Author: Little Parker
Summary:
Summary:
The bear market continues to squeeze the profit margins of all segments of the cryptocurrency market, and the mining industry, which plays the role of cryptocurrency producer, is no exception. Taking Bitcoin, which accounts for half of the cryptocurrency world, as an example, its overall mining revenue in February 2019 was only US$190 million, a 10% drop from the beginning of the year.
Even so, mining companies that operate as a business still maintain high profitability. According to Diar research, the profit margin of "big miners" in October 2018 remained at 59%. In contrast to "big miners", "personal miners" have been "unprofitable to mine" since September 2018.
From the above figure, we find that the scale effect of Bitcoin mining has gradually emerged: large miners with abundant resources have stronger profitability, and small miners who are on the verge of breaking even either withdraw or form a group.
Behind the phenomenon, the Bitcoin economic system has its own periodicity. As a large number of miners leave the market due to unprofitability, the computing power of the entire network decreases, the difficulty of calculation decreases, the cost of mining becomes lower, and the profit margin increases, and then new computing power is attracted to enter the market... This cycle continues until the final miner is dug out. One Satoshi (the smallest unit of Bitcoin, 1 Satoshi = 0.00000001BTC) Bitcoin.
What is the essence of mining? How do each link in the industrial chain deliver value? What core logic do they follow? What are the key factors affecting mining revenue? What stage is the market in? How long can bitcoin be mined?
These questions are critical for those who still want to enter and remain in the mining industry. Odaily Research Institute will try to answer these macro questions in this article, and focus on more details of the mining industry in subsequent reports. Welcome to continue to pay attention and communicate with our analyst Xiao Parker (lmm662381). The pdf report is available throughTable of contentsdownload.
Table of contents
1. The Basic Principles of Bitcoin Mining
2. Three Factors Affecting Bitcoin Mining
2.1 Computing power
2.2 Computing difficulty
2.3 Bitcoin price
2.4 The feedback cycle between computing power, computing power difficulty and price
3. The main cost of Bitcoin mining - electricity price
3.1 Power Industry Relations and Procurement Channels
3.2 The floating space of the minimum electricity price
4. Bitcoin mining hardware foundation - mining machine
4.1 Miner's Perspective: Cost-effectiveness of Mining Machines
4.2 Manufacturer's Perspective: Pricing Rules for Mining Machines
5. The current mainstream mining method - mine pool
5.1 The operating rules of the mining pool
5.2 Mining revenue settlement mode
5.3 Classification of mining pools
5.4 Mining pool computing power distribution
6. Overview of Bitcoin Industry Chain
7. The stage of Bitcoin mining
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1. The Basic Principles of Bitcoin Mining
Bitcoin is a point-to-point electronic cash system, and each transaction record is distributed and stored in the entire network, rather than the traditional only central database.
In order to ensure that all participating nodes have consistent transaction records, the Bitcoin system stipulates competitive bookkeeping. The specific rules are as follows:
1. Competitors use SHA-256 operations to find a value that meets the requirements among a bunch of random numbers. Whoever has the most computing power and the fastest computing speed has a greater probability of finding the "answer" first.
2. The Bitcoin system groups transaction data (that is, packs it into a block) every 10 minutes on average. The competitor who finds the "answer" first gets the right to bookkeeping, and at the same time gets bitcoin as a reward. The system will adjust the difficulty of mining according to the computing power of the entire network (with a certain lag), so as to ensure that a block is generated every 10 minutes on average.
3. The mining difficulty is adjusted every 2016 blocks (about 14 days). A block whose block height is an integer multiple of 2016 is the corresponding block when the system adjusts the mining difficulty.
4. Bitcoin mining income includes block rewards and transaction fees. The block reward is initially 50 BTC, and the system stipulates that every 210,000 blocks (about 4 years), the block reward will be reduced by half until it reaches 1 Satoshi, the smallest unit of Bitcoin. Therefore, the block reward was adjusted to 25 BTC after 2012, 12.5 in 2016, and the next halving will be in 2020.
5. The transaction fee (also known as the miner's fee), which is paid by the transferor to the miners, is used to reward the latter for providing enough computing power to ensure the security of the network system. The transaction fee generally fluctuates between 0.5% and 2% of the block reward on the day. Since block rewards are halved every 4 years, transaction fees will gradually become the main income of miners. Bitcoin is expected to be fully mined in 2140, when the mining revenue is equal to the transaction fee.
