Bitmain, traditionally regarded as one of the largest cryptocurrency mining platforms showed that today generates 88% less processing power than a month ago. It is expected that the industry giant has reduced its capacity for the extraction of Bitcoin.
For anybody not a secret that the mining business was in decline due to the prolonged bearish trend of the stock market in 2018, and even revenue growth Nvidia fell amid lack of demand devices for mining. However, Bitmain, the company that gained fame when Jihan Wu, did not leave attempts to get through this tough season.
Even if a positive development of the market, when production again began to make profits, the mining industry is still experiencing difficulties with the restoration of the working capacity.
According to Hash Disclosure released monthly by Bitmain, the speed of hashing of all equipment belonging to the company and using the algorithm SHA265 running blackany Bitcoin and Bitcoin for cash, decreased to 237,29 PH/s, although a month ago I was at a level of 2072 PH/s.
The complexity of the business
This reduction in hashing power, in part, led to the fall of the dominance of Bitmain, since the company now has only 0.4% of the total computing power of Bitcoin network from 4% before spiking.
It is interesting to note that this reduction in the computing power of a mining giant is not associated with an overall reduction of hashmashot of Bitcoin as it reached a six-month high of more than 58 000 PH/s on may 2, according to blockchain.info.
Indeed, in recent times, even the income from network fees began to grow again. Of the $291 million earned by miners in April, $14 million was exclusively related to network fees, which continue to grow.
It is expected that miners in China will be able to once again start to profit with the onset of the rainy season, when there will be cheaper rates for hydroelectric power.
They say that in March, Bitmain also planned to offer your mining machines in the amount of $80 million this summer to use cheap hydroelectric power.
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Tags: Bitcoin Bitmain Bitcoin mining