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

While Microbt, Bitmain, Innosilicon, Strongu, Ebang, and Canaan have dominated the market for application-specific integrated circuit (ASIC) bitcoin miners, a new competitor has emerged. AGM Group Holdings, a relatively obscure integrated technology corporation, has experienced a number of ASIC sales and partnerships in recent years.

Large Bitcoin mining rig purchase orders have been revealed by a relatively unknown semiconductor firm

Manufacturers of bitcoin mining rigs such as Microbt, Bitmain, and Canaan have reported record sales of ASIC mining rigs in 2021. Thousands of bitcoin mining equipment have been acquired from these companies by mining operations all around the world in the previous year.

Because to the strong demand for ASICs, many orders placed this year will not be supplied until 2022. A new competitor has entered the ASIC bitcoin mining rig manufacturing race, and recent press releases reveal that AGM Group Holdings (Nasdaq:AGMH) is selling a lot of crypto mining devices.

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AGM announced on November 3 that it had “won a purchase order” from Code Chain New Continent Limited (Code Chain) to deliver 10,000 of its 100 terahash (TH/s) mining rigs. While AGM received a $65 million buy order for ASIC computers, the mining equipment is slated to arrive in the second half of 2022. AGM sells three types of bitcoin miners, each with a different performance rating, according to the company’s website.

“Mining of bitcoin, bitcoin cash, and other cryptocurrencies is supported by the KOI Miner C16 Series.” According to AGM’s website, “[the] KOI Miner C16 is developed on a revolutionary architecture employing FinFET N+1 process technology.” “With [the] energy consumption rate of the unit computing force decreased to as low as 30J/T, the computing power of the total machine crosses 100TH/s, as high as 113TH/s.”

The value of AGM’s Nasdaq shares has increased

With an electrical usage of $0.12 per kilowatt-hour and a throughput of 113 TH/s, the KOI Miner C16 S model is expected to generate $39.92 per day (kWh). It would go up against the Microbt Whatsminer M30S++, the Ipollo B2, and Bitmain’s Antminer S19 Pro as the top three mining devices. AGM’s KOI Miner C16 series miners have yet to receive any online reviews, and the machines are not yet featured on real-time ASIC hardware profitability rankings.

AGM has issued a plethora of other media releases in the recent two months, in addition to the November 3 purchase announcement. On October 13, AGM supplied 30,000 ASIC miners to Nowlit Solutions Corp, a digital currency equipment supply chain provider, announcing its “first large order.” AGM sold 25,000 ASIC miners to Minerva Semiconductor Corp. on October 21. AGM also announced a collaboration with Meten Holding Group, a Nasdaq-listed English language instruction company based in China.

Meten Holding Group’s stock (Nasdaq:METX) soared after the collaboration announcement, up nearly 44 percent on October 28. METX was trading for $0.5990 per share on that day, and it is now trading for $0.62 per share. On November 5, AGM’s Nasdaq stock, AGMH, was selling for $11.40 per share, and each share has since gained 3.771 percent, presently trading for $11.83 per unit.