When will mine disasters happen in 2020 (Will there be mine disasters in 2021)?

When will mine disasters happen in 2020? When will there be mine disasters in 2020?

Will there be mine disasters in 2021?

On January 3, 2021, Bitcoin halving is approaching.

From mid-November to late December 2020, the global BTC mining power has been continuously decreasing, but the mining difficulty has remained unchanged. In the past five months, the average block time has exceeded 10 minutes, and the current highest value of the total network hash rate is 250,000 TH/s, only a few thousand steps away from the historical high. Due to large price fluctuations and high electricity cost requirements for miners, the prices of mining machines have sharply risen. With the continuous spread of the global pandemic and the uncertainty of domestic and foreign policies, the entire cryptocurrency market has experienced a wave of decline: BTC once fell below $10,000; ETH dropped below $700, with a minimum of more than 20% decrease; XRP even surged by more than 50%… Although all of these happened in a depressed market, there are still some problems: on one hand, users and mining farms face enormous financial pressures, and on the other hand, a large number of mining equipment has been dismantled and cannot be used properly, resulting in network congestion and waste of electricity.

On January 4, Bitmain released a product called “Antminer S17+”, which allows customers to choose to buy or sell the machines of the Whatsminer M20Pro series at a higher price, reducing the risks of mining machine operation and maintenance. It is reported that the new product is expected to be released in Q6 of next year and will be launched in the first quarter of 2022. In addition, Canaan also announced in this quarter that it has provided an investment commitment of about 5 million RMB to its first batch of investors to further improve sales performance. It is worth mentioning that Bitewei has been listed for three consecutive months since early July. At the time of writing, there are a total of $30 million worth of bitcoins for sale on the market, including pre-orders for some companies’ S9 mining machines; at the same time, there are also some mining pools and listed companies cooperating to establish companies dedicated to the “blockchain” business. “Blockchain” and “distributed ledger” have become hot topics in the industry. So what is a “block producer” (blockfarmer)? In simple terms, miners increase their hash rate to a certain level and then receive rewards, which is called mining. There are two main purposes for this approach: first, it ensures that their data is accurately stored locally, and second, it ensures that they do not lose any source of income due to a single project. In order to avoid the impact of network outages or other uncontrollable events caused by certain factors, they regularly update the code to solve these faults. For example, officials once mentioned that if there is not enough data to verify the actual operation of the mining farm, it will be compromised.

However, for the mining circle, it does not necessarily mean that we need to experience a large-scale economic recession. Because mine disasters often result in economic losses – that is, mine operators must face severe operational crises.