Hashrate Market Weekly Report (2020.12.04-2020.12.11)

About BTC hashrate market:

Summary: This week, the price of BTC entered a volatile range, and the price of mining machines was relatively stable.

As of the date of publication on December 11, the top three BTC mining machines in terms of profitability are still: S19, S19Pro, and M30S.

This week, the BTC price has a short correction compared to last week. Although the daily profit of mining machines has decreased, it is still considerable, and the prices of some models have also shown signs of loosening. However, overall, it is basically stable: the price of S19 fell by 2%, and the price of S19Pro fell by 1%.

This week, the price of BTC fell by 8.49%. From the statistics in the above figure, we can see that the daily gross income of each S19Pro, S19, and M30S is 91.28 yuan, 78.83 yuan, and 73.02 yuan respectively, and the corresponding payback period is 291 days, 282 days, and 262 days respectively. Although it exceeds the previous range of 250-280 days, the deviation is still within the controllable range. Some market analysts pointed out that if the payback period is further increased due to the subsequent decline in the price of the currency, the price of the mining machine may be slightly reduced.

Chart citation: veryhash.com

From the information of mining industry, we know that some mining machine manufacturers have some inventory products in December for sale in the secondary market, including T19, S19, S19Pro, S19+ and other models. Since some models are inventory models and the manufacturers do not provide after-sales warranty services, the overall supply price of mining machines in December will cause small fluctuations in the short term, but in the long run, the impact on market prices will not be too great. As of the date of publication, the second-hand spot price of S19 is 23,200 yuan, the futures price in January is 20,800 yuan, and the futures price in February is 19,800 yuan.

About ETH hashrate market

Summary: This week, the price of ETH followed the pullback of BTC, and the price of ETH mining machines also fell.

As of the publication date on December 11, the top three ETH mining machines in terms of profitability are: Wolf God B3, Innosilicon A10Pro, and Ethereum Bull Z7. Since the market share of Ethereum Bull Z7 is relatively small and there is not much supply on the market, its reference value is ignored.

The price of ETH mining machines is basically consistent with that of BTC mining machines in terms of logic, and both are affected by the rise in the price of the currency and the supply of mining machines. As can be seen from the above figure, the price of ETH has dropped by 11.7% this week, and the daily gross income of each Wolf God B3 and Innosilicon A10Pro is 129.81 yuan and 169.93 yuan respectively.

Chart citation: veryhash.com

The price of Langshen B3 dropped by 1.28%, and the price of Xindong A10Pro dropped by 2.46%. However, there is no spot in the market, and the earliest futures are at the end of December. The payback period of Langshen B3 and Xindong A10Pro is 296 days and 232 days respectively.

About Filecoin Hashrate Market

Summary: Filecoin GAS fees fluctuated greatly this week, which had a significant impact on many miners.

Chart reference: https://filfox.info

The above figure shows the data from 2020.12.04, and the figure below shows the data from 2020.12.11. By comparing the two figures, we can find that the effective computing power of the entire network has increased by 130P this week, an increase of 10.83% over last week, the number of miners has increased by 85, and the amount of Fil pledged has increased by 8.42%. It can be concluded that the filecoin network has maintained a relatively high growth rate.

Chart citation: veryhash.com

The above picture shows the price fluctuation of Fil coin this week. Generally speaking, it was in a volatile stage, but it still rose steadily in the end. It did not follow the decline of BTC and developed an independent trend.

Chart reference: https://filfox.info

According to the data from Feihu Browser, we can see that the Gas fee of the entire network has fluctuated greatly during this period, and the overall trend is a continuous increase. The basic rate is similar to the starting price of a taxi, and it is dynamic. In the case of block congestion or insufficient block transactions, the basic rate will be adjusted accordingly at 12.5%. When the total GasLimit exceeds the GasLimit target of a certain block (network congestion signal), it will increase; when it is lower than the GasLimit target, it will decrease. This means that the network is congested for a period of time and relatively smooth at another period of time.

Data source: https://www.gate.io/cn/marketlist?tab=loan

According to the analysis of the lending market interest rate, the interest rates for borrowing FIL from Binance (5x leverage) and Huobi (2x leverage) remain unchanged at 0.049% and 0.098% daily interest rates. At the same time, the annual interest rate for borrowing FIL from the gate platform is 14.6%, which is consistent with the previous one, but the number of borrowable FIL has increased from 2.7 to 13,543. Therefore, relatively speaking, the cost of borrowing FIL has decreased, indicating that the market demand for FIL has decreased compared to before. At the same time, we have noticed that according to media reports, some Filecoin mining companies have recently experienced rights protection incidents. Investors reported that due to problems with the distribution mechanism, the income was significantly different from the previous commitment, resulting in losses. It may be that this incident has caused users' enthusiasm and demand for Filecoin mining to decline.

Finally, it should be reminded that Filecoin mining is still in its early stages of development, and investors need to raise their awareness of risk prevention and participate with caution.

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