New Study Highlights Bitmain’s S19 Mining Rigs Dominate Bitcoin Network’s Hashrate 

Coin Metrics researchers revealed a groundbreaking examine on June 13, unveiling an revolutionary nonce evaluation methodology for bitcoin mining. This analysis permits consultants to dissect and establish the precise mining rigs chargeable for contributing hashrate to the community, whereas additionally evaluating the vitality consumption and effectiveness of those machines. Intriguingly, the info reveals that Bitmain has exerted its dominance over the trade for an prolonged interval, with three main Antminer fashions now commanding nearly all of right now’s hashrate.

Groundbreaking Methodology Shows Researchers Can Dissect and Identify Miner Type, Energy Usage, E-Waste, and Efficiency

Karim Helmy, a researcher at Coin Metrics, revealed a brand new mining examine, titled “The Signal & The Nonce,” that takes a contemporary strategy to exploring the hashpower of the Bitcoin community. Introducing an revolutionary methodology, the examine makes use of nonce patterns to unveil the market share held by every vital application-specific built-in circuit (ASIC) mining rig that drives the community’s operations.

To decipher the info, Helmy acquired or leased a various vary of ASICs that have been the topic of the analysis. In order to collect insights, he established a proxy pool using Luxor’s relay system. This relay intercepted and meticulously recorded a considerable quantity of nonces generated by every ASIC machine. Subsequently, the collected knowledge was encoded and remodeled into numerous codecs, enabling the identification of patterns with enhanced readability like by no means earlier than.

Just a few notable factors emerge from the info, together with “Bitmain’s sustained dominance in the hardware market,” as outlined within the analysis. Moreover, it’s noteworthy that Bitmain’s 2016 Antminer S9 has displayed “surprising resilience,” as these older miners have not too long ago fallen under the brink of detectability. Presently, Bitmain’s S19j stands as probably the most dominant ASIC, with the machines producing over 34% of the total hashrate. When contemplating the mixed contributions of the S19 and S19 XP models, they account for practically 42% of the hashrate.

Although the expansion charge of the S19 XP has risen, in keeping with Coin Metrics, Microbt’s Whatsminer M50s ASIC machines are actually undetectable. Furthermore, Coin Metrics makes use of these statistics to judge the general effectivity of the {hardware} utilized within the community. This data permits miners to precisely consider their place in comparison with rivals and decide the best timing for {hardware} upgrades. In a tweet, Helmy stated, “The present community composition is staggeringly environment friendly.”

The report additionally assessed Bitcoin’s vitality consumption and in contrast it to the electrical energy consumption index developed by Cambridge University’s Centre for Alternative Finance and Digiconomist. According to Coin Metrics’ examine, the community utilized fewer gigawatts of energy in distinction to the indexes launched by these two entities. “This newer methodology has several advantages over the existing body of research,” the researchers opine. “We estimate the network’s power draw at roughly 13.4 GW, or about 16% less than Cambridge’s estimate of 15.9 GW for the month of May 2023.”

What are your ideas about Coin Metrics’ newest examine and the dominance of Bitmain’s S19 machines right now? Share your ideas and opinions about this topic within the feedback part under.