[ad_1]
Bitcoin mining has changed a lot since the block reward halved on May 11, 2020, and the overall SHA256 hashrate has been between 100-120 exahash per second (EH / s) during the past 48 hours. Reports from China show that a number of small mining operations are struggling and the old bitcoin mining machines are becoming useless.
After the bitcoin (BTC) reward halving, mining competition has grown extremely fierce and it’s much harder for smaller operations to compete than ever. On Wednesday, the overall hashrate of the Bitcoin (BTC) network is between 100-120 EH / s.
Reports from China show that small operations and farms are having a tough time right now. Columnist Vincent He reports that while many large operations are migrating from thermal-powered facilities to hydroelectricity, smaller farms are simply giving up.
“As the reward of the bitcoin mining block has halved and the price of bitcoin remains volatile, many old miners’ machines are being phased out at the stop price and many miners are leaving the battlefield,” reveals the regional report .
At the time of publication, there are only eight mining rigs showing profits at today’s BTC exchange rate. This includes Antminer S19 Pro, S19, T19, Whatsminer M3OS, three Antminer S17s, and Innosilicon’s Terminator 3 model.
Profitability for the top eight mining rigs is based on $ 0.12 per kilowatt hour, and there are many miners who pay much less per kWh. At $ 0.04 per kWh, there are around 28 mining rigs that are taking advantage of today’s BTC prices.
Statistics from the Bitcoin.com and Fork.lol charts show that the BTC hashrate hit a high of 120 EH / s a few days ago. But on Wednesday, the hashpower of the Bitcoin network is below 109 EH / s.
A columnist from the same publication in China, Lylian Teng, explained that some Chinese miners are opting to mine alternative crypto assets with lower market capitalizations.
“After the bitcoin halving in which the bitcoin block reward is halved, crypto-miners have turned to some small coins for their potential high profits,” Teng explained in his report.
With older machines becoming less profitable and many miners choosing to mine other coins with lower market capitalizations, the diversification of mining is changing rapidly. Statistics show that F2pool is the largest miner today with over 20% of the global BTC hashrate.
Just recently, news.Bitcoin.com explained that there were 32 pools not so long ago. The number of pools has been halved and today there are only 15 mining pools that have been hashed on BTC.
What do you think of the smaller mines struggling and giving up? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Btc.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, nor a recommendation or endorsement of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.
[ad_2]Source link
