The blockchain devices market is expected to grow by 42.5% at a compound annual growth rate (CAGR) by 2024, according to a recent research by …
The blockchain devices market is expected to grow by 42.5% at a compound annual growth rate (CAGR) by 2024, according to a recent research by intelligence and market research platform MarketsandMarkets.
On Sept. 12, MarketsandMarkets released a report dubbed “Blockchain Devices Market by Type (Blockchain Smartphones, Crypto Hardware Wallets, Crypto ATMs, POS Devices, & Others), Connectivity (Wired & Wireless), Application (Personal & Corporate), and Geography – Global Forecast to 2024.”
The company suggested that the blockchain devices market will see a 42.5% CAGR in coming years, to reach $1,285 million in 2024. In comparison, the volume of the market in 2019 has reportedly amounted to $218 million to date.
Major factors and major contributors
Among the main factors influencing the market’s growth, MarketsandMarkets named increasing adoption of blockchain technology in sectors such as retail and supply chain management, venture capital funding development and growing market capitalization for cryptocurrency and initial coin offering.
The absence of clear regulations and compliances and lack of awareness will constrain the blockchain devices market from its further growth, according to the report.
Blockchain-based devices using wireless connectivity for data transfer — e.g. blockchain smartphones, crypto hardware wallets and point-of-sale devices — will purportedly register the highest growth during the forecast period. However, they will be accompanied by blockchain gateways and pre-configured devices adopted in banking, government, automotive, telecommunication and other industries.
North America’s dominance
In terms of geography, North America will lead the world in the blockchain devices market development, the report says:
“North America dominates the global market as the region is an early adopter of blockchain devices. […] Moreover, several blockchain devices vendors are based in this region, thereby contributing to the growth of the blockchain devices market in North America.”
As previously reported by Cointelegraph, mining Application Specific Integrated Circuit (ASIC) producer Bitmain announced two new S17 miners. The company claimed at the time that both the new models feature improvements, which should translate to higher efficiency, more stable operation and more longevity.
The announcement followed the news that Bitmain had lost $625 million in the first two months of 2019. The results were reportedly driven by sales of outdated 16 nanometer ASICs at low prices, and once the inventory is cleared of those machines, Bitmain expects new profits from the sale of new, 7-nanometer mining rigs.
After delays, Linzhi has ordered the first chips for its new E1400 Ethereum mining ASIC; Testing on the unit, which hopes to smash the current MH/s …
A new range high-performance Ethereum mining equipment is apparently in the pipeline, and – should its ambitions be realised – is expected to upset the status quo in the sector.
Shenzen-based Manufacturer Linzhi has reported that it has finally made a positive move on its $4 million investment in Ethash mining technology, having placed its first bulk order for chips almost a year after announcing plans to build the new unit. According to a Medium blog update, its order for the E1400 chip – which comes following a nine month delay in its anticipated product development timeline – will provide the necessary parts to build 200 of its new miners, designed to harvest Ethereum and Ethereum Classic.
The units will, apparently, be used to test the company’s new technology against the sector’s incumbents. Chieft among these are the high-end GPUs of Nvidia, favored by enthusiast miners and supporters of the Ethereum blockchain, and the other Application Specific (ASIC) units produced by mining giant Bitmain and others to handle the current Proof of Work algorithm Ethereum requires to validate its blockchain.
Linzhi is hoping to have the new chips in its hands by mid-November, when testing can begin with an eye on rollout around the middle of next year. The Linzhi unit is the brainchild of Chen Min, the former head of chip design at Bitcoin mining hardware maker, Canaan Creative.
He has self-funded the company’s effort to break into a market worth around US$850m per year at current ETH and ETC prices, with the ambitious aim to more than double Mega hashes per second (MH/s) rate of Nvidia’s current zenith tech, while slashing power consumption at the same time. If those targets can be met, Linzhi could significantly change the economics of Ethereum mining – at least while the current Proof of Work model for the larger of the two Ethash cryptos persists.
While the reality is that such a move could be a long way away yet, it is being factored into business plans by Linzhi, which says it will keep potential customers abreast of developments before bringing the E1400 to market. While uncertaintly persists, it also seems that it will centre its efforts on the more certain sector of Ethereum Classic mining.
Interestingly, the company is also floating the idea of a so-called ‘Malus’, or reverse discount, on its equipment when it finally goes on sale. While the company has explicitly set its pricing target at around a four-month Return on Investment, it could see large unit orders attract a surcharge, to “offset some of the cost advantages that larger customers have and encourage decentralization.”
The company will present a full introduction to its new chip architecture at the upcoming Ethereum Classic Summit in Vancouver on October 3rd and 4th.
