Analysis: The third block reward halving short cycle has limited impact on Bitcoin price

TokenInsight released "2019 Annual Blockchain Mining Research Report". The report shows that: 1. The average Bitcoin calculations for the whole year of 2019 increased by 80%, compared with an average annual price drop of 1.9%. 2. Of the mining revenue, the proportion of fees decreased from US $ 280 million to 160 million, a 67% decrease. 3. After the third halving, the growth rate of supply has decreased by about 1.7%, which is much lower than the 4.8% -6.2% of gold and 5% of the narrow currency (M1) issuance. 4. The mining pool is not standardized, and cooperation with independent third-party agencies is the future development direction. 5. It is expected that Bitmain, Jianan Yunzhi, Bitwei, and Ebon International will occupy 63%, 18%, 10%, and 7% of the SHA256 ASIC mining machine market in 2020, respectively. 6. The third block reward halving short cycle has a limited impact on the price of bitcoin, and in the long run will provide momentum to the price of bitcoin. 7. Altcoin mining may gradually move from GPU / CPU to FPGA. In the long run, it may be gradually occupied by ASIC mining.