After the halving, the hashrate of the entire network continued to decline. The mining machine market is mainly on the sidelines as the flood season is approaching.

Source: Caijing.com Chain Finance

Editor’s note: This article has been edited without changing the author’s original intention.

BTC completed its third block reward halving at block height 630000 at 03:23:43 on May 12. The block reward has dropped from 12.5 BTC to 6.25 BTC. Due to the halving of output, the revenue of miners has been halved.

After the Bitcoin block reward was halved, the average computing power of the entire network continued to decline. According to BTC.com data, the current difficulty of the entire network is 16.10T. According to BTC.com data, the average computing power of the entire network in the past day was 108.36EH/s, which was 8% lower than the average computing power of the entire network in the past 24 hours of 117.78EH/s yesterday, and 31% lower than the computing power of 142.18EH/s in the 24 hours before the halving. At present, the average computing power in the past three days is 121.14EH/s, and the average computing power in the past 7 days has fallen below 120EH/s.

When BTC’s block reward was halved for the third time, the BTC price fluctuated around $8,563, and then showed a fluctuating upward trend. The current price of Bitcoin is $8,900, up nearly 4%.

Based on the current difficulty of mining the entire network, calculated at an electricity price of 0.35 yuan/kWh (0.05 US dollars), the Avalon 1066 Pro mining machine (55T) released by Canaan Creative in February 2020 has reached the shutdown price, and the mainstream mining machines of 30-40J/T have all reached the shutdown price. In addition, the electricity cost of Avalon 1146 (58T) and Avalon 1041 (31T) accounts for 97%, which is very close to the shutdown price. In addition, the M30 series of Bitcoin mining machines released by MicroBit in April this year, including Shenma M30S++ (112T) and Shenma M30S+ (100T), and the Ant S19 series of mining machines released by Bitmain in February this year, Ant S19 (95T) and Ant S19 Pro (110T), account for more than 50% of the electricity cost.

Chen Lei, the founding partner of a blockchain mining team, said:

"Although most mainstream mining machines have reached the shutdown price, the end of May is coming and the flood season is approaching, so the electricity price is relatively low, about 0.2-0.22 yuan/kWh, and some old models will be turned on again."

According to Chain Finance statistics, the price of MicroBT's newly launched Whatsminer M30S++ with the largest computing power is 29,209 yuan per unit. After halving, the daily profit is about 39 yuan based on the current BTC price, and the payback period is about 2 years; the flagship product Whatsminer M30S is priced at 14,643 yuan, and the payback period is about 1 year and 4 months. The Whatsminer M30S, which is comparable to Bitmain's Antminer S19, is priced at 13,748 yuan per unit. After halving, the payback period is 1 year and 2 months.

Chen Lei told Chain Finance:

“The future rise in Bitcoin prices is uncertain, but the increase in mining costs after the production cut is certain, and there is little spot supply in the market. Currently, the mining machine market is mainly on the sidelines.”

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