Mining Industry 2019 Q2 Research Report | TokenInsight

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Summary of key points:

2. As all mainstream ASIC mining machine orders submitted in the first half of the year will be delivered and put into operation in the second half of 2019, with the arrival of the flood season, the overall difficulty of the Bitcoin network is expected to increase by 48%-72% to 14.74T-17.14T, and the computing power will increase to 109 EH/s-127 EH/s. In the second half of 2019, the increase in mining difficulty will weaken the revenue capacity of some small computing power mining machines.

3. In the second quarter of 2019, among ASIC mining machines with energy efficiency ratio less than 50Th/s, Innosilicon T3 43T still has the shortest cost recovery period, with a payback period of 150 days. This result is basically the same as that of the previous quarter. Although the price of mining machines has increased, the cost recovery period of Innosilicon T3 43T has been shortened by nearly 100 days due to the influence of Bitcoin price.

4. Considering the current difficulty status of the Bitcoin network and the difficulty growth in the past two quarters (3.29% and 4.73% respectively), the average difficulty growth rate of the Bitcoin network is expected to exceed 5%. In this case, most Bitcoin miners will not be able to make back their investment. However, high-computing power miners (such as Whatsminer M20S, with a hash value of 68Th/s) have a strong ability to resist difficulty fluctuations and have obvious advantages over low-computing power miners.

5. Cloud computing products are the entry point for most ordinary investors to enter the mining industry. Similar to the previous quarter, BitDeer and VeryHash are still the two major players in the Bitcoin cloud computing market. In the second quarter of 2019, most of the main products of BitDeer and VeryHash were sold out, leaving only Antminer S17, S15 and S9 cloud computing products. Generally speaking, more advanced mining machines usually have higher unit costs.

6. In the second quarter of 2019, the hashrate ranking of the top mining pools remained basically the same as in the previous quarter. No new mining pools entered the top 20. In terms of hashrate share, BTC.com is still the largest mining pool, with a clear advantage over the following mining pools. The second-ranked mining pool is Antpool, and the third is F2Pool. It should be noted that Slushpool dropped from the second place in the previous quarter to the fifth place in this quarter, and the overall hashrate has declined significantly.