Giovanni Russo Coin Metrics researchers have conducted a pioneering study, published on June 13, that introduces an innovative nonce analysis methodology for bitcoin mining. This research allows experts to delve into the specific mining rigs contributing to the network’s hashrate, while also assessing their energy consumption and efficiency. Surprisingly, the data uncovers Bitmain’s enduring dominance in the industry, with three primary Antminer models currently commanding the majority of the hashrate.
Revolutionary Methodology Identifies Miner Types, Energy Usage, E-Waste, and Efficiency
Coin Metrics researcher Karim Helmy has unveiled a new mining study titled “The Signal & The Nonce,” which takes a fresh approach to analyzing the hashpower of the Bitcoin network. This study employs nonce patterns to unveil the market share held by significant application-specific integrated circuit (ASIC) mining rigs that power the network’s operations.
Helmy acquired or leased a diverse range of ASICs relevant to the research and established a proxy pool using Luxor’s relay system to gather insights. The relay intercepted and meticulously recorded a substantial volume of nonces generated by each ASIC device. The collected data was then encoded and transformed into various formats, enabling enhanced pattern identification.
The research highlights Bitmain’s sustained dominance in the hardware market. Notably, the older Bitmain Antminer S9, known for its surprising resilience, has fallen below the detectability threshold. Presently, Bitmain’s S19j stands as the most dominant ASIC, contributing over 34% of the total hashrate. When combined with the contributions of the S19 and S19 XP units, they account for nearly 42% of the hashrate.
According to Coin Metrics, Microbt’s Whatsminer M50s ASIC machines are now undetectable, while the growth rate of the S19 XP has increased. The study also evaluates the overall hardware efficiency used in the network, providing valuable insights for miners to assess their position relative to competitors and determine the optimal timing for hardware upgrades. Helmy expressed on Twitter that “The current network composition is staggeringly efficient.”
The report also compares Bitcoin’s energy consumption to the electricity consumption index developed by Cambridge University’s Centre for Alternative Finance and Digiconomist. Coin Metrics’ study suggests that the network utilizes fewer gigawatts of power compared to the indexes released by these entities. The researchers note that this newer methodology offers several advantages over existing research, estimating the network’s power draw at approximately 13.4 GW, around 16% less than Cambridge’s estimate of 15.9 GW for May 2023.
Share Your Thoughts on Coin Metrics’ Study and Bitmain’s S19 Dominance
What are your opinions on Coin Metrics’ latest study and the current dominance of Bitmain’s S19 machines? Feel free to share your thoughts and insights on this subject in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Bitmain S19 mining rigs
What is the focus of the Coin Metrics study on bitcoin mining?
The focus of the Coin Metrics study is to analyze the hashrate of the Bitcoin network, identify specific mining rigs contributing to the hashrate, and evaluate their energy consumption and effectiveness.
What is the methodology used in the study?
The study utilizes an innovative nonce analysis methodology that relies on nonce patterns to unveil the market share held by different application-specific integrated circuit (ASIC) mining rigs.
Which mining rig manufacturer dominates the industry according to the study?
The study reveals that Bitmain has exerted its dominance in the industry for an extended period. Their S19 series, including models such as S19j, S19, and S19 XP, command a significant majority of the current hashrate.
How does the study assess the efficiency of the mining hardware?
The study utilizes collected data to evaluate the overall efficiency of the hardware used in the network. This information allows miners to accurately assess their position compared to competitors and determine the ideal timing for hardware upgrades.
How does the study compare Bitcoin’s energy consumption to other indexes?
According to the study, Bitcoin’s energy consumption, estimated at approximately 13.4 GW, is lower than the indexes released by Cambridge University’s Centre for Alternative Finance and Digiconomist, suggesting a more efficient network composition.
More about Bitmain S19 mining rigs
- Coin Metrics study: Link to the Coin Metrics study
- Bitmain website: Official Bitmain website
- Luxor: Luxor’s website
- Cambridge University Centre for Alternative Finance: Website of the Cambridge Centre for Alternative Finance
- Digiconomist: Digiconomist website
3 comments
bitmain’s s19 machines takin over the bitcoin network, who would’ve thought! the study gives valuable insights into their dominance and energy consumption. gotta stay on top of the game with these findings!
wow, this coin metric study is amazin! it shows how bitman’s s19 rigs control bitcoin network hashrate. very interestin stuff, they evalute energy consumption too. bitman rulin the game!
coin metrics’ study on bitmain s19 rigs dominatin the bitcoin hashrate is mind-blowin! the innovative method they used to dissect the miner types and evaluate efficiency is just amazin. kudos to the researchers!