Grin's return on investment is -69.7% and the production of mining machines has been aborted

On July 20, mining machine manufacturer Obelisk announced that due to lack of development funds and lack of user interest in Grin, Obelisk decided to cancel the GRIN1 mining machine project. Obelisk will refund users who have reserved the GRIN1 series mining machines in full according to the subscription price.

According to CoinmarketCap data, Grin's current price is $3.02, down 6.01% in 24 hours. Grin's return on investment is about -69.7%, and its market value ranks 108th on CoinmarketCap.

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At the beginning of this year, Grin, based on the Mimblewimble underlying protocol, was popular in the market. Due to its market publicity such as no ICO, no pre-mining, no investment, anonymity of publishers, complete resistance to ASIC in the early stage, and its privacy-friendly technical features, Grin was once hailed as a new generation of privacy coin or even Bitcoin 2.0.

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After the Grin mainnet was launched in January 2019, Innosilicon, Obelisk, and Vidtoo all announced that they would launch Grin mining machines.

Rong Bing, co-founder of Honeycomb Miner, once said that he could clearly feel Grin's influence on market sentiment, and that the graphics card miners they hosted had basically notified that they wanted to switch over to mine Grin.

The founder of F2Pool, “Shenyu”, said that he had invested 10,000 N cards he owned into Grin mining. These 10,000 graphics cards had previously been recovered by mining other currencies, and the only loss was “the electricity bill”.

However, Grin's fire gradually died down in the face of the continuous decline in the price of the coin. Due to the small number of miners paying attention to the Grin project and the low level of understanding of Grin, the sluggish price of Grin has made it more difficult to sell Grin mining machines. After half a year, according to poolwatch.io data, miners using C29 algorithm mining machines have earned 0.375GRIN/1 GPS in the past 7 days, and there are about 2776 active miners; miners using C31 algorithm mining machines have earned 2.399 GRIN/1 GPS in the past 7 days, and there are about 1514 active miners. Grin, which once overshadowed old privacy coins such as Monero and Z-Cash, currently has less than one-tenth of the number of active miners of Monero and about one-fifth of the number of active miners of Z-Cash.

According to the Tokeninsight report, although GPU mining machines have advantages in mining efficiency and hardware costs, it is almost impossible to make a profit by mining Grin through mining machines. In addition, the price of Grin continues to fall, and the price and sales of mining machines have been greatly affected to a certain extent.

GPU miners have little loyalty and will mine whatever cryptocurrency has the highest price. Therefore, the popularity of Grin, which is at a disadvantage in terms of price, has also faded, which has led to the failure of mining machines that have not kept up with its popularity due to the gradual market response.

Since April this year, Innosilicon has launched three Grin mining machines, namely: G32-Mini, G32-500, and G32-1800. According to the official website of Innosilicon, these mining machines all have preferential price policies, while half a year later, Obelisk announced that the Grin mining machine project was aborted.

Miner Colin3 once told the financial website Chain Finance that retail miners are more willing to purchase mining machines with low stand-alone prices and short payback periods. Colin3 said: "As long as there is a little profit, there will be people mining. This is the law of the market: if there are people selling mining machines, there will be people buying them, and if there are people buying them, there will be people mining. This is a process of continuous iteration of machines. Mining machines with low computing power are sold to people with low electricity prices until people with low electricity prices can't mine, and the mining machines are eliminated. Those who can support mining throughout the year either use graphics cards (because graphics card machines consume less power and can better withstand the increase in electricity costs), or use mining machines with high computing power, or are those mining farms supported by large capital."

Source: Caijing.com Chain Finance