The flood season is over and the dry season is coming. Miners "migrate with electricity"

Time is running out for Bitcoin miners in the Southwest.

Recently, the flood season in southwest my country has ended and entered the normal water season. In another month, the dry season will come. Some hydropower mines have begun to prepare for relocation.

Affected by this, the computing power of Bitcoin mining pools has dropped significantly. According to BTC.com data, as of 18:00 on October 26, the top three mining pools all dropped by nearly 20%, including: F2Pool dropped by 19.31% in 24 hours, Poolin dropped by 19.50% in 24 hours, and BTC.com dropped by 19.17% in 24 hours. In addition, among the top 15 mining pools, MiningCity had the largest drop, with a 24-hour drop of 61.14%, followed by Spiderpool, which dropped by 50.32% in 24 hours.

Based on past experience and actual conditions, F2Pool CMO Li Qingfei told Golden Finance: "This round of mining machine migration is still mainly in Xinjiang and Inner Mongolia. However, the epidemic in Kashgar, Xinjiang will affect the migration of mining machines to a certain extent. After all, there are many mines in Kashgar ." F2Pool co-founder Shenyu expressed the impact of the Kashgar epidemic more intuitively: " The Kashgar epidemic just coincided with the transition from boom to bust; many mining machines are still on the way . Now???." At the beginning of this year, the new crown epidemic broke out, and some mines in Xinjiang stopped working due to the interruption of transportation and materials, and the inability of personnel to move.

However, in this year's "migrate with electricity" movement, Kazakhstan has also become one of the chosen migration destinations (between September 2019 and April 2020, Kazakhstan concentrated 6.17% of Bitcoin's computing power, ranking fourth in the world). For example, ViaBTC Pool announced today that it has reached a global strategic cooperation with overseas mining farm Enegix to deploy in Kazakhstan. It is reported that Enegix has the largest Bitcoin mining data center with a capacity of 180 megawatts, and the electricity fee is as low as 3.7 cents per kilowatt-hour (about RMB 2.48).

The decrease in computing power means an adjustment in mining difficulty. BTC.com predicts that the next Bitcoin mining difficulty will drop by 2.22%, to about 19.55T. The current difficulty of the entire network is 20.00T, a record high.

Chen Lei, founder of BitBlueWhale, said at the event that the difficulty of Bitcoin mining has hit new highs recently. This is the last carnival before the end of the flood season. Because the overall computing power is too large, the static value of mining income is very low. However, the characteristic of the mining industry is uncertainty. If we look at it dynamically, the computing power scale will definitely change, and the currency price will also change. (Golden Finance)