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What is the Whatsminer M10? (Specs & GMO/Bitmain Comparison)

On the 19th July 2018, Pangolin announced a new Bitcoin ASIC miner on Twitter called the Whatsminer M10. Yesterday on the 14th August 2018 they started promoting it more heavily. When comparing this miner against existing Bitcoin ASICs it sounds a bit too good to be true, where it's far more efficient than all other Bitcoin ASICs available.

Below we analyse this miner and the company behind it, and compare it against competitors.


Right now you can pre-order the Whatsminer M10 for $1,888 if you want it delivered by the 20th September 2018, and $1,588 if you want it delivered by 20th November 2018. See our mining calculator for its current profitability.


Whatsminer M10 Specs

In July 2018 we looked into the GMO B3's specs, in particular its efficiency, as on paper it looked to be more efficient than existing Bitcoin ASICs like the Antminer S9 and DragonMint T1. On paper it uses around 81W per 1 TH/s of hashpower. In comparison the latest Antminer S9, the S9j, uses 93.1W per 1 TH/s of hashpower.

Now looking at the Whatsminer M10, on paper it would seem to use 2145W and produce 33TH/s of hashpower. This would mean it uses just 65W per 1 TH/s of hashpower, which puts it way ahead of the GMO B3's efficiency.

On top of this, it seems to be based on a 16nm architecture, whereas the GMO B3 uses a 7nm architecture, and the T2 Turbo (which is slightly less efficient than the GMO B3) uses a 10nm architecture. Generally speaking the smaller the architecture the newer the 'generation' and the higher the potential efficiency, so there's an expectation that for a miner to be better than the GMO B3 it would have to be a smaller architecture - and that the Whatsminer M10 is simply too good to be true (we discuss this in the next section).


Is the Whatsminer M10 too good to be true?

In a recent video by Pangolin, they showed a test of the Whatsminer M10 running 30 TH/s at a power usage of 2042W, which would be 68W per 1 TH/s of hashpower. In this video they say that this test is 'not the final version of the machine', and that it has 'a lot of room for improvement'. If the test in this video isn't fake, then this claim of 65W per 1TH/s may very well be true; although they do say that it could have + or - 5% of this hashpower, and + or - 10% on power usage, which means that if you're unlucky you might get 31.35 TH/s at 2360W, which would be 75W per 1 TH/s. Equally, albeit less likely, you might get 34.65 TH/s at 1931W, which would be 55W per 1 TH/s.

Positive arguments

  • Some of Whatsminer's engineers seem to have come from Bitmain, this would explain how they're able to achieve such high efficiency.
  • One thing to be aware of is that the M10 isn't Pangolin's first Bitcoin ASIC miner, so the question at the moment is more if the M10 will be as efficient as they claim rather than if the miner exists or not. The Whatsminer M3, released in January 2018, had an efficiency of 166W per 1 TH/s, so wasn't really competitive with miners like the Antminer S9 at the time.

Negative arguments

  • Pangolin seems to be a much smaller company than Bitmain, with much less traffic on their website and a smaller social media following.
  • When looking at various posts around the M10's release, we've seen a number of negative comments related to the M3's release, with users claiming that pre-orders of the M3 were very slow. Although equally there are many positive comments about the M3, and even the negative ones may just be because mining for certain users is no longer profitable (e.g. you have to buy these on pre-order, and by the time the miner arrives it might not be profitable anymore; this is a risk you need to be aware of for any kind of pre-order).

Risks buying the Whatsminer M10

There's been some confusion around who's behind Pangolin, or 'Pangolinminer', leading to some potential scams when buying the M10. Be aware that Pangolinminer is a shareholder of Whatsminer, and is in charge of overseas sales for the Whatsminer.

Also be aware that https://pangolinminer.com seems to be the official website to buy an M10, and several others have popped up that may be scams.

DISCLAIMER: This site cannot substitute for professional investment or financial advice, or independent factual verification. This guide is provided for general informational purposes only. Bitcoin Kit is UK-based and not regulated by the FCA (Financial Conduct Authority). The group of individuals writing these guides are cryptocurrency enthusiasts and investors, not financial advisors. The ideas presented are our analysis, learning & opinions on a range of cryptocurrency topics. Trading or mining any form of cryptocurrency is very high risk, so never invest money you can't afford to lose - you should be prepared to sustain a total loss of all invested money.

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