Bitcoin Mining Unveils Dominant Bitmain and Surprising Efficiency
Coin Metrics researchers have shaken up the Bitcoin mining scene with their groundbreaking study published on June 13.
Using an innovative nonce analysis methodology, they have cracked the code on identifying specific mining rigs, evaluating energy consumption, and revealing industry dominance.
In the study titled “The Signal & The Nonce,” Coin Metrics researcher Karim Helmy takes a fresh approach to exploring Bitcoin’s hashpower. By examining nonce patterns, they can now unveil the market share held by each significant mining rig.
Helmy went all out for this research, acquiring and leasing a diverse range of mining rigs. Through Luxor’s relay system, they intercepted and meticulously recorded a massive volume of nonces generated by each rig. Transforming the data into various formats unlocked patterns with unprecedented clarity.
The data showcases Bitmain’s long-standing dominance in the hardware market, with their Antminer models reigning supreme. The resilient 2016 Antminer S9, though now undetectable, surprises with its staying power. Bitmain’s S19j leads the pack, contributing over 34% of the total hashrate. Combining the S19 and S19 XP units, they command an impressive 42%.
While the S19 XP’s growth rate is on the rise, Coin Metrics reveals that Microbt’s Whatsminer M50s ASIC machines have become undetectable. These statistics not only highlight the industry’s efficiency but also help miners assess their position and plan hardware upgrades strategically. Helmy himself called the current network composition “staggeringly efficient” in a tweet.
The study didn’t stop there. Coin Metrics also examined Bitcoin’s energy consumption, comparing it to established indexes. Surprisingly, the network’s gigawatt power usage came in lower than anticipated, debunking previous estimates. Coin Metrics estimates the network’s power draw at approximately 13.4 GW, about 16% less than Cambridge’s May 2023 estimate of 15.9 GW.
With dominant players and astonishing efficiency, the world of Bitcoin mining continues to evolve.
Clever Robot News Desk 15th June 2023
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