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Coindesk reported that Bitmain's internal bitcoin mining business has reduced its computing power by 88% from a month ago, indicating that the industry giant has cut capacity.

According to the monthly Hash power disclosure released by the company, as of May 7, the hash rate of all mining machines (based on bitcoin and bitcoin cash networks) running on the SHA256 algorithm has been reduced to only 237.29PH/s. Just a month ago, it was 2,072 PH/s.

Bitmain is headquartered in Beijing, producing and selling crypto-coin mining machines, and some mining machines are used by the company for mining operations. The company began monthly disclosure of the hash of the machines it owned in July last year. The online archive page shows a hash rate of 1,692 PH/s for the month and then increased to 2,339 PH/s for October.

As bitcoin prices fell below $4,000 during the same period, the overall computing power of the Bitcoin network has fallen since November last year, and this figure subsequently fell below 1,700 PH/s in March. Then climbed slightly in early April, then the recent sharp decline.

As a result of this decline, Bitmain's share of the total computing power of the Bitcoin network has also shrunk from the previous 4% to the current 0.4%.

Assuming all computing power comes from the widely used AntMiner S9, with a computing power of 14 TH/s per second, Bitmain may have stopped using more than 130,000 machines to mine itself.

This cut is noteworthy as many miners in China are ready to use cheap hydropower during the upcoming rainy season. Just in March, Bitmain reportedly plans to deploy $80 million in self-organizers this summer.

Smaller share, bigger pie?

It needs to be clear that all this should not be considered to mean that Bitmain has closed all its mining equipment.

According to blockchain.info, even if the company's computing power on the network declines, the denominator is growing: the total hash of bitcoin reached a six-month high of 58,000 PH/s on May 2.

At the same time, the data shows that since the beginning of this year, the bitcoin cash network's hash rate has stabilized at around 2,000 to 2,500 PH/s.

In a query with Bitmain, the spokesperson said that he would not comment on the reasons for the company's drop in hash rate. The spokesman said,

“In the natural process of mining operations, the hash rate an institution has in one instant may be owned by someone else at another instant.”

In addition, Bitcoin has been providing a computing power sales service to a computing retailer called BitDeer, which uses the company's flagship products, AntMiner S15, S17, and S11, many of which are on the website marked as sold out.

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