order worth $65 million in ASIC machines, the mining products are expected to be shipped in the second half of 2022. According to AGM’s website, the company sells three types of bitcoin miners with various performance ratings.

“[The] KOI Miner C16 Series [supports] mining of bitcoin, bitcoin cash and other cryptocurrencies. [The] KOI Miner C16 is built on a new architecture using FinFET N+1 process technology,” AGM’s website description details. “The computing power as a whole machine passes 100TH/s, as high as 113TH/s, with [the] energy consumption rate of the unit computing force reduced to as low as 30J/T.”

AGM’s Shares on Nasdaq Spike in Value

At 113 TH/s, the KOI Miner C16 S model is estimated to pull in $39.92 per day with an electrical consumption of $0.12 per kilowatt-hour (kWh). It would compete with the top three mining devices the Microbt Whatsminer M30S++, the ​​Ipollo B2, and Bitmain’s Antminer S19 Pro. There are no reviews online yet about AGM’s KOI Miner C16 series miners and the machines are not yet listed on real-time ASIC hardware profitability rankings.

A New Semiconductor Manufacturing Competitor Has Entered the ASIC Bitcoin Mining Rig Industry

In addition to the November 3 purchase announcement, a slew of other media statements have been published by AGM during the last two months. AGM announced its “first significant order” for 30,000 mining rigs on October 13, when it sold the ASIC miners to Nowlit Solutions Corp, a digital currency equipment supply chain service. On October 21, AGM sold 25,000 ASIC miners to Minerva Semiconductor Corp. Furthermore, AGM revealed a partnership with Meten Holding Group, a Nasdaq-listed English language coaching firm that is based in China.

The partnership announcement caused Meten Holding Group’s stock (Nasdaq:METX) to soar in value, increasing over 44% on October 28. On that day, METX was swapping for $0.5990 per share and today, METX is changing hands for $0.62 per share. AGM’s shares on Nasdaq, AGMH, were swapping for $11.40 per share on November 5, and each share has gained 3.771%, now trading for $11.83 per unit.

What do you think about the relatively unknown mining rig manufacturer stepping into the bitcoin mining industry? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, AGM Group Holdings

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Vote postponed to renominate SEC commissioner Caroline Crenshaw

Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw” The vote was postponed minutes before it was due to begin by Brown No date has been set for Crenshaw’s renomination A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been…


US SEC Commissioner Jaime Lizárraga to resign in January

  • Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw”
  • The vote was postponed minutes before it was due to begin by Brown
  • No date has been set for Crenshaw’s renomination

A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been postponed.

The vote was originally scheduled on December 11; however, it was postponed minutes before it was due to begin, reports Bloomberg. Sherrod Brown, the Senate Banking Committee chair, delayed the vote. When Brown requested the vote occur later that day, Republican senators blocked his request.

Brown later released a statement saying that corporate special interests are running a “disgusting smear campaign against Caroline Crenshaw.”

No date has been set for her renomination.

Earlier this week, crypto and blockchain advocacy groups voiced their opposition to Crenshaw’s renomination.

In a letter to Brown and Senate Banking Committee Ranking Member Tim Scott, the Blockchain Association and the DeFi Education Fund argued that Crenshaw’s actions have undermined Congress’s mandate to establish clear regulatory policies for the crypto industry.

In their letter, they mention Crenshaw’s “continued opposition to the approval of a spot Bitcoin ETP.”

Following the news of Crenshaw’s reappointment, Brian Armstrong, CEO of Coinbase, took to X to say: “She tried to block the Bitcoin ETFs, and was worse than Gensler on some issues (which I didn’t think was possible).”

A Republican-majority SEC?

The delay to Crenshaw’s renomination opens up the possibility of a three-person Republican SEC once Donald Trump enters the White House in January. Crenshaw’s term at the SEC officially ended in June; however, if she’s renominated she would be the only Democratic SEC commissioner.

The SEC can make up to five commissioners, but no more than three can form the same political party. Current SEC chair Gary Gensler, a Democrat, is stepping down on January 20, and SEC Commissioner Jaime Lizárraga, also a Democrat, will step down on January 17.

Last week, Trump nominated pro-crypto Paul Atkins, a Republican, as chair of the SEC.

Including Gensler and Lizárraga, the three remaining SEC commissioners include Republicans Hester Peirce and Mark Uyeda.


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Australia fines Kraken operator $5 million for non-compliance

Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements. The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations. Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for…


Kraken shutting down its NFT marketplace just a year after its launch

  • Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements.
  • The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations.

Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for non-compliance with Australian regulations.

The Australian federal court fined Bit Trade following a lawsuit by the Australian Securities and Investment Commission. In its order, the court said that the Kraken crypto exchange operator must comply with the country’s crypto regulations.

The court ordered that the exchange ought to pay 8 million Australian dollars as a penalty for non-compliance with the local regulations. Notably, Kraken recently announced a licensed broker offering for clients in Australia.

Bit Trade failed to comply with regulations

In August this year, the court ruled in favour of the Australian Securities and Investment Commission. The regulator had filed a case accusing Bit Trade of issuing a credit facility without following the legal proceedings.

ASIC argued that Bit Trade did not make the target market determination, a requirement to protect investors. Between October 2021 and August 2023, ASIC stated that the firm offered a margin extension to 1,100 users which cost them a loss of over $5.2 million without following the legal requirements.

The market regulator’s demand was Bit Trade to pay a fine worth 20 million Australian dollars. On their argument, Bit Trade put their limit to a maximum of four million Australian dollars. The penalty follows these proceedings, and the Kraken operator in Australia has 60 days to comply with the order.

In addition, the firm would cover for all the commissions court proceedings costs.

Kraken has faced regulatory hurdles in the US too, with the Securities and Exchange Commission (SEC), suing the exchange earlier in November 2023.

SEC’s allegations include Kraken offering of unregistered activities and operating as an unregistered broker. In August 2024, a US court denied the exchange’s motion that sought to dismiss the SEC’s lawsuit.


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Saylor and Bukele Discuss How El Salvador Can Accelerate Global Bitcoin Adoption

Michael Saylor has met with Salvadoran President Bukele to discuss accelerating global bitcoin adoption as El Salvador strengthens its position, continuing to accumulate bitcoin despite IMF-driven policy adjustments. Michael Saylor Meets Nayib Bukele to Discuss Bitcoin Strategy Michael Saylor, executive chairman of Microstrategy (Nasdaq: MSTR), met with El Salvador’s President Nayib Bukele on Feb…
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