Starting from mid-June, the complexity of mining digital currency and hash rate grew by 60%. Such dynamics can be related to the release of more efficient devices.
The equipment power aimed at mining BTC has hit additional new peak, reporting that over 600,000 high-end new devices may possibly have appeared online during the last 3 months. Consistent with figures from the BTC.com crypto extraction pool, during the last two-weeks BTC’s average hash rate has crossed one more major threshold, by reaching 85 exahashes per second (EH/s) last Friday. For now, mining complexity is also set to a new record of approximately 12 trillion.
Since mid-June, the complexity of cryptocurrency extraction and the hash rate has grown by 60% . Such dynamics can be associated with the release of more powerful equipment. Over the last three months, over 600,000 new efficient miners have linked to the Bitcoin network, CoinDesk writes. The publication specifies that since mid-June, the complexity and hash rate of the first cryptocurrency has increased by 60%, while since the beginning of the summer, a number of new ASICS have been released with an average capacity of 55TH/s.
The production of such equipment involved in the company Bitmain, Canaan, InnoSilicon and MicroBT, the average price of a single device is about $1500-2000. Revenue manufacturers over the past three months could be about $1 billion, but it is worth considering that, some companies place equipment on their own sites.
Chinese miners predicted previously that BTC’s average hash rate in the summertime would pass the level of 70 EH/s, which took place in August. Thus, major miner companies have already sold out machinery that is due for shipment up to the end of the year, with consumers placing pre-orders three months in advance.
"The cryptocurrency extraction market experienced a significant upturn in the second quarter of 2019. There is a severe shortage of most devices from different manufacturers, and the supply of equipment that was ordered in the second and third quarters is expected before the end of this year," TokenInsight analysts said.
They added that if the current dynamics continue, the complexity of mining in the next three months will exceed 15 trillion (now it is 12 trillion), and the hash rate — 100 EH/s (currently 86 EH/s).
Earlier, Fundstrat co-founder Tom Lee said that mining is a profitable business. According to Lee, the cost of extracting one Bitcoin on the Bitmain Antminer S9 device with the price of electricity at $0.06 per kWh is about $7.3 thousand, while the average market rate of the cryptocurrency now is about $10.3 thousand.
As a result, the company predicts mining complexity will uphold its growth momentum to reach an indicator of 15 trillion by the end of 2019. It means that for the first time in its history BTC’s average total hashing power will cross the 100 EH/s threshold.