6. The handling fee for each transaction depends on the size of the transaction (mostly in Kbytes). When the network is congested, more people submit billing requirements at the same time, and users can encourage miners to prioritize packaging by increasing the handling fee to shorten the transaction confirmation time. For example, at the end of 2017, the transaction volume of Bitcoin skyrocketed, the average transaction fee was once as high as $40 per transaction, and the miner’s transaction fee was as high as 30% of the block reward for that month.
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2. Three Factors Affecting Bitcoin Mining
Computing power, computing power difficulty and Bitcoin price are the key factors affecting mining costs and income. Paying attention to these three indicators and understanding the relationship between them will help to judge the market trend.
Hashrate refers to the number of hash values calculated per second, which is used to measure the computing power of miners. The higher the computing power, the greater the probability of mining a block.
Hashrate refers to the number of hash values calculated per second, which is used to measure the computing power of miners. The higher the computing power, the greater the probability of mining a block.
It is more intuitive that the commonly used unit of computing power has changed from the initial hash value per second (H/s) to KH/s (thousand Hash/second), MH/s (million hash/second), GH/ s (billion hash/second), TH/s (trillion hash), PH/s (trillion hash/s), EH/s (ten billion hash/s).
At present, the computing power of Bitcoin has reached 47EH/s. This means higher computing power and electricity expenditure requirements for mining hardware. Once the Bitcoin network computing power exceeds 500EH/s, it will lead the processing power of the hardware into the Zetahash era.
In general, the iteration of mining methods and hardware equipment has promoted the growth of Bitcoin network computing power and the rise of mining costs, and the growth of computing power and rising prices have forced the former to continue to evolve. Looking back at history, Bitcoin mining has gone through the development process of CPU – GPU – FPGA – ASIC – mining pool.
The ASIC mining machine chip is the core of the mining machine and the key to the entire equipment. The emergence of ASIC mining machine chips has led to the large-scale application of ASIC mining machines. In addition to the original Butterfly Lab, more than a dozen different companies have emerged to provide customized ASIC mining machines, and at the same time a mining machine hosting model has emerged. Today's growth in global computing power can be said to be directly attributed to the application of ASIC mining machines.
2.2 Computing difficulty
Bitcoin mining difficulty (Difficulty) is a measure of the difficulty of mining. The greater the difficulty of mining, the more difficult it is to dig out blocks. The Bitcoin system controls the average time required to dig out a block by adjusting the difficulty target value (Target, calculated from the value of the bits field) in the block header.
Target is a string with a length of 256 bits. In other words, Target has about 2^256 possible values.
Adjusting Difficulty is to adjust the proportion of Target in the entire output space. The higher the Difficulty, the smaller the Target. For example: Mining is like shooting, all the bullets fired will fall on a large target. Target is a range circled on this big target. The smaller the range, the more difficult it is to be shot. Adjusting Target is to adjust the proportion of this circle on the entire target.
In addition, there is a limit of 4 times the range of both the upward and downward adjustment of the difficulty target. For example: Assuming that the 2016 blocks in the previous difficulty target adjustment cycle were all dug out in only 7 days due to the surge in computing power, the difficulty target is doubled through the difficulty target adjustment, and the average block production time can be shortened It is maintained at about 10 minutes, but if the computing power soars and it only takes one day to dig out all the first 2016 blocks, then the minimum difficulty target can only be adjusted to a quarter of the original.
2.3 Bitcoin price
Many people liken Bitcoin to digital gold, except that its limited supply is similar to gold, and its price is also affected by the relationship between supply and demand like gold.
We believe that the computing power and mining difficulty determine the supply of Bitcoin, while the awareness of Bitcoin, popularity, and policies of various countries determine the demand for Bitcoin.
If the demand is partially high and the supply is not met, it will cause the price of Bitcoin to soar. Since the number of Bitcoin is limited, the supply is limited. Under the premise that the public is optimistic about Bitcoin, the price will continue to rise. However, the specific factors that affect the price of Bitcoin mainly include the following points:
(1) Community Consensus
The trust factor plays a vital role in the cryptocurrency environment, and the consensus of developers in the Bitcoin community is an important factor that leads to price fluctuations. Staying abreast of what the community thinks can be done by following and researching Bitcoin forums, which can help to understand where prices are headed.
(2) Technology update
Technological innovations also affect the price of Bitcoin. For example, the implementation of Segregated Witness and Lightning Network will improve the transfer efficiency of the Bitcoin system.
