Bitcoin plummeted 22% in 15 minutes. Is the mining disaster coming?

15 minutes after 18:30 pm Beijing time on the 12th, it should be a nightmare for cryptocurrency investors. 15 minutes to hell is a bit exaggerated.

Almost all cryptocurrencies have staged a death battle. The halving price has not come, and the price of cryptocurrencies is the first to halve.

Bitcoin plummeted directly from $ 7211 to a minimum of $ 5555, down $ 1656, or 22%. According to coin data, a total of 2 billion U.S. stocks were exploded in the 24-hour network, with more than 80,000 people. Almost all of the futures that had been billed before the plunge fell. Terribly abnormal.

However, even so, many people add excitement to their fears and try to make a bottom. "It's all bargains." They said. Unfortunately, it is not easy to make up positions. The over-the-counter price of Huobi USDT has reached $ 8, and sellers are extremely scarce. There are also risk-takers who keep making multiple orders, and the bitcoin price continues to rise and fall in a short period of time.

For the coin hoarding party, the slump may not be so unacceptable. Coin India Pan Zhibiao said on Weibo: short-term negative, long-term positive. Don't panic, Moga leverages.

Recalling that during the September Fourth period of 2017, Bitcoin also plummeted. At that time, everyone was worried and everyone said it was cold. However, after that, Bitcoin and a large number of altcoins opened an unprecedented bull market. Futures liquidators are painful, but the so-called currency is in the presence of people, which may be the only thing that many people are worth comforting at this moment.

Jiang Zhuoer, the founder of Leibite mining pool, also said, "It's nothing to panic. The last round of bull market also started with 3 45% declines. According to Bitstamp, 10500 fell to 5720, which is 45.5%. The drop was exactly the same as the previous round when the 3350 fell to 1851 (44.7%). The reason for the fall was: the bear market panic is still there. Now understand why I said that if you want to take the evil path, you can only go up (it will not burst) Position), you can't use the leverage on the market.

Jiang Zhuoer said that the off-site leverage is mining.

However, if the cryptocurrency continues to fall, the most uncomfortable is not the holders, but the miners. This plunge is undoubtedly a nightmare for mining practitioners.

According to the mining machine revenue ranking provided by the official website of Yinyin, at the price of 0.38 yuan a kilowatt-hour, many mining machines have touched the shutdown price. For example, the god machine ant S9, which occupies 40% of the computing power of the entire network, has entered the shutdown price across the board, and the total number of miners at the shutdown price has reached 38 models.

What's more frightening is that the machines with less than 50% of electricity costs are only Ant's latest mining machines S19 and S19PRO. What is this concept? Bitcoin is expected to be halved in 59 days. That is to say, assuming that the price of the currency is still the same, and the income is halved, it will be a nightmare, and most of the mining machines may enter the situation of life and death. Of course, mining is a dynamic balancing process. With the withdrawal of the mining machine, the competition is reduced, and the high computing power and low power mining machine on the head can still be retained. Those obsolete miners with low computing power and high power consumption will inevitably become scrap copper or iron, or they will be left until the price rises.

Chen Lei, the founder of BitBlue Whale, told Babbitt: "Today's market is the result of the combined effects of multiple factors. Yesterday USDT issued 50 million more. Today, the global financial market continues to plummet. This background, coupled with the halving cycle, Some people take the opportunity to be demon, and multi-volume bitcoin spot is possible. Whether mining is affected or not depends on the next trend of the currency price, whether it is sideways or rebounding back to more than 8,000. At present, the miners' mortgage on bitcoin The currency was borrowed to pay electricity bills, and the industry's cash flow has now been robbed. Moreover, there is a certain percentage of miners who make contract orders, and there will definitely be losses. These will increase the pressure around the halving cycle. Mining machine sales The market was originally a wait-and-see mood. Now it may be harder to make up your mind. From another perspective, when the industry's cash flow is tight and factor trading is sluggish, it may be time to be at risk.

Interestingly, in today's plunge, BTC.com data shows that BTC has not produced blocks for 48 minutes, and the last block is a block with a height of 621342 mined by the coin-print mining pool. Xiong Yue, the director of Binxin Research Institute, said on Weibo: "No block has been produced in 48 minutes. Guess how many bosses just called the mine to shut down? Or is it just a coincidence?"

The removal of a large number of old mining machines may indeed lead to a short-term decline in the computing power of the entire network, but the response of miners is generally not so fast. Yuan Yin Zhu Qian wrote in a circle of friends that it is normal to not produce a block for an hour, because this is a random event and has little to do with reducing computing power. At present, the block output interval of the Bitcoin network has returned to normal.

However, the data shows that the average hashrate of Bitcoin in the last day was 107.25EH / s, compared with the average hashrate of the last 7 days, a drop of 6.8%. Based on the ant S9's computing power of 13.5T, the recently shut down S9 can reach 600,000 units.

Recalling that at this moment on March 9, the difficulty of Bitcoin mining was adjusted to 16.55 T, which is 6.88% higher than that on February 25. It is predicted that the difficulty will continue to increase by 7.03% to 17.72 T next time. Unexpectedly, in just a few days, the price of Bitcoin encountered Waterloo.