The Bitcoin Third Halving - Bitcoin Mining Industry Special Edition
- The decline in the proportion hash rate in China: Since September 2019, The estimated hash rate in China has shown a slow downward trend, which has dropped from 75.63% to 65.08%; while the United States has begun to increase from 4.06% to 7.24%, up by 78.33%
- The mining marginal profit falls below 0: After halving if the miner uses the Antminer S17 +, the electricity cost needs to be controlled below US $ 0.08 or the operating cost should be kept minimum to maintain profitability; if miners are using the Antminer S9 models, the electricity fee needs to be managed under US $ 0.035 or reduce the operating costs is the only way to remain profitable
- The rise of mining derivatives: TokenInsight is optimistic about the future of crypto-asset derivatives, especially when institutions are paying more and more attention to this innovation and such financial products
- Surging of halving popularity: According to Google Trends data, the search volume of ‘Bitcoin Halving’ reached more than 100 within a week after halving, and the search volume exceeded more than 9 times compared to the second Bitcoin halving (July 3–6, 2016)
- The 16th largest: May 20, Bitcoin mining difficulty was adjusted for the first time after halving. The difficulty fell by 6%, which is considered to be the 16th largest adjustment in Bitcoin history
- 20%: The average block time of 1000 blocks (approximately one week) before the halving is 560 seconds, and 689 seconds post halving, which has risen by about 20%, indicating that there have been about 20% network hash rate during this period gradually exit the network
- 18%: Before the halving, the proportion of transaction fees remained mostly below 6%; After the halving, due to the halving of rewards and the increase in average transaction fees, the proportion of transaction fees fluctuated within the range of 18% -24%
- Progressive: TokenInsight believes that with the arrival of the halving, there will be a sell-off of old mining machines in the market. Therefore, 2020 is a pivotal year for the progressive transformation of the mining industry, and the unstructured mining operations will be replaced by efficient, professional, and refined management strategies
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