(3) Policies of each country's policies
Because Bitcoin is not regulated by any government, it has instead become the object of government efforts to regulate it. Bitcoin prices fluctuate whenever there are official announcements about digital currency regulation. For example, in Japan, since April 2017, cryptocurrencies have been recognized as legal payments, and several shops have begun to accept bitcoins, thus triggering an increase in the price of bitcoins.
(4) "Giant Whale" activity
Sometimes behind the price fluctuations are well-funded holders, also known as whales. These giant whales are large in size and small in number. Their actions will affect the rise and fall of Bitcoin prices, but preventive measures can be taken by tracking their actions.
(5) Security incidents
Such as hacking exchanges, it will dent users' confidence in cryptocurrencies, causing prices to plummet.
(6) Influence of public opinion
Mass media attitudes towards the crypto industry influence potential investors and businesses. For example, hype about Bitcoin can cause prices to soar, while negative news can cause prices to fall.
2.4 The feedback cycle between computing power, computing power difficulty and price
Because of the self-regulation mechanism of the Bitcoin system and the laws of market economy, there is a feedback cycle between computing power, computing power difficulty and price.
Under the premise that the infrastructure remains unchanged, the higher the price of Bitcoin, the stronger the attractiveness of mining, the increase in the computing power of the entire network, the more intense competition among miners, and the higher the difficulty of mining (the system will adjust the difficulty in the next cycle, with certain hysteresis), and at the same time the cost becomes higher, mining becomes no longer profitable, and small miners withdraw or are merged.
As the computing power of the entire network decreases, the difficulty of mining also decreases (plus the gain effect of the system itself adjusted according to the difficulty of the previous cycle). At this time, the miners who have withdrawn from the market tend to sell, and the price of Bitcoin decreases accordingly. (This in turn favors the remaining big miners). As the difficulty becomes smaller, the mining profit increases, and the attractiveness of mining increases again. New miners join, and the competition returns to fierce, and this cycle continues.
It can be seen from Figure 9 that the trends of the computing power curve and the difficulty curve are basically the same, and the greater the computing power, the greater the difficulty. In 2018, the price of Bitcoin fell, but the computing power added to mining increased, resulting in an increase in difficulty.
We can use the indicator of "computing difficulty/price" to compare the range of changes in "income factor" and "cost factor", and then judge the profitability of mining.
In Figure 9, when the price dropped in 2018 and the computing power and difficulty both increased, the "difficulty/price" curve showed an upward trend. In December 2018, some computing power was forced to withdraw due to high costs, and the computing power of the entire network declined , the difficulty of mining decreased, and the price of Bitcoin also decreased. Instead, the "difficulty/price" curve decreases and mining profits increase.
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3. The main cost of Bitcoin mining - electricity price
Bitcoin mining needs to output a large amount of computing power, and computing power requires machines and electricity to operate and maintain, so we can regard Bitcoin as a digital product converted from electrical energy. Therefore, the price of machines and electricity actually constitutes the main cost of Bitcoin mining. Of course, in addition to this, there are fixed costs such as infrastructure.
Among them, fixed costs such as infrastructure are allocated to each machine, which is about 700-800 yuan per mining machine (including converting high-voltage electricity into low-voltage electricity, mining machine cooling, dust removal, mining machine power supply, mining machine container, manpower, etc.) ; The mining machine is a one-time investment, as long as you find the most "cost-effective" mining machine on the market (detailed in the next section); and the electricity price is the largest variable cost, and therefore becomes the main factor affecting Bitcoin mining.
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3.1 Power Industry Relations and Procurement Channels
From the perspective of production process, power production is divided into five links, but from the perspective of the entire power industry, it is generally believed that the power system is divided into four links, namely, power generation, transmission, distribution, and sales. Power generation is electricity generated by power plants (power plants include thermal power, hydropower, wind power, solar power, and nuclear power, and thermal power is also divided into gas, coal, biomass, waste incineration, etc.), and power transmission is long-distance transmission of electricity (the main application is communication. DC UHV technology), power distribution is the link that is directly connected to users and distributes electric energy to users. As the name implies, electricity sales means that you want to buy electricity and I will sell it to you.
These four links constitute a huge power system. The power generation link is completed in the power plant, and the other three links need to rely on the power grid to finally deliver the electric energy to the user.
Power procurement channels include power plants, power grid companies, power sales companies, and power sales intermediaries.
