After the Bitcoin halving, the market is not as good as expected, and the mining machine has fallen to 100 yuan and no one care

Huaxia Times reporter Hu Jinhua and trainee reporter Dai Xianchao reported from Shanghai

At 3:23 a.m. on May 12, Bitcoin completed its third halving at block height 630,000, and the block reward was halved from 12.5 BTC to 6.25 BTC. However, after the Bitcoin halving, the price of Bitcoin failed to usher in a new round of surge. "China Times" reporter noticed that after the third halving of Bitcoin, the price of Bitcoin has been hovering around $10,000. On May 14, the price of Bitcoin reached a maximum of $9,945, and it has never been able to break through the 10,000-dollar price. close.

At the same time, the mining circle also ushered in the darkest moment. The reporter of "China Times" noticed that after the third halving, various models of mining machines have reached the shutdown price, and the price of the once-popular Ant S9 has dropped to 100 yuan. Even so, there is no People are interested.

“This halving has led to a big sale of some high-energy-consuming mining machines. Two months ago, the price of the S9 was still around 300 yuan, and now no one buys it for 100 yuan. Many models are like scrap iron, and the mine owners want to change their hands. But no one is willing to take over." Miner Xue Yang (pseudonym) said in an interview with a reporter from China Times.

It is difficult to break through the $10,000 mark

On the eve of the third halving, the price of Bitcoin has already experienced a roller coaster. Beginning at 8:00 a.m. on May 10, the unit price of Bitcoin dropped by thousands of dollars from the price of $9,500 in half an hour, and the lowest price fell below $8,200. , the highest spread exceeds $1,400. The price of Bitcoin plummeted, and it was not only the holders of the currency that suffered losses, but some customers who participated in virtual currency contracts also suffered heavy losses. A reporter from China Times learned that at least 4.20,000 people had liquidated their positions, and the amount of liquidated positions reached 8.$3.4 billion, equivalent to nearly 6 billion yuan.

No one could have predicted that Bitcoin's third halving would kick off in such a tragic fashion. At 3:23 a.m. on May 12, Bitcoin completed its third halving at block height 630,000, and the block reward was halved from 12.5 BTC to 6.25 BTC.

“With the halving of Bitcoin, the price of the currency will rebound in a few months. Although the price of the currency has fluctuated violently recently, dozens of mining machines have come to the shutdown price, but the decline in the computing power of the entire network is relatively slow, indicating that most miners There is still no downtime or even mining at a loss, because I believe that the price of Bitcoin will rise in the future. Believe it or not, this time the halving will make many people liquidate their positions, but the opportunity for another group of people to get rich is coming again. ." Zhang Cheng (pseudonym), a person in the currency circle, firmly told the "China Times" reporter.

“After the first two halvings, the price of Bitcoin has experienced a surge of dozens of times, but it has been 3 days since the new round of halving, and the price of Bitcoin has been stable within $10,000. The dream of getting rich didn't come true, and many people even burst their positions and became millionaires." Xue Yang said.

A reporter from China Times noted that the price of Bitcoin has been hovering around $9,500 for the past three days, reaching a peak of $9,945, just one step away from $10,000, but it failed to break through in the end. Even so, investor Su Qiang (pseudonym) still believes that after the halving, the price of Bitcoin will usher in a new round of skyrocketing, but it just needs to wait for the time.

“The Bitcoin mining reward halving has happened twice before, and the price of Bitcoin has both experienced a surge. In 2012, the mining reward went from 50 Bitcoins to 25 Bitcoins, and the price rose nearly 8,200% in a year. In the 18 months after the second halving in 2016, the price of Bitcoin has risen by more than 2,200%. Even if there is no tens of times of skyrocketing this time, the problem of doubling should not be a big problem, just a matter of timing.” Su Strong said.

Deterioration of mining ecology

The third Bitcoin halving will have a great impact on Bitcoin-related industries, especially the "mining" industry, and the ecological environment of the mining circle will further deteriorate. The reporter from China Times noticed that after the third halving of Bitcoin, some high-energy-consuming mining machines had to face the status quo of being eliminated. On the eve of the halving, a large number of mining machines on the market are already facing a state of "loss when they are turned on". Among them, there are many star products from the three major mining machine manufacturers of Bitcoin Continent, Canaan, and Ebang International, including old models of Ant series mining machines, Yibit series mining machines, and Avalon series mining machines.

According to F2Pool data, as of May 14, 45 models of mining machines have reached the shutdown price based on the electricity cost of 0.35 yuan/kWh, accounting for 49% of the total number of mining machines. Among them, there are many star mining machines newly launched in the past two years, such as Bitmain’s first-generation 7nm mining machine Ant T15, and Canaan’s main model Avalon A1066 in 2019. The price of the once-popular Ant S9 has dropped to 100 yuan, and even so, no one cares.

“This halving has led to a big sale of some high-energy-consuming mining machines. Two months ago, the price of the S9 was still around 300 yuan, and now no one buys it for 100 yuan. Many models are like scrap iron, and the mine owners want to change their hands. But no one is willing to take over." Miner Xue Yang (pseudonym) said in an interview with a reporter from China Times.

According to industry insiders, Bitcoin’s computing power will drop by 30%, and the fact is consistent with industry insiders’ predictions. But they think it's good for bitcoin, and miners running old equipment or with high electricity costs may be forced to shut down their operations at least temporarily.

The reporter from China Times noticed that on the eve of the halving, Jiang Zhuoer, the founder of the LBT mining pool, revealed that he had ordered the latest S19 mining machine worth tens of millions from Bitmain, which is expected to be shipped in late May. .

"Bitcoin mining industry can improve the level of chip manufacturing. The greater the difficulty of mining, the more efficient mining machines are needed. This is a mechanism to improve productivity. It is an inevitable trend that high-energy-consuming mining machines will be eliminated." Liu Yu (pseudonym) said in an interview with a reporter from China Times.

In fact, the deterioration of the mining ecology is far more than that, and even mining machine manufacturers have not been spared.

The domestic mining machine production giant Canaan Technology is also in trouble. The reporter of "China Times" noticed that on May 14, White Diamond, a US stock research institution, released a short report on Canaan Technology. White Diamond said in the report: Bitcoin mining has been a money-losing business in recent years, not to mention the “second-rate mining machines” used by Canaan. Canaan’s new generation of miners is less profitable than its competitor Bitmain’s older generation of miners. White Diamond pointed out that Canaan Technology's business is to sell bitcoin mining machine hardware, other than that, there is no other important business and no recurring soft income. They believe that based on the current price of Bitcoin and the price of electricity to run the machines, Canaan’s mining machines today are unprofitable for miners.

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