Decreased power by 88%? Bittland may be seeking a new round of bitcoin mining "bidding war"

Bitcoin's own bitcoin mining power has dropped 88% from the previous month. The flood season is coming soon. What is the intention of the famous mining giant to reduce production capacity at this time?

The flood season war is approaching, but the mine has begun to cut production.

According to Bitcoin's monthly disclosure of computing power, as of May 7, all of the company's hardware power to run the SHA265 algorithm, whether it is Bitcoin or Bitcoin cash network, has dropped to 237.29 PH/s (thousands) Trillion hashes/second). And a month ago, the data was as high as 2072 PH/s.

It is reported that Bitcoin has disclosed monthly computing power information since July last year. The data for the month stayed at 1692 PH/s, and in October last year its computing power quickly rose to 2339 PH/s.

But not long after, BTC prices plunged, and once fell below $4,000 in November last year. Affected by this, Bitcoin's overall network computing power began to decline. In March of this year, the mining power of Bitland fell below 1700 PH/s, and it climbed slightly in early April, but then it began to fall again.

As its computing power declined, Bitcoin's share of total power in Bitcoin's entire network shrank nearly tenfold, from the previous 4% to the current 0.4%.

Assume that all of its computing power comes from the most commonly used S9 ant mining machine, calculated according to the calculation power of each mining machine 14 TH / s, then Bitland has stopped mining operations of more than 130,000 mining machines.

As the rainy season approaches, the long-awaited flood season of the mines is about to kick off. During the flood season, more than 40,000 hydropower stations in southwestern China will usher in a peak in power production, and the high cost of electricity will fall below 2 cents. In the mining area of ​​the weak meat, holding enough cheap electricity means that it is a magic weapon to counter the ground in the bear market.

The scallions mentioned in the previous article that a mine operator said that although the rainy season in southwestern China will arrive in May, Bitumin has deployed about 200,000 sets of mining equipment in the area, with a view to hitting low-cost electricity this summer. Beautiful turn over. It is reported that if the newly infiltrated miners all use the latest S11 ant mining machine with a computing power of 19.5TH/s, then the 200,000 mining machines deployed in Bitland will increase the computing power by 3800PH/s.

However, on the eve of the battle against the water, the mining giants have chosen to cut production, which will inevitably attract market attention.

Bittland or Sword refers to a new round of bitcoin mining "bidding war"

But blockchain.info data shows that although the share of Bitcoin continues to decline, Bitcoin's overall network computing power continues to climb, and reached a six-month high of 58,000 PH/s on May 2. In addition, the data shows that Bitcoin's own network of bitcoin cash network computing power is also becoming more stable, and has been basically in the 2000 to 2500 PH/s range since the beginning of this year.

According to CoinDesk, the Bitian mainland spokesperson did not indicate the reason behind the sudden drop in the mining power of the company, but said that this is not new in the mining area.

“This is a common occurrence in the development of the mining industry. The computing power of one party at a certain time is likely to be occupied by another party at another time.”

Informed sources revealed to the Odaily Planet Daily that Bitcoin has reduced its holdings or related to the sale of more than 100,000 S9 miners. An industry insider who participated in the transaction said that

"At the beginning of April, when the price of the currency reached 5,000 US dollars, the mainland threw out hundreds of thousands of S9 big orders, and the crazy was quickly eaten."

Another industry insider added, "A few mines are sold out, leaving tens of thousands of units, in addition to second-hand mining machines, there are some new machines." In addition, some people said, "the price is in the early thousand. Now S9 has risen another 500 blocks, and the mainland has sold out at a low price. So urgent, it is speculated that it is to withdraw cash flow."

According to CoinDesk's article, "Bitcoin Mining is starting a new round of bidding wars," the second-hand mining equipment is operating more efficiently as bitcoin prices rise. The bull market that started in mid-April made the miners operate more profitably, so the mining machine is more valuable. In recent weeks, the price of second-hand mining machines has almost doubled, and the price of old ant miners on Bitland is currently between $250 and $320. In addition to the soaring price of bitcoin, people's general expectations of cheap hydropower during the summer's abundant water resources in China may also be one of the reasons for the growing demand for mining machines. Mining farm operators in southwestern China have previously estimated that more than 1 million machines will be in operation in the region this summer.

In addition, Bitcoin has been promoting cloud mining services to cloud computing platforms such as Bit Deer and Nicehash. The mining machine sharing platform Bit Deer has deep cooperation with BTC.com and ANTpool, which are the two mining pools of Bitland. The platform uses the S15, S17 and S11 series of the flagship ant mining machine. The above-mentioned mining machines have very little circulation in the market, and many of them are displayed on the official website as "sold out."

Source: Shallot APP,

Author | Gu Mengting, reproduced please indicate the source