How the Bitcoin mining industry works and why the hashrate can grow to 260 EH / s
Analysts finteh - Company BitOoda carefully studied mayningovuyu industry and revealed some previously unknown facts in a study commissioned by the Center for Applied Technologies Fidelity .
To gain insight into mining geography, technical performance and economics, they conducted over 60 interviews with miners , hardware manufacturers and vendors, and used data from over 45 open sources. Key
Bitcoin hashrate and energy consumption analysis
- the bitcoin mining industry has approximately 9.6 GW of power available, currently ~ 67% used.
- about 50% of the capacity is in China, 14% in the United States, and 8% is available to miners in Russia.
- on average, electricity costs miners $ 0.03 per 1 kWh, and the cost of mining 1 BTC is approximately $ 5000.
- after 12 months, the hash rate can reach 260 EH/s.
In this section, researchers examined the geographic distribution of mining capacity, the amount of electricity consumed, and the profitability of mining.
According to analysts, the bitcoin mining industry has access to 9.6 GW of electricity. They got the meaning by analyzing the drop in the bitcoin hash rate after the halving that took place on May 11 .
BitOoda specialists recorded a maximum hash rate of 136 PH / s (May 10) and a minimum of 81 569 PH/s (May 17). They suggested that within seven days, from May 10 to May 17, all S9 devices were disconnected from the network, which became unprofitable. On May 17, according to their model, the entire hashrate was generated by devices of the S17 class, which in theory would consume 3.9 GW. Taking into account the disconnected devices of the S9 class, the miners' capacity would be 9.6 GW.
The terms "S9 class", "S17 class" and "S19 class" were used by analysts to refer to all competing devices with similar characteristics. They applied the numbering of the Bitmain model series due to the company's historical dominance in the miner production market, although it has been reduced recently.