Bitmain Suffers loss, reduction of 88% in Bitcoin Mining Power
- Bitmain’s internal bitcoin mining operations suffer loss.
- Bitmain was said to be planning to deploy $80 million worth of its machines this summer.
Bitmain suffers loss as it is generating 88 percent less computing power than the previous month, which suggests that the industry’s capacity has shortened. The hash rate of all Bitmain-owned hardware had dropped to just 237.29 quadrillion hashes per second (PH/s) according to the hashing power disclosure that the company releases each month. It was at 2,072 PH/s last month.
The company started revealing the hashrate of the machines since July 2018 on a monthly basis. Initially, the hash rate was 1,692 PH/s that month and then increased to 2,339 PH/s in October.
The figure reached 1,700 PH/s in March due to the overall decline of the bitcoin network’s total computing power since November 2018 when bitcoin’s value reached below $4,000. The figures climbed again in April to its sudden decline during last month.
Consequently, Bitmain’s share of the bitcoin network’s total computing power has also dropped from four percent to now just 0.4 percent. Nevertheless, bitcoin’s total hash power just reached a six-month high over 58,000 PH/s on May 2. Bitmain has also claimed that the hash rate of the bitcoin cash network is steady. Without disclosing any further information, a spokesperson from Bitmain said:
“It is [in the] natural course of the mining business where the hash rate owned by one body at one instant may be owned by someone else at another instant.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