It should be noted that the targets of the direct power supply transaction of the power plant are large users with an annual electricity consumption of 10 million kWh, electricity sales companies and power grids. The trading objects of electricity retail companies are users with less than 10 million users and large users who do not choose power generation companies independently. The users of the two are different, and the bids are also fundamentally different.
Roughly calculated based on the Antminer S9j mining machine, 10 million kilowatt-hours of annual power consumption requires a mine with a scale of 850 mining machines. Therefore, mines with a scale of more than 850 mines can theoretically purchase electricity directly from power plants. However, direct power purchases are highly competitive and involve government relations, so government resources are a very important factor.
3.2 The floating space of the minimum electricity price
For miners, the most concerned issue is how to find the cheapest electricity price. If you know the floating space of the lowest electricity price, you can know the profit margin of mining.
The price of electricity varies greatly due to different power generation modes, but China's electricity is mainly coal power generation and hydropower generation, of which coal power is the main power output. In 2018, the market traded electricity was 1,045.9 billion kwh, accounting for 76% of the total market sales. Hydropower was 205.6 billion kwh, accounting for 15% of the total market sales. Moreover, hydropower is mainly generated during the wet season (starting from March and April to ending in August and September every year), and the output power is small and unsustainable, but it is cheaper because of the low cost of power generation.
The power generation industry involves multiple links, thus forming different electricity prices, such as on-grid electricity prices, transmission electricity prices, electricity distribution prices, and electricity sales prices. Among them, the on-grid electricity price refers to the price of electricity purchased by the power grid; the transmission electricity price and the electricity distribution electricity price refer to the electricity price that increases the unit price due to loss when transported to major substations; the electricity sales price refers to the electricity purchased from the electricity sales company. price.On-grid electricity price < sales electricity price, so the main concern of miners is on-grid electricity price.
In the Bitcoin mining industry chain, most miners will host their mining machines with large miners (mine owners), so in addition to the on-grid electricity price (miners generally call it the bare electricity price, which refers to the contract electricity price signed by the mine owner and the power plant) In addition, there is a managed electricity price (the miner hosts the mining machine in the mine, and the contract electricity price signed with the mine owner). Next, we will analyze the floating space of the minimum electricity price of the on-grid electricity price and the managed electricity price.
(Note: The pricing policy on electricity prices is mainly based on"Notice of the National Development and Reform Commission on Printing and Implementing Measures for Power Price Reform"）
(1) On-grid electricity price:
According to public information, the on-grid electricity price of coal power is generally 0.27-0.47 yuan per kWh, and the on-grid electricity price of hydropower is generally 0.2-0.4 yuan.
In addition, as far as thermal power (Inner Mongolia, Xinjiang, Shanxi, and Shaanxi) is concerned, there is also a kind of "pithead electricity", that is, coal mined from the mine is directly put into the nearby electric field for power generation. on water and electricity prices. According to the survey, the cost electricity price of the pit mouth electricity is generally 0.16-0.18 yuan per kWh, and the on-grid electricity price is 0.26-0.28 yuan per kWh.
The pit mouth power stations are mainly distributed in areas rich in coal resources, such as Inner Mongolia and Shanxi. Taking Inner Mongolia as an example, the eastern region of Mongolia began to organize direct electricity transactions in 2014. At present, the access conditions for large users require a voltage level of more than 10 kV and an annual electricity consumption threshold of 100 million kWh. The transaction is relatively mature.Coupled with the generous subsidies given by the government, the electricity price of 0.06 yuan can be, and not open to electricity sales companies.
Rough calculations are still based on the Antminer S9j model mining machine. Only with a scale of more than 9,000 mining machines can a factory be built next to the Kengkou power station in eastern Mongolia. In addition, corresponding government resources are required.
Power trading has been carried out in the west of Mengxi for nearly 8 years. In 2017, the access conditions for large users required users to consume more than 10 million kWh of electricity per year, and the government came forward to reach matching transactions between users and power plants, and electricity sales were also not released. Companies enter the market. Still based on the rough calculation of the Antminer S9j mining machine, a mine with a scale of more than 850 mining machines can build a factory in the western Mengxi area, and government resources have also become the core competitiveness.
Based on the above situation, the minimum price of thermal power that the mine can get fluctuates from 0.06 yuan to 0.47 yuan per kilowatt-hour.
The cost electricity price of hydropower stations is 0.04-0.09 yuan per kilowatt-hour point, and some hydropower sales prices that are not accepted by Guodian can be as low as 0.12 yuan per kilowatt-hour. sex.
