Bitcoin Core developer will make AntMiner’s killer

Active Bitcoin developer BtcDrak became a co-founder of Halong Mining
23 November 2017   1953

Now Halong Mining company is testing a pilot version of a mining machine called DragonMint 16T.  BtcDrak considers that the machine can produce a total of 16 th/s and its energy efficiency is 30 percent higher than that of today's industry leader Bitmain’s AntMiner S9. The first serial release of the DragonMint 16T is scheduled for March 2018. In the development of the device has already invested about $ 30 million.

Bitmain's mining machines that have dominated the market in recent years. Over 70% of the network capacity is now produced by Bitmain machines, and about half are pools that are either directly owned or closely related to Bitmain - for example, AntPool, BTC.com, ConnectBTC and ViaBTC. BtcDrak considers that it is a problem of centralization. He hopes that DragonMint 16T will offer an alternative to Bitmain's mining machines.

One manufacturer as a monopoly is not good for Bitcoin. Centralization in mining is a problem regardless of how benevolent you are. If there is a center, then governments and criminals can attack it. Decentralization protects the entire system and all its participants. So I wanted to bring competition.

 

BtcDrak

Bitcoin Core developer.

Already Halong Mining done building on the research over the past year. And now the company is considering open sourcing its board designs and software.

Bear Market to Hit Mining Hard

BitMEX research division presented an analysis of the impact of market decline on the mining industry
11 December 2018   75

The cryptocurrency market has experienced a marked decline over the past weeks. The BitMEX research division presented an analysis of the impact of these events on the mining industry. Bitcoin hash rate has fallen by 31% since the beginning of November, which is equivalent to the capacity of 1.3 million Bitmain S9 devices. From this, BitMEX concludes that miners as a class are in a difficult situation, however, they may have different conditions, and those who pay more for electricity, are forced to turn off their equipment first, while others may still be quite viable.

The decrease in the price of Bitcoin by 45% since the beginning of November has already caused two recalculations of the complexity of mining to the lower side - by 7.4% and 15.1% on November 16 and December 3, respectively. The first recalculation turned out to be the largest since January 2013, the second - since October 2011.

Bitcoin mining revenue fell from $ 13 million per day in early November to $ 6 million per day in early December. The fall in the size of the miner's encouragement turned out to be even more rapid than the fall in the price of cryptocurrency. This is due to the delay in recalculating the complexity of mining. For the six-day period ending December 3, 21.8% fewer blocks were mined than expected, since the miners left the network before recalculating the difficulty. As a result, in addition to reducing the size of the miners' encouragement in dollar terms, due to lower asset prices, they received 21.8% less bitcoin awards.

One of the popular reasons for the recent decline in the cryptocurrency market is that miners sold bitcoins to cover their costs of hash warsin the Bitcoin Cash network. The monitoring platform Boltzmann recorded an unusually large sale of Bitcoin by the miner on November 12, that is, 3 days before the hard fork of Bitcoin Cash.

BitMEX assumes that the actions of miners over the past weeks could have played a significant role in reducing the market, however, recommends not overestimating their value and reminds that in a bearish trend, prices continue to fall regardless of asset movements and news.