The trend is positive and the market is further recovering | Mining Revenue Report for March 2019

This report provides changes in the payback period of mainstream digital currency mining machines such as Bitcoin, Ethereum, and Litecoin, mainly based on a brief analysis of changes in the digital currency market from March 1 to March 31, 2019.

Key points of this report:

Market trends: Global digital currency assets rose 11.08% in the month

Currency price: Benefiting from the positive impact of platform coins, the price of mainstream digital currencies has grown steadily

Total network computing power: overall upward trend, Bitcoin and Ethereum computing power has declined

Mining machine price: basically stable

Mining machine payback period analysis

Summarize

1. Global digital currency market situation

In March (March 1-31), the total market value of all digital currency assets rose steadily amid fluctuations. Around March 30, the market value reached a peak of $145.2 billion, and then fell. The closing price was $144.4 billion, an increase of $14.4 billion from the opening price of $130 billion, an increase of 11.08%.

Figure 1: Global digital currency market value trend chart in March

Data source: coinmarketcap

2. Price Trends of Mainstream Cryptocurrencies

In March, benefiting from the positive impact of platform coins, the prices of mainstream digital currencies showed a gentle upward trend. In terms of individual currencies, Litecoin continued the price trend of last month and had the highest overall increase. Currently, Litecoin closed at $60.81, up $14.57 from the opening price of $46.24, an increase of 31.51%.

Figure 2: Litecoin price trend chart in March

Data source: coinmarketcap

For other currencies, Bitcoin opened at $3,853, reached a high of $4,165, a low of $3,744 and closed at $4,107. In March, it rose by $254 or 6.59%.

Figure 3: Bitcoin price trend chart in March

Data source: coinmarketcap

Ethereum opened at $136.84, reached a high of $145, a low of $126.23 and closed at $141.85, with a 3.66% increase in price.

Figure 4: Ethereum price trend chart in March

Data source: coinmarketcap

The opening price of Bitcoin Cash was $132.08, the highest price was $172.75, the lowest price was $124.20, and the closing price was $168.37, with an overall increase of 27.48%.

Figure 5: Bitcoin Cash price chart in March

Data source: coinmarketcap

3. Trend of the total network computing power

In March, the total computing power of the Bitcoin network dropped by 7.87% from 49.56E at the beginning of the month to 45.66E. If Ant S9j (14T) is used as the standard, the total computing power of the Bitcoin network is equivalent to the computing power of 3.26 million S9j, which is 280,000 less than at the beginning of March. The lowest computing power during the period was 39.85E, the highest was 52.01E, and the maximum fluctuation was 30.51%.

Figure 6: Bitcoin hashrate trend chart for the past three months

Data source: BitInfocharts, Hash Power Assistant

The total computing power of Litecoin increased by 28.03% from 231.70T at the beginning of the month to 296.65T. If Ant L3+ (504M) is used as the standard, the total computing power of Litecoin on March 31 is equivalent to the computing power of 588,600 L3+ units, an increase of 128,900 units compared to the beginning of March. The lowest computing power during the period was 231.7T, the highest was 321.35T, and the maximum fluctuation was 38.7%. The computing power of the currency has increased significantly.

Figure 7: Litecoin hashrate trend chart for the past three months

Data source: BitInfocharts, Hash Power Assistant

The total computing power of Ethereum network dropped by 10.60% from 153T at the beginning of the month to 136.78T. The lowest value of computing power during the period was 136.78T, the highest value was 153.1T, and the maximum fluctuation was 11.93%.

Figure 8: Ethereum hashrate trend chart for the past three months

Data source: BitInfocharts, Hash Power Assistant

In March, the total hashrate of the Bitcoin Cash network increased by 25% from 1.44E at the beginning of the month to 1.8E. The hashrate reached a peak of 1.84E on March 25, a fluctuation of 32.37 percentage points from the lowest value of 1.39E.

Figure 9: BCH hashrate trend chart in the past three months

Data source: BitInfocharts, Hash Power Assistant

In March, driven by the positive impact of platform coins, the computing power of mainstream currencies all increased, among which Litecoin ranked first with an increase of 28.03%, followed by Bitcoin Cash with an increase of 25%. The computing power of Bitcoin and Ethereum decreased, down 7.87% and 10.6% respectively.

4. Mining machine prices: generally stable

According to Bitmain’s official website, the prices of several Bitmain mining machines remained generally stable in March.

In terms of Bitcoin mining machines, the prices of S9i (14.5T) and S9j (14T) mining machines continued to remain at 3,000 yuan and 2,900 yuan.

For Litecoin mining machines, the price of L3++ is 500 yuan and the price of L3+ is 400 yuan.

As for Ethereum mining machines, the price of Antminer E3 is 8,150 yuan.

5. Analysis of the payback period of mining machines

As of the statistical date of the report, March 31, 2019, based on the full network data of each currency, assuming that the electricity fee is uniformly 0.4 yuan, the static payback period of mining for each currency is calculated.

Figure 10: Bitcoin mining machine payback period

Data source: CoinWise, Computing Assistant

Figure 11: Litecoin mining machine payback period

Data source: CoinWise, Computing Assistant

Figure 12: Ethereum mining machine payback period

Data source: CoinWise, Computing Assistant

Figure 13: Bitcoin Cash mining machine payback period

Data source: CoinWise, Computing Assistant

[Note] The above payback period is a static payback period under an ideal environment, and the reward of mining fee is excluded. The actual payback period depends on the mining deployment conditions.

Affected by factors such as computing power and coin prices, the payback period of all major cryptocurrency mining machines this month has been extended compared to last month. Comparing the payback periods horizontally, among the mining machines of various currencies this month, the payback period of LTC mining machines is the shortest, at 212 days, while the payback periods of other mining machines are generally longer.

VI. Conclusion

In March (March 1-31), due to the positive impact of platform coins and Litecoin, large, medium and small market capitalization coins rebounded across the board, showing an overall upward trend. As of the 31st, the market closed at $144.4 billion, up 11.08% from the opening price of $130 billion.

Among the mainstream mining currencies, Litecoin ranked first with a 31.51% increase, followed by Bitcoin Cash with a 27.48% increase, and other currencies also rose. Affected by the rebound in currency prices, the unit computing power income of mainstream mining currencies has increased this month.

In terms of computing power, Litecoin had the largest increase of 28.03%, followed by Bitcoin Cash with a 25% increase. The computing power of Bitcoin and Ethereum decreased by 7.87% and 10.6% respectively.

Overall, affected by the overall market environment, the mainstream currencies have been stable in March, the price of the currency and the computing power have recovered significantly, and the mining income of miners has also increased relatively. In addition, the increase in computing power also shows that miners are further optimistic about the market. According to the plan, Litecoin is expected to usher in a halving of production on August 7, 2019. The halving expectation will drive market sentiment and may continue to drive the rise of Litecoin prices in April, which will have a certain positive impact on the market.