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According to reports, at least 600,000 powerful new mining machines have come online for mining in the past three months, causing the computing power of the entire Bitcoin mining network to hit a new high again.

According to data from crypto mining pool website BTC.com, Bitcoin’s average hash rate over the past two weeks has exceeded another important threshold, reaching 85 at around 19:00 UTC last Friday.
A new high in EH/s. At the same time, the mining difficulty has also been adjusted to a new record of nearly 12 trillion.

Notably, the data shows that both numbers have jumped 60% since June 14.

Bitcoin’s mining difficulty (a measure of how difficult it is to create a block of transactions) adjusts after 2016 blocks (approximately every two weeks). This is to ensure that the time to generate a block remains around 10 minutes,
Although the number of mining machines deployed around the world to compete for Bitcoin mining resources has been fluctuating.

This summer, several new ASIC miners came on the market with an average hash power of about 55TH/s.

Assuming that the 35 EH/s of hashing power added since mid-June all come from these top miners, a rough calculation suggests that there are already more than 500,000 such machines connected to the Bitcoin network (1 EH/ s =
1 million TH/s).

A multi-billion dollar business?

These powerful ASIC miners are powered by Bitmain,
Produced by major manufacturers such as Canaan, InnoSilicon and MicroBT, prices range from $1,500 to $2,500. Therefore, if more than 500,000 units are put into use as estimated above, the revenue of these leading mining machine manufacturing companies in the past three months may reach $1 billion.

Bitcoin’s soaring hash rate and mining difficulty are in line with the soaring price of Bitcoin since earlier this year, which has led to increasing demand for mining equipment that has far exceeded market supply. This is also partly due to the rainy summers in southwestern China, which results in cheap and abundant hydropower resources.

There is also growing interest in Russia's eastern Siberian region, where the Brask hydropower station built during the Cold War is used to power mines. It is estimated that the region accounts for approximately 10% of the total computing power of the Bitcoin network.

Earlier this year, Chinese miners estimated that the average Bitcoin hash rate this summer would exceed the 70 EH/s seen in August.

As a result, major mining rig manufacturers have sold out of equipment that will be shipped before the end of the year and will be pre-ordered by customers 3 months in advance.

TokenInsight, a startup focused on analyzing crypto trading and mining activity, said in a report published on Friday that it expects more supply of mining machines to enter the market in the coming months.

“With the sharp increase in the price of Bitcoin, the Bitcoin mining market has seen a clear upward trend in the second quarter of 2019. Most mining machines from different manufacturers are in severe supply shortage, and submissions in the second and third quarters Pre-orders will be delivered before the end of this year."

Therefore, the company estimates that by the end of this year, the mining difficulty of the entire Bitcoin network will continue to maintain a growth trend and exceed 15T, and the computing power of the entire Bitcoin network will exceed 100EH/s for the first time in history.