Bailu Mining Report (2019.03.28)

This major update

• Increase DCR

1.PoW consensus mechanism

1.1 POW consensus mechanism token

Risk Warning

Mining is divided into three parts: upstream computing power production equipment manufacturers, midstream miners, and downstream mining pools. Mining is very special in the blockchain industry. It is a rare industry with a large fixed asset ratio, high debt ratio, and a particularly high fixed asset depreciation rate. (The depreciation rate of graphics card mining machines is better than that of ASIC dedicated mining machines)

Miners need to convert a large amount of legal currency into fixed assets, so they passively become long positions in digital currencies. The only way to make a profit is to sell the digital currencies they have mined, but the price of digital currencies fluctuates greatly. The wrong timing to enter the industry, the wrong currency selection, the wrong equipment selection, the wrong site selection, the wrong electricity fee, and the wrong government-enterprise relationship may all lead to losing all your money. Of course, even if you can't become a big player, you can still read the Bailu Mining Report to satisfy your curiosity and imagine yourself calling the shots in the world of computing power.

The data is collected from F2Pool, BTC.com and Viabtc. The mining machine prices are from the official websites of various mining machine manufacturers. The electricity fee is set at 0.4 cents. The data is collected at 12:00 Beijing time every day to maintain objectivity and fairness.

1.1.1 BTC

The historical highest price is 127713, the current price is 27376, using the SHA256d algorithm, and the remaining 16% to be mined.

•Bai Lu's comment: The king of consensus, the cornerstone of the cryptocurrency industry. Currently, the largest BTC mining pool is the combined computing power of Bitmain's mining pool BTC.com, Antpool and ViaBTC.

1.1.2 LTC

The highest price in history is 2225, the current price is 412, Scrypt algorithm, and the remaining mining is 27%.

•Bai Lu’s comment: Bitcoin is gold, Litecoin is silver; Litecoin is the pioneer explorer of Bitcoin technology.

1.1.3 BCHABC

The historical highest price is 27502, the current price is 1140, using the SHA256d algorithm, and the remaining 16% to be mined.

•Bai Lu's comment: Forked from Bitcoin, it is strongly supported by Bitmain's Wu Jihan, also known as Wu Bit, and has a close relationship with Bitmain. Currently, the largest BCH mining pool is the combined computing power of Bitmain's mining pools BTC.com, Antpool and ViaBTC.

1.1.4 XMR

The highest price in history is 3315, the current price is 363, Cryptonight V10 algorithm, and the remaining 7% is to be mined

•Bai Lu’s comment: XMR undergoes a hard fork to resist ASIC algorithms; a true black market anonymous coin.

1.1.5 ETC

The historical highest price is 306, the current price is 32.21, Ethash algorithm, and the remaining amount to be mined is 48%.

•Bai Lu’s comment: Ethereum adheres to the POW consensus mechanism and sets a total upper limit (210 million).

1.1.5 ETC

1.2 Mining Machine

After the mining bosses have chosen the potential coins, they will buy the most cost-effective mining machine. However, with so many types of mining machines, which indicator should be used to measure them? Bai Lu believes that the electricity cost ratio (i.e. the ratio of daily output to electricity consumption) is the most reliable indicator. The lower the electricity cost ratio, the greater the relative comparative advantage of the machine. However, it is worth noting that due to the rapid depreciation of ASIC mining machines, excessive pursuit of new machines with low electricity cost ratios may lead to excessive depreciation of the mining machine itself, and the payback period should be comprehensively considered.

1.2.1 SHA256d algorithm BTC and BCH

(The price of BCH has increased recently, and mining BCH is more profitable; a new batch of Bitcoin mining machines will be released soon)

1.2.1.1 Ebit E11+++ 44T

Official website price 15400 yuan

BTC: Electricity costs account for 40%, daily income is 28.3 yuan, and the current payback period is 545 days .

BCHABC: Electricity costs account for 36%, daily income is 28.45 yuan, and the current payback period is 542 days .

1.2.1.2 Antminer S15 28T

Official website price 7630 yuan

BTC: Electricity costs account for 51%, daily net income is 14.7 yuan, and the current payback period is 520 days .

BCH: Electricity costs account for 46%, daily net income is 14.87 yuan, and the current payback period is 514 days .

The machine is cheaper and its current payback period is shorter than that of the Ebit E11++ model.

1.2.2 Scrypt Algorithm LTC

1.2.2.1 Innosilicon A6

The official website price is about RMB 20,000; computing power 1230M

The current electricity cost accounts for 58%, the daily net income is 10.43 yuan, and the current payback period is 1918 days. (It is extremely difficult to pay back the machine with a payback period of several years)

####1.2.2.2 Antminer L3++

Official website price: 500 yuan (sold out); computing power: 580M

Currently, electricity charges account for 78%, with a daily net profit of 2.62 yuan and a current payback period of 191 days.

(Antminer L3++ is the fastest-paying mainstream cryptocurrency mining machine on the market. Considering that LTC will have a production cut in five months, miners are racing against time to mine Litecoin.)

1.2.3 Cryptonight V10 Algorithm XMR

1.2.3.1 Graphics card mining machine Vega 56 8 card

A Vega 56 on JD.com costs 3,000 yuan. With 8 cards, a radiator and a case, the price of the mining machine is set to 27,000 yuan; the computing power is 14.56K

The current electricity bill accounts for 49%, the daily net income is 18.71 yuan, and the current payback period is 1444 days.

