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As the computing power of the entire Bitcoin network reaches a new high, data analysis shows that at least more than 500,000 powerful new mining machines have been launched for mining in the past three months. According to cryptocurrency mining pool BTC.com
Data shows that Bitcoin’s average computing power has crossed another threshold in the past two weeks. At 19:00 UTC time last Friday, the Bitcoin network’s computing power reached a new high of 85 EH/s, and the mining difficulty also rose to close
A new record for 12T. Notably, both Bitcoin indicator numbers are up more than 60% since June 14.

Bitcoin mining difficulty is a measure of the difficulty of creating a transaction block. It will be adjusted after every 2016 blocks are generated, approximately every two weeks to ensure that the time for Bitcoin block generation can be maintained at 10
minutes or so. Even if miners around the world deploy a large number of mining machines to compete for Bitcoin mining resources, as long as the mining difficulty is adjusted properly, the time for each block to be generated can remain stable.

Of course, some new ASIC mining rigs have been launched this summer, with average computing power reaching 55 TH/s.

Assuming that the market has deployed mining machines with the above computing power level since mid-June this year, then the increase in the computing power of the entire network from 35 EH/s to the current level means that there have been approximately 500,000 new mining machines in the past three months.
ASIC miners are connected to the Bitcoin network. (1EH/s=1 million TH/s)

“Billion Dollar” Business

These powerful ASIC mining machines are mainly produced by manufacturers such as Bitmain, Canaan, InnoSilicon, and MicroBT. The price of each mining machine starts from 1500
USD to $2500. Therefore, if 500,000 mining machines were delivered in the past three months, it means that these mining machine manufacturers may have earned $1 billion in revenue.

The surge in the computing power and mining difficulty of the entire Bitcoin network seems to be very consistent with the rising trend of Bitcoin prices this year. The higher prices have also led to the increasing market demand for mining equipment, which has greatly exceeded the market supply. Of course, part of the reason for the sharp increase in demand for mining machines is that the "rich water period" in southwest China has brought very cheap and abundant hydropower resources to miners.

On the other hand, miners are also increasingly interested in mining in Russia’s Eastern Siberia region. The local Blastek hydropower station built during the Cold War has been used to provide power for Bitcoin mining farms. It is estimated that the Bitcoin mining industry in the region has accounted for nearly half of the entire network’s computing power.
10%.

At the beginning of this year, some domestic companies predicted that the average computing power of Bitcoin would break through in the summer.
70EH/s, as expected, this goal was easily achieved in August. It is in this environment that the demand for mining machines is growing day by day. The equipment of major mining machine manufacturers are in a "sold out" state. Customers need to place orders at least three months in advance to have them delivered before the end of the year.

TokenInsight, a startup focused on analyzing cryptocurrency trading and mining activity, announced on Friday (September 13
A report released on 23rd March 2020 predicts that the market will continue to increase the supply of mining machines in the coming months. The report states:

“Bitcoin mining market surges in 2019 as Bitcoin price surges
There was significant inflation in the second quarter of the year, and many mining machine manufacturers experienced serious supply shortages. Orders submitted by buyers in the second and third quarters may not be delivered until the end of the year. "

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