exist
Editor | Hao Fangzhou
existPrevious "Illustration"In , we list how much electricity it costs to mine a bitcoin in different countries. But it is only a static cost under the conditions of computing power and electricity price at a certain time scale.
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What does this curve indicate?
The time period we selected is from January 1, 2018 to April 23, 2019, where the red curve is the average exchange price of Bitcoin, and the other three curves are the managed electricity price of 0.08 USD/kWh (about 0.54 RMB) , the mining cost under the highest thermal power bare power of 0.0697 USD/kWh (0.45 RMB), and the lowest thermal power bare power of 0.04 USD/kWh (0.27 RMB).
The distance between the red line and the three blue lines represents the gross mining profit. The 4 points in the figure represent the following information:
From the beginning of September 2018, the red line began to be lower than the managed electricity price cost curve, indicating that after this point, if you still use the electricity fee higher than 0.54 yuan/kWh for mining, it will no longer be profitable.
From mid-November 2018, the red line began to be lower than the highest thermal power bare electricity cost curve, indicating that after this point, if the electricity fee is still higher than 0.45 yuan/kWh, it becomes unprofitable to mine Bitcoin.
From the beginning of April 2019, the red line began to be higher than the highest cost curve of thermal power bare electricity, indicating that after this point, mining with an electricity fee of 0.45 yuan/kWh or lower can generate profits.
From April 20, 2019, the red line began to be higher than the managed electricity price cost curve, indicating that after this point, mining at an electricity fee of 0.54 yuan/kWh started to make profits again.
It can be seen from the figure that the stability of bitcoin mining cost changes is always higher than that of bitcoin price fluctuations.
In fact, our research report at the beginning of the month "The industry turning point of Bitcoin mining and the economic cycle behind it"It is also mentioned that the key factors affecting Bitcoin mining are computing power, computing power difficulty and electricity price. Among them, the price of electricity (especially bare electricity) does not fluctuate much because mine contracts are usually in units of years, so it can be regarded as a constant. There are generally two reasons for large changes in computing power and computing difficulty: changes in mining equipment or methods, and halving of Bitcoin block rewards. In addition, the rise and fall of Bitcoin mining will not be higher than the rise and fall of the price.
Therefore, if the price of Bitcoin continues to rise (more than 5,785 US dollars), Bitcoin mining is expected to return to the profiteering industry.
In addition, this curve will be updated regularly, please continue to pay attention, and you are also welcome to add the author to communicate on WeChat (Little Parker: lmm662381).
