What is the speed of a mining machine related to (how fast does a mining machine need network speed)

According to Bitcoin mining pool data, the mining difficulty of Bitcoin reached a historic high in May 2020, but may decrease in the next two months. From this perspective, the Cryptocurrency market in 2017 has also undergone tremendous changes. The situation at the end of 2019 seems similar to that in 2017: the difference between bull and bear markets is growing; Meanwhile, as prices change and mining costs decrease, mining efficiency also decreases. But the problem is that besides low computational power, there are many factors that can affect the normal operation of the entire network. What is the speed of mining related to

What is the required internet speed for a mining machine

Editor’s note: This article is based on data and is authorized for reprinting in the Daily Planet.

According to the latest data, the current network speed of Bitcoin mining machines is 8 exaash per second (EH/s), which shows a significant downward trend compared to the data reached at the end of 2017; However, the computing power of large-scale mining machines such as Ant S19Pro, Shenma M30T and Core Z15 owned by Bitmain has exceeded 1000TH/s. In the past two years, due to the continuous launch of ASIC mining machines and the rise in coin prices, miners have increasingly attached importance to safety and energy efficiency, resulting in a corresponding increase in demand for mining machines. But with the impact of Cryptocurrency prices falling and electricity bills rising, mining equipment has also become more efficient. According to statistics from CoinMarketCap, as of July 2nd, the average 24-hour blockout time of Bitcoin on the entire network was 14.3 minutes, a decrease of about 19.8% compared to last week; The average outgoing time of the whole Ethereum network in 24 hours increased to 25.6 minutes. However, from the current market situation, the price of mining machines has dropped to a high level. If efficiency is not improved, it will lead to a decrease in profit margins and even losses In addition, considering that the overall operating environment of the mine is relatively stable after the end of this year’s flood season, it is expected that more machines will be put into operation in the next year to support new mining machines, as this will contribute to the development of the mining industry and drive the industry forward. However, it is worth noting that as global electricity costs soar, some miners may choose to shut down their businesses or close their company operations. (Note: Since August, the Bitcoin block reward has been halved from 12.5 BTCs to 6.25 BTCs.) As of the time of publication, the total circulation of Bitcoin on the entire network was 928000, with a market value of approximately RMB 400 million.