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500,000 ASIC Mining Machines Have Come Online in Past 3 Months

ASIC Mining Machine

According to the latest data analysis, in the past 3 months, there are more than 600 thousand powerful mining machines have come online, and about 500,000 of them are ASIC mining machines.

In fact, some brand new ASIC machines with 55TH/s average hash rate have appeared this Summer. According to data from BTC.com, bitcoin’s two-week average hash rate has crossed another major threshold, reaching 85 exahashes per second (EH/s) around 19:00 UTC Sept.13. Meanwhile, mining difficulty also adjusted to a new record of nearly 12 trillion. (Bitcoin’s mining difficulty, a measure of how hard that a block of transactions being created, adjusts after 2,016 blocks, or roughly every 2 weeks, ensuring a block production time remains around 10 minutes.)

If all of the 35 EH/s of new hashing power added since mid-June came from these top-of-the-line models, a back-of-the-envelope calculation suggests that more than half a million such machines have connected to the bitcoin network. (1 EH/s =1 million TH/s).

These powerful ASIC miners, made by major manufacturers such as Bitmain, Canaan, InnoSilicon and MicroBT, are priced from $1,500 to $2,500 each. So if more than half a million of them were delivered, as estimated above, the leading miner makers could have made $1 billion in revenue over the past three months.

However, Miners in China estimated earlier this year that bitcoin’s average hash rate in the summer would break the level of 70 EH/s, which happened in August.

TokenInsight, a startup that focuses on analysis of crypto trading and mining activities, said in a report published Friday that additional supplies of miners are expected to hit the market in the coming months.

“Following the drastic increase in bitcoin’s price, the bitcoin mining market saw significant inflation in Q2 2019. Most of the miners from various manufacturers were in serious shortage and pre-orders submitted in Q2 and Q3 are to be delivered by the end of the year,” the report states.