Bitcoin Mining: Bitmain publishes first big data report on global mining

Bitmain, the world’s leading manufacturer of Bitcoin miners, will release the world’s first big data report on the global mining industry at the World Digital Mining Summit (WDMS) in Frankfurt, Germany, October 8-10.2019.

The report, entitled “Big Data Analysis Report of Global Mining Farms”, is intended to provide in-depth analysis and insight into the cryptocurrency mining industry that has never existed before. Reports and rankings on different websites appear again and again, which estimate how expensive the mining is on average in a country. However, these are only estimates and not substantiated data, as there is no central database on how many miners are actually connected to the Bitcoin network and how much power they actually consume.

According to the official press release, the report is intended to provide insights into the world’s active mining farms, their electricity costs and the background to the location of mining farms and construction costs. The aim is to provide “decision makers with a more complete and comprehensive understanding of market opportunities, risks and hurdles”. Matthew Wang, Director of Bitmain said:

Bitmain is proud to be leading research and development efforts in the cryptocurrency mining industry and this comprehensive big data analysis report is a successful outcome of it, thanks to our strength and experience accumulated in this industry

At the World Digital Mining Summit, Jihan Wu (Bitmain co-founder), John Ge (Matrixport CEO), Marco Streng (Genesis Mining CEO) and other industry leaders will be present to share their knowledge and insights about the industry.

Key topics will include distributed mining, mining and power generation, increased mining efficiency, new trends in digital mining, development of miner firmware, and modular design and construction of a data center. Furthermore, a panel discussion about the Bitcoin Block Reward Halving will take place.

Will the Bitcoin price rise to USD 31,000 by 2021?

The Bitcoin Halving in May 2020 is a major reason that the Bitcoin community is still bullish despite the currently stagnating Bitcoin price of around USD 10,000. But not only the Bitcoin Halving could be a bullish signal for Bitcoin, but also the Bitcoin Mining Difficulty. Compared to the Bitcoin all-time high of USD 20,000 in December 2017, this is now 8 times as high. While this was around 1.8 T in mid-December, it has currently risen to over 10.77 T, as the following graph from bitinfocharts.com shows:

Bitcoin mining difficulty

Source: https://bitinfocharts.com/comparison/bitcoin-difficulty.html

According to PlanB, a well-known crypto expert on Twitter, the Bitcoin price could rise significantly until 2021. Using a model to study the Bitcoin mining difficulty cycle, PlanB has calculated that the BTC price will exceed $30,000 by 2021.

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As PlanB explains, there have been several cycles in the past in which the Bitcoin Mining Difficulty has moved. The Bitcoin Prize has always followed the Bitcoin Mining Difficulty. This is directly related to the hash rate, which indicates the total computing power of all miners and the Bitcoin network. In recent months, the hash rate of the Bitcoin network has repeatedly reached new records. Compared to December 2017, when the hash rate was around 15 TH/s (terra hashes per second), it is currently at over 95 TH/s. The hash rate of the Bitcoin network has reached new record levels in recent months.

This clearly shows that Miner is investing heavily in new hardware. This in turn means that there is a growing interest in Bitcoin. This could lead to a rising Bitcoin price in the long run. The increased mining activity is probably also due to the Reward Halving in May 2020, when the remuneration of the miners is reduced from 12.5 BTC to 6.25 BTC.

When and whether the Bitcoin price will react to the positive signals and break out of the current consolidation remains uncertain.

About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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