In April 2018, the long-awaited Dragonmint T1 miner from Halong Mining finally reached customers. Early reviews and side-by-side comparisons with Bitmain's Antminer S9 reveal a stark reality: the T1 delivers a modest hash rate advantage but at a steep price and power premium, failing to make the S9 obsolete.
From Scam Allegations to Apology
Halong Mining announced the Dragonmint T1 in November 2017, claiming it would be the most efficient SHA-256 miner on the market, powered by Samsung 10nm ASICs and boasting a 30% efficiency gain over the S9. Skepticism ran high, with Bitcoin.org co-owner Cobra branding the project a “scam.” However, after deliveries began in early April, Cobra publicly apologized on April 13: “I was completely wrong about Halong Mining. Even though they’re secretive and raised major red flags, they’ve delivered functional hardware as promised.” The apology followed unboxing photos on Twitter, but doubts about the Samsung 10nm claim persist.
Performance Tests: Modest Hash Gain, High Power and Price
Well-known YouTuber Miner Digi published a video test on April 11. After connecting to Slush Pool via a Myrig 1600W PSU, the Dragonmint T1 stabilized between 15.5 and 15.9 TH/s, while a typical Antminer S9 runs at 13.2–14 TH/s. That’s a 1.5–2.5 TH/s advantage. However, pricing tells a different story: the T1 sold for $1,595 per unit (initially minimum five per order, later single purchases allowed), whereas the S9 costs $1,288 — a difference of over $300.
Power consumption is the critical factor. The T1 drew 1,480–1,497 watts at the wall at around 15 TH/s, while the S9 pulled only 1,375 watts at 14 TH/s. An in-depth review on April 4 noted: “The T1 ramped up to 14.98–15.97 TH/s but pulled roughly 1,480–1,497W. The Antminer S9 pulled 1,375W at 14 TH/s.” This means the T1’s efficiency advantage is marginal at best, certainly not the 30% claimed by Bitcoin Core developer Btcdrak. ASIC Boost and Samsung 10nm chips failed to deliver a breakthrough.
Conclusion: S9 Remains King, T1 Disappoints
The Dragonmint T1 does not render the Antminer S9 obsolete. Its slightly higher hash rate is offset by significantly higher cost and power draw, making it a poor value proposition for most miners. Halong Mining’s website shows all batches sold out and “unavailable,” leaving the company’s future uncertain. For now, the S9 remains the more sensible choice unless T1 prices drop substantially.