Chinese mining pools still occupy the world’s top three, Ant mining machine S9 far from shutdown price

Chinese mining pools AntPool, F2Pool and Poolin still rank in the top three.

Chinese mining pools still occupy the world's top three, Ant mining machine S9 far from shutdown price

On May 21, at the 51st meeting of the Financial Stability Development Committee of the State Council, chaired by Vice Premier Liu He, director of the Financial Committee, it was clearly proposed to resolutely prevent and control financial risks, strengthen the supervision of financial activities of platform companies, and crack down on bitcoin mining and trading practices.

As a result of this news, bitcoin and secret currencies generally plummeted in a waterfall fashion.

Price implications aside, what is the impact of the bitcoin arithmetic industry?

Here are a few of the public affirmations we’ve seen.

For example, Lebit Mining Pool (B.TOP) has decided to stop providing mining machine proxy services for customers within mainland China. For example, Firecoin Mining Mall has decided to suspend its services for users within mainland China.

Let’s take a look at the overall situation through a set of on-chain data.

First of all, let’s look at the network-wide computing power.

Within 24 hours, the head mining pool arithmetic power changed less, but the Coinan mining pool had a huge increase of 10.22%, while Huobi.pool, which is also an exchange mining pool, saw a huge drop, down at 16.06%. BTC.TOP saw a rise of over 30%, and the pool belongs to Jiangzuoer.

Previously, Grayscale founder Barry Silbert had tweeted that Foundry USA became a top five mining pool in the world and that bitcoin hash rates were rapidly shifting from China to North America. However, the latest data from shows that the mining pool is only in 11th place.

With the current network-wide computing power and bitcoin prices, have any miners started to shut down, for sure. But as we see from the fish pool’s data, bitcoin miners with current energy consumption ratios within 100W/T have power costs within roughly 60%, which means that mainstream models of miners still have a lot of profit margin at current prices

For example, the Ant Mining Machine S9, a mining machine known as a godsend, has gone through several rounds of bull and bear, and at one point went into “shutdown time” at 312. But at present, the mining machine’s electricity costs account for 62%, far from reaching the shutdown price.

For China’s arithmetic industry, how do practitioners see it?

Jiang Zhuoer said that the situation of bitcoin mining now is actually not as bad as people think.

He further analyzed that, combined with the context of the meeting held by the party “Financial Stability Development Committee” and the minutes of the meeting , “resolutely prevent and control financial risks …… crack down on bitcoin mining and trading practices, and resolutely prevent individual risks from being transmitted to the social sphere.” It can be seen that the main spirit of the meeting is still “prevention and control of financial risks”, mainly to prevent financial and social capital from getting involved in mining, which in turn leads to the transmission of individual risks to the social sphere. That is to say, allowing individual mining, profit and loss you can bear yourself on the line, but do not allow financial capital to intervene in mining, which in turn leads to social risks due to losses.

In addition, Jiang Zhuoer also believes that for mining mining machine, unless theft of electricity mining, there is no risk of being seized. And the minutes of the meeting on the mining industry’s biggest blow is still a blow to large mining farms, but the blow to the whole bitcoin mining is not so big, the worst case, may be the large mining farms were closed, bitcoin mining industry back to the state of 2014 ~ 2015 – small miners in the home to put a few mining machines to dig, medium miners find a warehouse to put Dozens of mining machines to dig, or find a plant to put hundreds of mining machines to dig, large miners to find a remote, electricity can not sell small hydropower, put a couple of thousand mining machines to dig. So, bitcoin mining will still continue normally, except that the main body of Chinese mining has shifted from large-scale mines to family miners, small and medium-sized miners. Even if this shift results in 50% of the miners not being able to operate, it’s not a problem for the Bitcoin system. But in the long run, if Chinese regulation is against mining, then Chinese mining machine manufacturers will basically sell their mining machines abroad. Selling domestic = violating regulation, selling abroad = exporting to generate foreign exchange, who will sell abroad, which eventually makes Chinese arithmetic power flow abroad, and completes the de-Chineseization of arithmetic power after transactions are de-Chineseized. And in this process, the bitcoin system will not be noticeable – except when you go to the mining pool rankings and change a group of European and American mining pools.

Mint 37 degrees, on the other hand, says that bitcoin arithmetic is starting to fall off, the country has started to rush bitcoin mining hosting one after another, and arithmetic is likely to take a big plunge. In the next few months, irresistible forces hit down, the mining circle is reshuffled, big changes in the sky. But there are big opportunities in this kind of big change, and chaotic times produce lords.

Wan Hui said, after this time, the arithmetic power to China, pricing power to China, and even liquidity to China to accelerate the completion. Truly, the aftermarket is promising.

In fact, at the moment, miners are generally still in a wait-and-see state to wait for more policy news; after all, no detailed documents have been seen yet. “Stay the same for all changes.” They said.

Posted by:BaiXiang,Reprinted with attribution to:
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