Susquehanna, the Wall Street firm, has reduced the ratings of AMD, the semiconductor firm known for its GPUs from neutral to negative and lowered the price target for AMD citing the stiff competition from Bitmain, the cryptocurrency mining company.
According to Christopher Rolland, an analyst, Bitmain has developed an ASIC (Application –specific integrated circuit) which will be used to mine Ethereum, and the shipments will be ready by the second quarter of 2018.
“It is certain that Bitmain is the largest ASIC vendor (accounting for 70-80% of Bitcoin mining ASICs). Apart from Bitmain, there are other three different companies currently working Ethereum ASICs,” added the analyst.
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