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

Coin Metrics researchers published a groundbreaking survey connected June 13, unveiling an innovative nonce investigation methodology for bitcoin mining. This probe enables experts to dissect and place the circumstantial mining rigs liable for contributing hashrate to the network, portion besides evaluating the vigor depletion and effectiveness of these machines. Intriguingly, the information reveals that Bitmain has exerted its dominance implicit the manufacture for an extended period, with 3 superior Antminer models present commanding the bulk of today’s hashrate.

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

Karim Helmy, a researcher astatine Coin Metrics, revealed a caller mining study, titled “The Signal & The Nonce,” that takes a caller attack to exploring the hashpower of the Bitcoin network. Introducing an innovative methodology, the survey utilizes nonce patterns to unveil the marketplace stock held by each important application-specific integrated circuit (ASIC) mining rig that drives the network’s operations.

To decipher the data, Helmy acquired oregon leased a divers scope of ASICs that were the taxable of the research. In bid to stitchery insights, helium established a proxy excavation utilizing Luxor’s relay system. This relay intercepted and meticulously recorded a important measurement of nonces generated by each ASIC device. Subsequently, the collected information was encoded and transformed into assorted formats, enabling the recognition of patterns with enhanced clarity similar ne'er before.

A fewer notable points look from the data, including “Bitmain’s sustained dominance successful the hardware market,” arsenic outlined successful the research. Moreover, it is noteworthy that Bitmain’s 2016 Antminer S9 has displayed “surprising resilience,” arsenic these older miners person precocious fallen beneath the threshold of detectability. Presently, Bitmain’s S19j stands arsenic the astir ascendant ASIC, with the machines generating implicit 34% of the total hashrate. When considering the combined contributions of the S19 and S19 XP units, they relationship for astir 42% of the hashrate.

Although the maturation complaint of the S19 XP has risen, according to Coin Metrics, Microbt’s Whatsminer M50s ASIC machines are present undetectable. Furthermore, Coin Metrics uses these statistic to measure the wide ratio of the hardware utilized successful the network. This accusation allows miners to accurately measure their presumption compared to competitors and find the perfect timing for hardware upgrades. In a tweet, Helmy stated, “The existent web creation is staggeringly efficient.”

The study besides assessed Bitcoin’s vigor depletion and compared it to the energy depletion scale developed by Cambridge University’s Centre for Alternative Finance and Digiconomist. According to Coin Metrics’ study, the web utilized less gigawatts of powerfulness successful opposition to the indexes released by these 2 entities. “This newer methodology has respective advantages implicit the existing assemblage of research,” the researchers opine. “We estimation the network’s powerfulness gully astatine astir 13.4 GW, oregon astir 16% little than Cambridge’s estimation of 15.9 GW for the period of May 2023.”

What are your thoughts astir Coin Metrics’ latest survey and the dominance of Bitmain’s S19 machines today? Share your thoughts and opinions astir this taxable successful the comments conception below.