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The Bitcoin Third Halving - Bitcoin Mining Industry Special Edition

The Third Halving Bitcoin Mining Special Edition | TokenInsight

Executive Summary

  • 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

About TokenInsight

Founded in 2017, TokenInsight is a Leading Data & Tech Driven Blockchain Financial Institution. TokenInsight pioneered a complete blockchain industry classification system, covering more than 1,600 projects, releasing more than 300 rating reports, and conducting in-depth studies into 10 major industries.

TokenInsight’s data, ratings, and research reports have access to more than 70 data platforms worldwide, including Messari, Delta, Binance Info, AICoin, Huobi Info, etc., with a monthly PV of over 30 million. TokenInsight has officially joined the Data Accountability and Transparency Alliance (DATA), initiated by cryptocurrency ranking site CoinMarketCap.

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