March 2019 Mining Market Earnings Report

TokenMania

特邀专栏作者

2019-04-15 19:53 (UTC+8)

This article is about 6045 words, reading the full article takes about 9 minutes

March 2019 Mining Market Earnings Report

AI Summary

March 2019 Mining Market Earnings Report

foreword

Highlights of this report:

foreword
Currency price: The market rose by 9.99%, and the average increase of the top ten mining currencies was 9.1%
The computing power of the entire network: The computing power of the top ten mining currencies has increased by an average of 5%, and the computing power has slowed down
Mining machine cost: the prices of the three major mining machine manufacturers remain stable, and the average price of graphics cards changes by -1.5%
1 Introduction
Summarize

Details of this report:

1 Introduction

This report provides the mining revenue of mainstream POW mining currencies. There are three main factors that affect the return cycle of miners: currency prices, network computing power and mining machine prices. The shorter the payback period, the better the profit-making effect of the current market, and the higher the possibility of potential large capital entering the market for mining. When the income from mining continues to fail to cover its costs, a large number of miners will choose to turn off their mining machines, which will lead to "mining disasters".

The market rebound since the beginning of 2019 is more beneficial to the mining industry. At the same time, the water season from April to May is approaching. Cheap hydropower will reduce the electricity cost of mining and increase the income of miners. The superimposed rise in currency prices is conducive to forming a virtuous circle , Upstream mining-related industries will be laid out in advance.

2. Currency price: The market rose by 9.99%, and the average increase of the top ten mining coins was 9.1%.

In March (March 1, 2019-March 31, 2019), the total market value of global blockchain digital assets fluctuated within a narrow range in the early stage, and rose steadily, generally fluctuating in the range of US$125 billion to US$140 billion; at the end of the month The integer mark of 140 billion U.S. dollars reached a new high, once touching 148 billion U.S. dollars, and Bitcoin also successfully broke through the 4,100 U.S. dollar mark. The closing price of the market in March was US$144.2 billion, an increase of US$13.1 billion or 9.99% from the opening price of US$131.1 billion. The rise in the broader market has boosted the confidence of the market, and the market trading sentiment has picked up. From the perspective of volume, the market's offensive is more aggressive, and the upward market space has been reopened.

Source: CoinMarketCap, TokenMania

In March, the top ten mainstream mining currencies generally rose, and only BSV fell by 1%. The average price increase of the top ten mining currencies was 9.1%.Among them, the price of DASH rose by 36%, ranking first; among the top ten mining currencies, BCH, LTC, XMR, DASH, ETC, etc. outperformed the market, while BTC and ETH rose at the bottom, with an increase of 8% and 4% respectively. Generally speaking, the rise in currency prices will shorten the payback cycle of mining machines.

Source: Block Explorer, TokenMania

Theoretically, the ratio of the computing power controlled by miners to the entire network determines the success rate of their mining. The higher the ratio, the greater the possibility of miners receiving rewards. At the same time, the increase in the computing power of the entire network will lead to a relative increase in the difficulty of mining for miners.

Table 1 The computing power of mainstream mining currencies in the past three months

Source: Block Explorer, TokenMania

In March 2019, the overall increase in the computing power of the top ten mining currencies slowed down, and the computing power of some currencies fell. This month, DASH, LTC, DCR and other six currencies have increased their computing power, among which DASH has the highest computing power increase of 37%, followed by LTC with a 34% computing power increase. Litecoin will be released in August 2019 (in advance Bitcoin 9 months) took the lead in halving. The computing power of four of the top ten currencies has declined, and the computing power of XMR has dropped by 69% this month. In addition, the computing power of BTC, ETC and ETH has dropped by 9%, 8% and 5% respectively. Overall, the total computing power of the top ten mining currencies rose by an average of 5% in March, a decrease of 5 percentage points from the previous month.

Due to the different encryption algorithms of each currency, the current types of mining machines are mainly divided into ASIC mining machines and graphics card mining machines. Due to the specificity of functions, the price of the former is more obviously affected by the currency price. Among the top ten mainstream mining currencies, only XMR has no ASIC mining machines. Although ETH and ETC have 3 ASIC mining machines, they have no obvious advantages over graphics card mining machines. The rest of the currencies have been occupied by ASIC mining machines.

