As Bitcoin's overall network computing power hit a new high, data analysis shows that at least 600,000 powerful new mining machines have been on the line for mining in the past three months.
According to the cryptocurrency BTC.com data, Bitcoin's average computing power has passed another threshold in the past two weeks. At 19:00 UTC time on Friday, Bitcoin's total network computing power reached a new high of 85 EH/s. At the same time, the difficulty of mining has also risen to a new record of nearly 12T. It is worth noting that since June 14, the two bitcoin indicators have risen more than 60%.
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Bitcoin mining difficulty is a measure of the difficulty of creating a trading block. Every time 2016 blocks are generated, they will be adjusted and adjusted every two weeks to ensure that the Bitcoin block generation time can be kept at around 10 minutes. Even though miners around the world have deployed a large number of mining machines in order to compete for bitcoin mining resources, as long as the difficulty of mining is adjusted, the time generated by each block will remain stable.
Of course, some new ASIC mining machines have been launched this summer, with an average power of 55 TH/s.
Assuming that the market has deployed the above-mentioned level of mining power since mid-June this year, the total network computing power has risen from 35 EH/s to the current level, which means that there are about 500,000 new ASICs in the past three months. The mining machine is connected to the Bitcoin network. (1EH/s=1 million TH/s)
"billion dollar" business
These powerful ASIC mining machines are mainly produced by manufacturers such as Bitcoin, Jianan Zhizhi, InnoSilicon, and MicroBT. The price of each miner ranges from $1,500 to $2,500. Therefore, if 500,000 miners were delivered in the past three months, it means that these miners may have earned $1 billion in revenue.
Bitcoin's overall network computing power and the soaring difficulty of mining seem to be in line with the trend of bitcoin price increases this year. The higher prices have also led to the increasing demand for mining equipment in the market, which has greatly exceeded the market supply. Of course, the steep increase in demand for mining machines is partly due to the fact that the “beverage period” in southwestern China has brought very cheap and abundant hydropower resources to miners.
On the other hand, miners are increasingly interested in mining in the Eastern Siberia region of Russia, and the Brastek hydropower station built during the Cold War period has been used to power the Bitcoin mine, estimating the bitcoin in the region. Force has accounted for nearly 10% of the total network computing power.
At the beginning of this year, domestic companies predicted that the average computing power of Bitcoin would break through 70EH/s in the summer, which is not enough. This goal was easily achieved in August. It is in such a large environment that the demand for mining machines is growing, and the equipment of major mining machine manufacturers are in a “sold out” state. Customers need to place orders at least three months in advance to be delivered before the end of the year.
The cryptocurrency trading and mining activity analysis startup TokenInsight predicted in a report released last Friday (September 13) that the market will continue to increase the supply of mining machines in the coming months. The report states:
“With the sharp rise in bitcoin prices, the bitcoin mining market experienced significant inflation in the second quarter of 2019, and many mining machine manufacturers experienced serious supply shortages, which buyers submitted in the second and third quarters. Orders may not be delivered until the end of the year."
Therefore, TokenInsight estimates that by the end of this year, Bitcoin's difficulty in mining the entire network will continue to grow and break through 15T, while Bitcoin's total network computing power will exceed 100EH/s for the first time in history.
This article comes from coindesk , the original author: Wolfie Zhao
Odaily Planet Daily Translator | Moni
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