Is this round of DeFi market a conspiracy of miners?
"Strongly suspect that this DeFi market is a conspiracy of miners," Liu Ming, a veteran digital currency player, joked in his circle of friends.
Miners are undoubtedly the ultimate winners of this DeFi.
Data from Glassnode and Etherscan show that the computing power of the entire Ethereum network has reached a new high in 20 months. The growth of the entire network’s computing power is largely driven by the rapidly growing DeFi effect. Bitinfocharts data shows that the Ethereum’s entire network’s computing power has reached a maximum of 206.63T in the past two days, an unprecedented height in 20 months.
Since mid-June this year, activity on the Ethereum chain has grown significantly, and more and more users have participated in DeFi platforms and projects such as Uniswap, YFI, and Yam, which has also caused congestion on the Ethereum network many times.
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Proportion of Electricity Cost of Ethereum Mining Machines
"Ethereum machines are very insensitive to electricity bills. We have calculated that if the electricity bills increase by 5-6 cents, the electricity bills for miners digging Ethereum every day will be more than 1 yuan. Ethereum machines are also very stable against currency price fluctuations. , On the day of the sharp drop on March 12, the proportion of electricity bills for our machines remained below 20%."
Now, Bitcoin miners have entered the "post-Bitcoin era", and there are less than 2 million Bitcoins left to be mined. However, the competition among miners is still fierce, and the head effect is obvious. There are 6-7 million bitcoin mining machines in the market. After the flood, the machines in the hands of some miners may face shutdown.
Ethereum mining machines have gradually become the mining choice of these miners, but there is currently a dilemma of scarce mining machines in the market. The current Ethereum is like Bitcoin in the last bull market cycle. The price of Ethereum is strong, and the demand for Ethereum mining machines is strong.
Yield Farming, which continues to be hot, has brought the ecological prosperity of Ethereum at an extremely fast speed. DeFi hotspots are one after another like a relay race. The application ecological value is being received by Ethereum miners in the form of transaction fees.
The above content is not intended as investment advice. Beep News hereby reminds users to pay attention to the security of encrypted investment.
