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Bitcoin mining power reaches new highs as half a million new ASICs go online



The computer power dedicated to bitcoin mining has reached another new high, suggesting that more than 600,000 powerful new machines may have come online in the last three months.

According to cryptocurrency data from BTC.com, the bitcoin two-week hash has crossed another major threshold, reaching 85 blowouts per second (EH / s) around 19:00 UTC last Friday. Meanwhile, production difficulties have also adjusted to a new record of nearly 12 trillion.

In particular, both figures have jumped 60 percent since June 14, data show.

Bitcoin's difficulty in mining – a measure of how difficult it is to create a block transaction – correct after 2,016 blocks, or approximately every two weeks. This is to ensure that block creation time remains around 1

0 minutes, even when the amount of hashing power available from machines around the world competing to win freshly cut bitcoins fluctuates.

Several new Application-Specific Integrated Circuit Models (ASICs) hit the market in the summer with an average hashing power of about 55 terr hashes per second (TH / s).

Assuming that all 35 EH / s of new hashing power added since mid-June have come from these top-notch models, a back-cover calculation suggests that more than half a million of these machines are connected to the bitcoin network. (1 EH / s = 1 million TH / s)

Business for billions?

These powerful ASIC miners made by major manufacturers such as Bitmain, Canaan, InnoSilicon and MicroBT are priced from $ 1500 to $ 2500 each. So, if more than half a million of them were shipped, as estimated above, the leading miners could make $ 1 billion in revenue over the last three months.

The hash rate and difficulties of bitcoin are in line with the rising price since earlier this year, leading to increased demand for mining equipment, which significantly outstripped supply. This is also partly due to the rainy summer season in southwestern China, which has led to cheap, abundant hydroelectric power.

In addition, there is increasing interest in the Russian region of Eastern Siberia, where the Brady Hydroelectric Power Plant was built in the Cold War, the era was used to power energy production farms, estimated to represent nearly 10 percent of total processing power on the Bitcoin network.

Miners in China estimated earlier this year that the average bitcoin hash rate in the summer would break the 70 EH / s level that occurred in August.

As such, major mining companies have already sold equipment to be shipped by the end of the year, with customers pre-ordering three months earlier.

TokenInsight, a startup that focuses on the analysis of crypto trade and mining, said in a report published on Friday that additional supplies of miners are expected to enter the market in the next hs period.

"After the drastic increase in the price of bitcoin, the bitcoin mining market recorded significant inflation in Q2 2019. Most of the miners from different manufacturers are in serious short supply and pre-orders submitted in Q2 and Q3 have to be delivered by the end

Therefore, the company believes that the difficulty in mining will maintain its momentum of growth to reach 15 trillion by the end of the year – with an average total hashing power crossing the threshold of 100 EH / s for the first time in and Turin him.

Bitcoin image of the facility for production of Bitcoin courtesy of B because


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