2019Q3 Blockchain Mining Research Report: Low-power mining machines will gradually establish advantages and the mining industry enters a new era

Source: Tokeninsight

Editor's Note: The original title was "2019Q3 Blockchain Mining Research Report"

Key takeaways:

1. With the delivery of mining machine orders in the first two quarters and the centralized release of new mining machines from major mining machine manufacturers, the hashrate and difficulty of Bitcoin's entire network increased sharply in the third quarter, peaking at 109 ET / s respectively. And 12.76T, both the highest levels in history (as of the third quarter of 2019). Among them, the average increase in difficulty in the entire network in the third quarter reached 6.26%, and the difficulty increased by 72% (June 1, 2019 to September 30, 2019), the highest level of difficulty growth in the past year.

2. Affected by the halving in the second quarter of 2020 and the instability of the currency price, the profitability of 16nm mining machines including Ant S9 series mining machines will be greatly affected. In order to maximize the benefits of 16nm mining machines such as S9 before halving, miners will not clear the S9 mining machine for the time being. At the same time, with the successive delivery of 7nm mining machines released in the second half of 2019, TokenInsight predicts that the computing power and difficulty of Bitcoin's entire network will continue to show an upward trend in the first half of 2020 (before halving). Due to the uncertainty of the currency price, the average increase will not exceed the third quarter of 2019.

3. In the second half of 2019, major mining machine manufacturers including Bitmain and Jianan Yunzhi successively sold mining machines with computing power consumption ratio below 50J / T. Among all miners, Antminer S17 + has the lowest computing power consumption ratio (39.5J / T). Antminer T17 + replaced the Innosillicon T3-43T miner from the previous quarter as the most profitable low-power miner. The cycle is only 230 days under the current difficulty and currency price. With the increase of computing power, low-power mining machines will gradually establish advantages in the competition.

4. In terms of profitability of mining machines, due to the soaring difficulty of the entire network in the third quarter, more than half of the mining machines were unable to recover their costs under the current difficulty and currency price. The return period of the miners that can still return to the original period has also increased significantly. The shortest return period of the miner is Antminer T17 +. It takes 230 days to return to the original period. It takes 668 days. The returnable miners are mainly produced by Bitmain and Jianan Yunzhi.

5. In terms of the profitability of mining machines, TokenInsight launched the industry's first dynamic income calculation model based on the increase in the price and difficulty of the currency based on the static income measurement in the previous quarter. In this model, all mining machines can recover the cost.

6. In terms of cloud computing power products, the cloud computing power products with a lock-up period of 6 months in the Renren Mine Platform have the lowest unit computing power mining cost, and the daily mining cost per unit computing power is $ 0.0973.

7. On November 21, 2019, Beijing time, mining machine manufacturer Jia Nan Yunzhi successfully listed on NASDAQ in the United States, becoming the first blockchain concept company listed on the US stock market. The listing of Jianan Yunzhi means that blockchain technology and Bitcoin have been increasingly accepted by mainstream financial markets, and the mining industry has entered a new era.