Weekly report of Bitcoin Mining Network: Litecoin has completed halving (August 5-August 12)

As of 10:00 am on August 12, the total hashrate of Bitcoin network was 74.77EH /s . The current difficulty of the whole network was 9.99T . It is predicted that the difficulty will be increased by 7.80 % to 10.76T next time. There are 6 days left before the adjustment.   10 hours

The following figure shows the weekly dynamics of mainstream currencies from August 5 to August 12, 2019

Weekly News

From ordinary computers to ASIC mining machines, are ordinary people still suitable for mining?

We often see news about Bitcoin mining machines in media reports in the industry, and recently many media have reported on 8nm mining machines. But did you know that Bitcoin mining machines have actually gone through several generations of upgrades, and at first ordinary home computers could also be used for mining.

Today, let's take a brief look at the evolution of mining machines. The earliest Bitcoin mining machines were ordinary home computers that used the computer's CPU to mine. On January 3, 2009, the first batch of Bitcoins (50 coins) were mined by Satoshi Nakamoto using an ordinary computer.

Litecoin halving, mining machine clean-up, the total network computing power is expected to decrease by 20%-30%

Finally, Litecoin’s annual drama is about to begin.

According to the latest data from Litecoinblockhalf, based on the current block speed, the Litecoin halving time is around 6:21 pm on August 5, 2019.

This means that the income from Litecoin mining will be directly reduced by half, and a number of Litecoin mining machines will temporarily bid farewell to the stage, unless the price of Litecoin rises gratifyingly. As for how the price of the currency will go, it is actually very difficult to judge.

The RMB breaks through 7, Litecoin is halved, and Bitcoin will cross $15,000 this week?

On August 5, Beijing time, the USD/RMB exchange rate “broke through 7”, the market risk aversion sentiment rose, and Bitcoin rose above $11,000, an increase of more than 6%, a new high in August. At the same time, Litecoin will be officially “halved” around 18:00 today. Analysts believe that Bitcoin Cohen plans to cross the $15,000 mark this week.

Do mining machine manufacturers have no future?

Canaan Creative, a mining machine manufacturer that failed in both A-share and H-share listings, has recently secretly submitted its prospectus to the US Securities and Exchange Commission. In terms of computing power, Bitmain, Canaan Creative, and Ebang International occupy the first, second, and third place in the world in terms of market share respectively.

In 2018, they all expressed their willingness to go public and submitted prospectuses to the Hong Kong Stock Exchange. Judging from the financial data alone, the three prospectuses are impeccable: the compound annual growth rate of revenue exceeds 300%, and the gross profit margin is much higher than that of traditional manufacturing. Fortunes are sought in danger. There are many uncertainties in the mining machine industry. The future market of virtual currencies is unknown, and regulatory policies are not yet clear. In the face of uncertainty, the story that the three manufacturers tell investors is that they are about to enter the AI ​​chip market.

Bitcoin's third halving may usher in a super bull market

Litecoin’s second block reward halving has been successfully completed, and next, we will usher in Bitcoin’s third block reward halving in May 2020.

“History doesn’t repeat itself, but it does rhyme.” — Mark Twain

The World Cup and the Olympics are held every four years, and the Bitcoin mining block reward is also halved every four years. Initially, the Bitcoin block reward was 50 BTC, which was reduced to 25 BTC at the end of 2012 and to 12.5 BTC in 2016. Its third halving will occur around May 20, 2020, when the Bitcoin block reward will be further reduced to 6.25 BTC.

Perhaps by design, or just by chance, the last two Bitcoin price cycles have been closely tied to the block reward halving. By reviewing these two halvings and analyzing their impact on Bitcoin supply, demand, and price, we hope to explain the previous powerful price cycles and help investors prepare for the third cycle.