(2) Managed electricity price
The managed electricity price is the contract price signed by the miner and the mine owner when the miner entrusts the mining machine in the mine. The managed electricity price changes according to the bitcoin price. When the bitcoin price decreases, the electricity price increases. When the bitcoin price increases, the electricity price decreases. In short, it will not be lower than the on-grid electricity price. When the price of bitcoin falls to the marginal cost, the electricity price will rise to the shutdown electricity price, which is currently at an average of 0.38 yuan per kilowatt-hour.
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4. Bitcoin mining hardware foundation - mining machine
Above, we introduced that in addition to the price of electricity, the cost of Bitcoin mining also includes the investment of mining machines. The mining machine not only conforms to the basic logic of industrial components, but also has more financial attributes due to its strong correlation with the cryptocurrency market. We will introduce the mainstream ASIC mining machines on the market as examples.
4.1 Miner's Perspective: Cost-effectiveness of Mining Machines
4.2 Manufacturer's Perspective: Pricing Rules for Mining Machines
As the price of Bitcoin rises, the demand for mining machines is driven up. Under the circumstances of oligopoly, upstream mining machine suppliers have absolute pricing power on mining machines, and the price of mining machines is also rising. At the beginning of 2018, the Antminer S9 was once sold at a futures unit price of 30,000 yuan in Huaqiangbei. So, how should mining machines be priced?
According to the model of Guosheng Securities Research Institute: current mining machine price P = fixed payback period D × current mining daily income (mining income R - mining cost C). That is, the current mining machine price is directly proportional to the current mining daily income.
According to the above formula and linear regression results, Guosheng Securities believes that the mining machine supplier's pricing strategy can be obtained: the fixed payback period is about 180 days, and the mining machine price is dynamically adjusted according to the current mining income.
It is worth noting that such a pricing strategy is based on the assumption that the future daily mining income remains unchanged, so that the payback period can be guaranteed to be 180 days. If the future rise in currency prices leads to an increase in daily mining revenue, the actual payback period will be shortened, and vice versa.
In addition, the actual calculation of the static payback period of the mining machine often deviates from 180 days, mainly due to:
(1) Mining machine price adjustments are relatively infrequent compared to mining revenue and Bitcoin price changes, resulting in deviations from the static payback cycle. Therefore, three batches of the same mining machine may be shipped within one month, so the price is adjusted three times within one month.
(2) When mining machine suppliers actually set prices, they will also take into account the expected changes in future mining revenue. Especially in the case of a rising market, an optimistic judgment will be made on future mining income, thereby increasing the price of mining machines, resulting in a longer static payback cycle.
(3) Mining machine suppliers are unwilling to compress their own profit margins when mining revenue declines. When the price decrease is smaller than the decrease in mining revenue, the static payback period becomes longer.
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5. The current mainstream mining method - mine pool
With the increase of computing power, the probability of mining Bitcoin is getting smaller and smaller. At present, the computing power of the entire network has reached 47Eh/s. In order to pursue continuous and stable income, mining pools have become the current mainstream mining method. To put it simply, a mining pool is a collection of computing power. If everyone concentrates computing power in the mining pool, the probability of being able to dig a block will be greatly increased, and then the income will be distributed according to the proportion of each person's computing power. The core work of the mining pool is to assign tasks to miners, count the workload and distribute the income. Compared with the Solo mode, the expected value of miners' income has not changed, but the income is more sustainable and stable.
5.1 The operating rules of the mining pool
We will introduce how mining pools work through some basic concepts:
(1) Mining pool agreement:
The "mining pool" coordinates hundreds or thousands of miners through a proprietary protocol. Miners set up their mining machines to connect to the pool server after creating a pool account. When the mining machine runs mining online, it needs to maintain a connection with the mining pool server and work synchronously with other miners. Commonly used protocols include: Stratum (STM protocol) & GetBlockTemplate (GBT protocol) and the outdated GetWork (GWK protocol).
(2) Miners in the mining pool:
Earn relatively stable rewards according to the share of computing power contribution.
(3) Mining pool administrator:
A certain percentage of handling fee is charged, and the mine pool administrator can also participate in computing power contribution as a Solo miner.
(4) Mining pool access conditions:
Mining pools are open to all miners. After a miner in the mining pool successfully mines, the block reward is paid to the fixed bitcoin wallet address of the mining pool. The reward does not belong to the miner who dug the mine, but to the entire mining pool.