Figure 4: Changes in the computing power of mainstream mining currencies in the past six months

Source: Block Explorer, TokenMania

[Note]: 1M=10^6Hash/s, 1G=10^9Hash/s, 1T=10^12Hash/s, 1P=10^15Hash/s, 1E=10^18Hash/s

4. Mining machine cost

Source: TokenMania

4.1. ASIC mining machine: the prices of the three major mining machine manufacturers remain stable

In March 2019, the mining machine prices of the three major ASIC mining machine manufacturers, Bitmain, Canaan, and Ebang International, remained basically stable.The phenomenon of large-scale discount sales no longer occurs. In addition, Bitmain officially launched a ZEC mining machine Z11 on March 19, with a rated computing power of 135Sol/s and a price of 11,200 yuan. At the same time, the price of Yibit mining machine of Ebang International has remained unchanged for seven consecutive months, and it is a mining machine manufacturer with relatively strong mining machine prices in the bear market.

Source: Bitmain, Avalonminer, Ebit, TokenMania

Due to different encryption algorithms, ETH and others currently use GPU graphics card mining machines, and their core accessories are customized mining motherboards equipped with 6 to 12 graphics cards. The current mainstream graphics cards are AMD's RX series and NVIDIA's GTX series of graphics cards. Due to the large number of sales channels for graphics cards, prices may vary in different regions, the following is for reference only.

Source: Tmall, JD.com, Amazon, TokenMania

5. Mining revenue analysis

5. Mining revenue analysis

The unit computing power income refers to the calculation of the daily mining income based on the proportion of the unit computing power of different currencies in the entire network and the fluctuation of the currency price after excluding the impact of the mining machine cost. Taking Bitcoin as an example, the income per unit of computing power refers to the RMB income that 1THash/s computing power can obtain in a single day. In theory, the computing power controlled by miners is directly proportional to the daily income.

[Note] There are differences in the units of the minimum computing power among different currencies: 1THash/s for BTC, 1MHash/s for ETH, 1THash/s for BCH, 1THash/s for BSV, 1GHash/s for LTC, and 1KSol/s for XMR s, Dash is 1GHash/s, ETC is 1MHash/s, ZEC is 1KHash/s, and DCR is 1THash/s.

Source: TokenMania

Affected by changes in currency prices and computing power, the unit computing power income of the top ten mainstream mining currencies this month has all increased except for DCR, and the average unit computing power daily income of the top ten currencies has increased by 39%. Among them, XMR was affected by a sharp drop of 69% in computing power and a rise in currency prices. Its daily income per unit of computing power rose sharply by 273% compared with the same period last month, ranking first among all currencies. The top four currencies with the highest increase in daily income per unit computing power are XMR (273%), ETH (30%), BCH (23%), and ETC (21%).

Source: TokenMania

5.2. The payback cycle of mining machines: the recovery of the currency market has slightly shortened the payback cycle of mining

Source: Public information collation, TokenMania

Table 5 The payback cycle of mainstream currency mining machines

Source: Public information collation, TokenMania

Source: TokenMania

Affected by the general rise in the prices of mainstream mining currencies, the payback cycle of mining machines for major currencies has been slightly shortened this month, and only the payback cycle of mining machines for BSV, LTC, and DCR has been slightly extended.

In terms of ASIC mining machines, Bitmain’s S9 series mining machines have been declared dead, and the payback cycle of the new mining machine S15 is different according to the type of currency mined: BTC is 585 days, 12 days shorter than last month; BCH is 511 days, compared with last month. Last month shortened by 526 days; BSV was 695 days, 94 days longer than last month. In addition, ZEC mining machine Z9 shortened 96 days to 241 days, DASH mining machine D5 this month's payback period shortened from 236 days to 581 days compared with last month, LTC mining machine L3++ extended 57 days to 348 days, and DCR mining machine paid back this month The cycle is slightly extended from 26 days to 405 days.

On the other hand, for graphics card mining machines, XMR’s unit computing power soared 273% this month and then the payback period was halved, but the payback period still needed 1477 days; while the payback period for 6-card RX570 mining machines mining ETH and ETC was shortened compared to last month 33%, 18% to 838 days, 997 days, the payback period of graphics card mining is long and the risk is relatively high.

Horizontal comparison found that the miner Z11 newly released by Bitmain in March had the shortest payback period of 85 days this month, followed by the ZEC miner Z9, LTC miner L3++, and DCR miner DR5, which were 241 days, 348 days, and 405 days respectively. days, and the payback cycle of other mining machines is generally longer.

6. Summary

6. Summary

Currency price:In March (March 1, 2019-March 31, 2019), the total market value of global blockchain digital assets fluctuated within a narrow range in the early stage, but rose steadily, and generally fluctuated in the range of US$125 billion to US$140 billion; at the end of the month The integer mark of 140 billion U.S. dollars reached a new high, once touching 148 billion U.S. dollars, and Bitcoin also successfully broke through the 4,100 U.S. dollar mark. The closing price of the market in March was US$144.2 billion, an increase of US$13.1 billion or 9.99% from the opening price of US$131.1 billion. The rise in the broader market has boosted the confidence of the market, and the market trading sentiment has picked up. From the perspective of volume and energy, the market's offensive is more aggressive, and the upward market space has been reopened.