(XMR mining revenue continues to decline. Graphics card mining machines can mine everything, but nothing well.)

1.2.4 Ethash Algorithm ETC

1.2.4.1 ASIC Innosilicon A10 485M version

Price: 33500 (original starting price), computing power: 485M

The current electricity bill accounts for 19%, the daily net income is 34.79 yuan, and the current payback period is 963 days.

(ETC mining revenue continues to decline, looking forward to the development of super mining machines for ETC)

1.2.4.2 Panda B3 pro 230M graphics card mining machine

Price: 4500 (sold out), computing power: 230M

Currently, electricity charges account for 65%, with a daily net profit of 7.06 yuan and a current payback period of 638 days.

1.3.POW Mining Pool

1.3.1 BTC mining pool

The total BTC network computing power of 46.44EH/s is equivalent to 1.8 million S15 Antminers running at the same time. The huge computing power is the protective device that the Bitcoin system is proud of.

Bitmain mining pools: BTC.com, AntPool, ViaBTC, with a combined computing power share of 43.2%

Huobi Mining Pool accounts for 7.8% of the emerging mining pools, and Poolin Mining Pool accounts for 9.2%

1.3.2 BCH mining pool

The total BCH network computing power is 1.7EH/s, which is equivalent to 60,000 S15 Bitcoin mining machines running at the same time.

Bitmain-affiliated mining pools: BTC.com, Antpool, and ViaBTC account for a total of 36.72%;

BTC.TOP Jiang Zhuoer's boss's Litecoin mining pool accounts for 45.1%

The emerging mining pool Huobi Mining Pool accounts for 9.02%

2 DPOS consensus mechanism

2.1 DPOS consensus mechanism token

Unlike the POW consensus mechanism that uses proof of work, the DPOS consensus mechanism uses coin holders to entrust proxy voting to select super nodes to perform proof of work, and the token is also given the purpose of governance within the ecosystem.

2.1.1 EOS (main network only)

The historical highest price is 144.2 yuan, and the current price is 28.61 yuan

• Bailu Comments: It is called the first token to open the blockchain 3.0 era

2.1.2 TRX

The historical highest price is 1.71 yuan, and the current price is 0.15 yuan

• Bai Lu's comments: TRX founder and team are very good at learning and marketing

2.2 Super Node

2.2.1 EOS Super Node

•EOS adopts one vote for 30 votes, with a total of 21 super nodes. The EOS voting yield rate is stabilized in the top three super nodes by Huobi Mining Pool for a long time.

###2.2.2 TRX Super Node

•TRX adopts one vote one vote, with a total of 27 super nodes

3 POW, POS and Masternode Hybrid Consensus Mechanism

3.1 DASH

The historical highest price is 10076, the current price is 617, X11 algorithm, and the remaining to be mined is 61%.

•Bai Lu’s comment: People should ultimately use anonymous coins for daily consumption, and DASH is the anonymous coin with the widest offline usage scenarios.

3.1.1 DASH POW X11 Algorithm

3.1.1.1 FansiX7

The official website price is 11800 (not shown at the moment), with a computing power of 262G

The current electricity bill accounts for 21%, the daily net profit is 48 yuan, and the current payback period is 246 days .

(Fansi X7 is the second fastest payback machine in this mining report. Bai Lu is very optimistic about DASH)**

3.1.2 DASH Masternode

DASH adopts the POW+Masternode hybrid consensus mechanism, 45% of the block rewards are allocated to POW, and 45% to the Masternode. The Masternode needs to stake 1,000 DASH. If there is not enough DASH, the simpler method is to put it in the Cobo wallet for custody, and the current annual interest rate is 6.54%.

3.2 DCR

The historical highest price is 818, the current price is 130, Blake256r14 algorithm, and the remaining amount to be mined is 55%.

•Bai Lu’s comment: The king of on-chain governance tokens.

3.2.1 DCR POW

3.2.1.1 Ant DR5

The official website price is 9700, and the computing power is 35T

The current electricity bill accounts for 48%, the daily net income is 17.02 yuan, and the current payback period is 570 days .

3.2.2 DCR Masternode

DCR uses a hybrid consensus mechanism of POW+Masternode. Currently, the masternode needs to stake about 100 DCR to get one vote. If there is not enough DCR, the simpler method is to put it in the Cobo wallet for custody, with an annualized interest rate of 11%.

#4. New Mining Industry

4.1 Mining Pool Token

Currently, Huobi.pool, ViaBTC and Poolin are known to issue mining pool tokens. Bai Lu believes that the tokenization of mining pools is an unstoppable trend.

4.1.1 Huobi Mining Pool Token HPT

The total issuance volume is set at 10 billion, the current total circulation volume is 3.222 billion, and the current price is 0.04 yuan.

Huobi Mining Pool is a new type of mining pool. Miners can not only mine traditional POW tokens such as BTC, ETH, LTC and BCH, but also use EOS, ONT, TRX, IOST and other tokens for lock-up, and Huobi Mining Pool will vote on their behalf to obtain DPOS super node income.

HPT holders’ current main interests:

• Huobi Mining Pool distributes additional rewards to HPT holders as super nodes of EOS, TRX, ONT and IOST.

•Huobi EOS exchange often has airdrop rewards.

•HPT is a strategic tool of Huobi. The increase in HPT price will help attract more miners to mine in Huobi Mining Pool and enhance the influence of Huobi Group in the mining industry.