More than 100,000 new ASIC mining machines were added in two weeks, and Bitcoin’s entire network computing power was innovated.

According to Coindesk's August 5 report, the total power of the Bitcoin blockchain has reached another record.

201901070322534550 (Source: goalgal)

According to data from mining service operator BTC.com, the average hash rate of bitcoin mining in the past two weeks has risen from 64.49 EH/s on July 23 to 71.43 EH/s. UTC time at 2:52 am on Monday, Bitcoin adjusted the difficulty of mining at its block height of 586672. Since mid-July, the new computing power has reached 6.94 EH/s, up 10.78%.

Bitcoin mining difficulty is an indicator of how easy it is to dig up new blocks on the Bitcoin main network. Bitcoin software adjusts the mining difficulty every 2016 block (approximately 14 days) to ensure that each block in the next cycle can be generated for about 10 minutes.

Assume that the above-mentioned new 6.9 EH /s computing power comes from a powerful ASIC mining machine, such as the recently launched Bitland ant s mineral machine S17 or MicroBT WhatsMiner M20S, the mining rate of these two mining machines have reached All at 55 TH/s. This means that over 100,000 ASIC miners have been added to the mining industry in the past two weeks. In addition, considering that these products are priced at least $2,000 each, this indicates that large miners have earned about $200 million in revenue.

Since the beginning of this year, the price of Bitcoin has rebounded significantly and is expected to hit a new high. Together with the arrival of the rainy season in Southwest China, it has aroused people's interest in bitcoin mining. According to reports, due to the rapid fall in the price of electricity after the rainy season, the mining power of the southwestern provinces of China accounted for more than 50% of the world.

Chinese miners estimated earlier this year that the bitcoin hash rate will exceed 70EH/s this summer. (It should be noted that the bitcoin hash rate has exceeded this level at some point in June this year, even reaching 80EH/s around August 1)

However, starting today, Bitcoin's two-week average mining power has stood at the 70EH/s level for the first time. Therefore, the difficulty of mining Bitcoin has also set a new record of nearly 10 trillion.

The pattern of the mining machine market has changed significantly.

While people's interest in mining began to rise gradually, the mining machine market also experienced significant changes, and mining machine manufacturers competed to produce more powerful mining equipment.

For example, Bitcoin said in its 2018 IPO prospectus that the Beijing-based mining giant claimed to own 70% of the global mining machine. Now, it may face fierce competition from competitors. Some believe that these competitors have the ability to launch more top products and bring higher profitability to miners.

Michael Zhong was a bitcoin mining analyst who now runs a bitcoin mine. Michael said that from 2017 to 2018, the Bitland ant S9 series mining machine ranked first, followed by Jianan Zhizhi's Avalon 8 series mining machine. MicroBT, the former design director of InnoSilicon, Yibang and Bitland, was in the third echelon. However, from January to June this year, the production capacity rankings of these mining machine manufacturers have changed. At present, MicroBT's WhatsMiner M20 series tops the list, followed by Bitland's S17 series, followed by the core and Yibang.

According to F2pool's mining profit tracker, Bitland's flagship mining ant, the S17 Pro, ranks third in terms of mining profitability, behind BitFury's Tardis and MicroBT's WhatsMiner M20S. According to the advertising information on the websites of the two companies, the WhatsMiner M20S is priced at about $3,000, while the ant mining machine S17 Pro is priced at about $4,000.

Orders for these flagship mines have been placed in November and December this year, but MicroBT founder Zuoxing Yang previously told CoinDesk that the bottleneck in mining capacity is whether suppliers can provide chips.

Bitcoin has always relied on chips from TSMC, and at the beginning of this year, the chips needed for MicroBT's flagship product turned from TSMC to Samsung. TSMC and Samsung estimated in the second quarter earnings report that the market demand for cryptocurrency mining chips will recover in the third and fourth quarters of this year.