Total network computing power:In March 2019, the overall increase in the computing power of the top ten mining currencies slowed down, and the computing power of some currencies fell. This month, the computing power of six currencies including DASH, LTC, and DCR has increased. Among them, DASH has the highest computing power increase of 37%, followed by LTC with a computing power increase of 34%. 9 months) to take the lead in halving. The computing power of four of the top ten currencies has declined, and the computing power of XMR has dropped by 69% this month. In addition, the computing power of BTC, ETC and ETH has dropped by 9%, 8% and 5% respectively.Overall, the total computing power of the top ten mining currencies rose by an average of 5% in March, a decrease of 5 percentage points from the previous month.

In addition, the upgrades of Ethereum Constantinople and St. Petersburg were successfully completed in early March. This upgrade is of great significance to the transition of Ethereum to the PoS algorithm. Reducing block rewards delays the arrival of the difficulty bomb; after the upgrade, block rewards are less attractive to miners, and the current Ethereum computing power and nodes are showing a downward trend.

Mining machine cost: The prices of the three major ASIC mining machine manufacturers, Bitmain, Canaan, and Ebang International, have basically remained stable this month, The phenomenon of large-scale discount sales no longer occurs. In addition, Bitmain officially launched a ZEC mining machine Z11 on March 19, with a rated computing power of 135Sol/s and a price of 11,200 yuan. At the same time, the price of Yibit mining machine of Ebang International has remained unchanged for seven consecutive months, and it is a mining machine manufacturer with relatively strong mining machine prices in the bear market.

Graphics card price:With the cold secondary market, incremental miners’ motivation to enter the market has declined, and the price of graphics cards on the demand side tends to be weakened by the influence of miners, and the decline in graphics card prices has also slowed down significantly in recent months. Among the eight graphics cards this month, the prices of AMD's three mid-to-low-end graphics cards have not changed compared with February, and the prices of two mid-to-high-end graphics cards have dropped slightly, namely Vega56 (-11%) and Vega (-3%). In addition, the prices of three Nvidia graphics cards have changed slightly, namely GTX1060 (1%), GTX1070Ti (-3%) and GTX1080Ti (3%). The average price change of the eight major graphics card prices was -1.5%.

Unit computing power income: Affected by changes in currency prices and computing power, the unit computing power income of the top ten mainstream mining currencies this month has all increased except for DCR, and the average unit computing power daily income of the top ten currencies has increased by 39%. Among them, XMR was affected by a sharp drop of 69% in computing power and a rise in currency prices. Its daily income per unit of computing power rose sharply by 273% compared with the same period last month, ranking first among all currencies. The top four currencies with the highest increase in daily income per unit computing power are XMR (273%), ETH (30%), BCH (23%), and ETC (21%).

Mining machine payback cycle: Affected by the general rise in the prices of mainstream mining currencies, the payback cycle of mining machines in major currencies has been shortened this month, and only the payback cycle of BSV, LTC and DCR mining machines has been slightly extended. Horizontal comparison found that the mining machine Z11 newly released by Bitmain in March had the shortest payback cycle of 85 days this month; followed by the ZEC mining machine Z9, LTC mining machine L3++, and DCR mining machine DR5, which were 241 days, 348 days, and 405 days, and the payback cycle of other mining machines is generally longer.

In terms of ASIC mining machines, Bitmain’s S9 series mining machines have been declared dead, and the payback cycle of the new mining machine S15 is different according to the type of currency mined: BTC is 585 days, 12 days shorter than last month; BCH is 511 days, compared with last month. Last month was shortened by 526 days; BSV was 695 days, 94 days longer than last month. In addition, ZEC mining machine Z9 shortened 96 days to 241 days, DASH mining machine D5 this month's payback period shortened from 236 days to 581 days compared with last month, LTC mining machine L3++ extended 57 days to 348 days, and DCR mining machine paid back this month The cycle is slightly extended from 26 days to 405 days.

In terms of graphics card mining machines, the unit computing power of XMR rose by 273% this month and then the payback cycle was halved, but the payback cycle still needs 1477 days; while the payback cycle of 6-card RX570 mining machines mining ETH and ETC was shortened compared with last month 33%, 18% to 838 days, 997 days, the payback period of graphics card mining is long and the risk is high.

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disclaimer

TAMC Research Institute does not have any relationship with digital assets or other third parties involved in this report that may affect the objectivity, independence, and impartiality of the report.

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