(5) Reward distribution mechanism:
The mining pool will set a "threshold" for reward distribution, which is the difficulty target for the TargetHash value calculated each time, usually less than 1/1000 of the difficulty of the Bitcoin network. For example, the mining difficulty of the entire network is the Hash value of 10 consecutive 0s at the beginning, and the difficulty threshold set by the mining pool is the Hash difficulty of 7 consecutive 0s at the beginning; Miners who calculate Hash and meet the difficulty threshold of the mining pool can share the rewards.
The distribution of rewards is not distributed immediately after digging a mine, but after the mining rewards have accumulated to a certain amount set by the mining pool, the rewards are distributed once, or settled according to a fixed time (such as daily) .
(6) The lucky value of the mining pool:
Bitcoin mining is probabilistic in nature. The speed of block generation is sometimes fast and sometimes slow. There is a certain probability factor in the lucky value of the theoretical value of the mining pool. , when the lucky value is high, the income of the mining pool will increase, otherwise it will decrease, but this will only affect users who choose the PPLNS income model.
5.2 Mining revenue settlement mode
There are various income settlement modes in the market, and the mainstream mining modes include:PPS, PPLNS, PPS+ and SOLO modes.
5.3 Classification of mining pools
There are mainly hosted mining pools and P2P mining pools in the market. Due to the low efficiency of P2P mining pools, this model has gradually faded out of the market.
5.4 Mining pool computing power distribution
The computing power of mining pools can be divided into Bitcoin Mainland and non-Bitmain. BTC.COM, AntPool, BTC.TOP, and ViaBTC are all Bitmain, accounting for 46% of the total network computing power, and other non-Bitmain accounts for 54%. .
At the beginning of last year, Bitmain mining pools accounted for 53% of the total network computing power, but now it has dropped to 39%. In addition,According to Dir data, unknown miners are changing the mining pool computing power distribution. In December 2018, mystery miners dug up 22 percent of the bitcoin network's blocks, up from just 6 percent at the start of last year, a change that has seen the pool's dominance decline. At present, mysterious miners control more than 22% of BTC's computing power.
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6. Overview of Bitcoin Industry Chain
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7. The stage of Bitcoin mining
Finally, we're going to try to answer the question about the "end game", i.e. how long can Bitcoin be mined?
It has been said that Bitcoin transactions are much like commodities, which is not entirely true. Because when the production of goods stops, the transaction of goods can still be carried out, but when the miners stop mining, Bitcoin will die immediately, because no one verifies the transaction, Bitcoin cannot be circulated, and the currency that cannot be circulated is worthless. The "death spiral". That is to say, if mining profits drop to zero, the value of Bitcoin will also drop to zero.
Right now, all links are reserving profit margins for enough miners to keep the Bitcoin system safe from attack. However, when the block rewards are completely converted to transaction fees, the elevated transaction fees will prevent users from using Bitcoin to transfer money. At that time, stabilizing the transaction fees at a reasonable balance point will become a new focus. The mining industry will also usher in a new transition and become an industry that provides basic computing power to other fields. Opportunities will tend to be large enterprises with power resources and operational strength.
Theoretically speaking, this turning point is 2140, but from the Bitcoin halving schedule (Figure 4), it can be seen that in 2048, the Bitcoin block reward is less than 0.1BTC, which is less than the average transaction fee. At that time, the price of Bitcoin will either rise to It is enough to support the cost of mining, or there is cheaper electricity energy. Otherwise, Bitcoin may really face a "death spiral".
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References:
References:
Bitcoin Developer Reference, Target nBits
Mastering Bitcoin Chapter 8 Mining and Consensus
Getting Started with Blockchain | 10 Numbers Related to Bitcoin
What Determines the Price of Bitcoin
Computer Industry: Special Report on Encrypted Digital Currency Mining Market
Decrypting Cryptocurrencies: Technology, Applications
The computing power of Bitcoin's entire network breaks through 1 Petahash per second
Special thanks to:
I'm Odaily Little Parker, looking for reports on high-quality blockchain projects, you can add WeChat lmm662381, please note the company + name + reason. For reprint/content cooperation, please email report@odaily.com.
I'm Odaily Little Parker, looking for reports on high-quality blockchain projects, you can add WeChat lmm662381, please note the company + name + reason. For reprint/content cooperation, please email report@odaily.com.
