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Main page  |  News  |  The average mining difficulty for two weeks was 71.43 EH / s

New Bitcoin mining difficulty record

30.08.2019

Based on BTC.com data, the average coin mining network difficulty over the past couple of weeks is 71.43 quintillion hashes per second (EH / s). This value was violated when the cryptocurrency began a correction in the difficulty of producing an asset at block 586672, which equates to 6.94EH / s, or 10.78% since the middle of the whole of July.

The very complexity of Bitcoin mining is a necessary measure, since it helps to determine the severity of the struggle for rewards when opening blocks of the chain. In other words, the complexity is determined for computers and programs that create new blocks. The correction is performed every 2016 blocks, on average it is 2 weeks. This algorithm helps to ensure that for the entire period of block generation, there will be about 10 minutes in a new cycle.

Hashrate example

You have to imagine that the auxiliary power for computing 6.9EH / s or 6.9 million TH / s is obtained from the largest and most powerful miners, which are ASIC devices. Among them, the Bitmain AntMiner S17 or MicroBT WhatsMiner M20S model is considered the most productive today. Both options are characterized by approximately the same production rate, at 55TH / s. This technique has recently appeared in the cryptocurrency industry and has generated great demand.

All this indicates that over the past 2 weeks, there is a possibility of using more than 100 thousand of the newest and best ASIC miners in work. Based on the sale of the equipment, the price of which averaged $ 2,000 in July, the profitability was about $ 200 million. 

Bitcoin mining demand and a new record

Interest in Bitcoin and its mining is constantly increasing, new miners appear. All this is clearly noticeable at a time when the first cryptocurrency, as it seems, for many, begins to increase in price and gradually rises to a historical maximum, maybe even distantly. In addition, such a rush can be caused by seasonality, because heavy rains come in China, therefore, hydropower costs are reduced in the southwestern regions. It is in them that about 50% of the worlds cryptocurrency mining takes place.

In 2019, miners from China calculated that the complexity of the Bitcoin network was more than 70EH / s. At certain time intervals, the BTC hashrate already crossed this norm in June, and was also 80EH / s closer to August 1.

Based on the July data, we can say that the power is kept above the value of 70EH / s, so the complexity of mining cryptocurrency has received new highs, a record of almost 10 trillion. 

Market changes

Against the backdrop of growing demand and interest in Bitcoin mining, other changes have occurred in the cryptocurrency market in the field of mining. Leading manufacturers are trying to release and offer the population more powerful computing devices. For example, in the field of initial public offering, Bitmain, which was the best and most powerful manufacturer of mining devices from Beijing in 2018, stated that they are the leader in the market and dominate by 70%.

In this case, strong competition may appear, which is caused by other players in the market. According to the manufacturer, this may open the door to new equipment that will provide increased profitability.

Michael Chzhong, formerly known as a mining analyst, and today is managing cryptocurrency mining farms in The Force Mining project, based on his experience, says that the rating scale of computing and productive capacities in the field of the best Chinese miners in terms of efficiency for TOP devices changes every year ...

Zhong explains that between 2017-2018, Bitmain gained popularity in the mining market thanks to the AntMiner S9 ASIC model. After it, other cars can be distinguished:

    Canaan Avalon 8;
    InnoSilicon;
    Ebang;
    MicroBT.

From the beginning of January to June 2019, the rating data began to change, so the WhatsMiner M20 from MicroBT is now at the top of the list, and after it is the new generation from Bitmain - the S17 version. On the other steps gathered:

    InnoSilicon;
    Canaan;
    Ebang.

Based on information from the F2pool mining profit tracker, the Bitcoin AntMiner S17 Pro mining device is in 3rd place in terms of profitability in Bitcoin mining. 

The technical side of mining

The WhatsMiner M20 is priced at around $ 3,000, while the competitive S17 Pro model is $ 4,000. Information presented as of July 2019 based on data from official websites.

There were orders for equipment since November and December, there was a queue for computers. The MicroBT executive said the main capacity issue is the use of chips from vendors. For example, MicroBT is implementing the 10nm chips that are needed for the M20 to function. They are considered one of the most affordable in comparison with the 7nm chip models that Bitmain Corporation implements for the AntMiner S17 devices. Although Bitmain itself has always used and trusted boards and circuits from Taiwan Semiconductor Manufacturing Company (TSMC), since the beginning of 2019, MicroBT developers have made the transition from them to chips from Samsung, which are embedded in better equipment.

Both chipmakers have made calculations based on recent Q2 earnings that demand and demand for the crypto industry and their products will return from Q3 or Q3.