SINGAPORE, Sept. 11, 2019 /PRNewswire/ — Bitmain – the world’s top 10 fabless chipmaker – is set to release the world’s first Big Data Analysis …
SINGAPORE, Sept. 11, 2019 /PRNewswire/ — Bitmain – the world’s top 10 fabless chipmaker – is set to release the world’s first Big Data Analysis Report of Global Mining Farms during the World Digital Mining Summit (WDMS) on 8-10 October in Frankfurt.
The report will provide in-depth analysis and insights on the cryptocurrency mining industry – covering mining farms, to global electricity costs, site selection of mining farms and construction expenses – to help decision-makers have a more complete and comprehensive understanding of the market opportunities, risks and hurdles.
“Bitmain is proud to be leading research and development efforts in the cryptocurrency mining industry and this comprehensive big data analysis report is a successful outcome of it, thanks to our strength and experience accumulated in this industry,” said Matthew Wang, Director of Mining Farm of Bitmain.
The agenda for the two-day summit features industry investment and innovation for the mining sector. Jihan Wu (Bitmain Co-Founder), John Ge (Matrixport CEO), Marco Streng (Genesis Mining CEO), and more than 30 industry leaders will gather to share their knowledge and insights of the industry.
Keynote speech topics include but are not limited to: Decentralized Digital Mining, Mining and Power Generation, Higher Efficiency of Mining Operations, New Trends in Digital Mining, Innovating in Mining – New Revenue Streams, Development of Miner Firmware, Modular Design and Construction of Data Center.
Participants of the WDMS can also expect panel discussions on Bitcoin Block Reward Halving and Traditional Finance and Crypto Finance Ecosystem, as well as networking dinners and opportunities of growing their network and business.
Founded in 2013, Bitmain transforms computing by building industry-defining technology in cryptocurrency, blockchain, and artificial intelligence (AI). Bitmain leads the industry in the production of integrated circuits for cryptocurrency mining, as well as mining hardware under the Antminer brand. The company also operates the largest cryptocurrency mining pools worldwide – Antpool.com and BTC.com. Bitmain technology supports a wide range of blockchain platforms and startups.
About the WDMS
World Digital Mining Summit (WDMS) is the largest digital mining event of the year. It is a two-day cryptocurrency mining summit with a focus on delivering the latest industry insights, high-class networking, and knowledge exchange.
Started in 2018, WDMS was the first and foremost meet up designed by Bitmain that brought global miners, entrepreneurs, and fellow enthusiasts together all in one place. This global mining summit showcased the leading minds and decision makers, which drove and pushed the crypto mining industry into the future. This year, WDMS is back to discuss ideas on the future of digital mining, blockchain, and more.
… has grown exponentially, touching 100 exahash per second (EH/s) on Tuesday. Also Read: Plans to Build $50M Bitcoin Cash Tech Park Revealed …
Last Thursday the China-based mining rig manufacturer Bitmain announced the launch of two new Antminers that offer hashrates between 53 to 64 terahash per second (TH/s). When the Antminer sale started on Monday, first batch devices sold extremely fast and Bitmain expects to deliver units by mid-November. Meanwhile, the combined SHA256 hashrate (BCH and BTC) has grown exponentially, touching 100 exahash per second (EH/s) on Tuesday.
Bitmain Launches Two New Next-Generation Miners With Hashrates of 53-64TH/s
Mining coins like BCH and BTC is extremely competitive and recently mining rig manufacturers have been launching next-generation devices making the competition even greater. Last week, on Sep. 5, Bitmain Technologies announced the launch of its newest set of Antminers after releasing multiple versions of SHA256 mining rigs over the last few months. The latest versions include the Antminer S17e and the T17e which will be sold in three batches. According to Bitmain’s specifications, both machines have been optimized to perform with “significant improvements to power efficiency and hashrate.” The S17e has an average hashrate of 64TH/s and 45 joules per terahash (J/TH). The Antminer T17e offers hashrate speeds of up to 53TH/s and power efficiency of roughly 55J/TH. So far both batches of the new Antminers have sold out and the last sale will end Wednesday morning on Sep. 11.
In addition to the new Antminers, Bitmain introduced a compensation strategy for delivery delay. So if mining rigs are not shipped on the specified delivery dates then Bitmain will compensate customers with coupons for each day of delay, based on PPS rewards of the mining pool and electricity cost deducted. Bitmain explained that both new models have been created for better efficiency and longevity as well. “Both new models have been designed for more stable operations in the long-term to reduce maintenance costs for customers,” Bitmain detailed last week. “This is made possible through the dual tube heat dissipation technology which improves how efficiently heat dissipates. The models are also equipped with a more secure software system to prevent malicious attacks.”
Bitmain will also be hosting the second annual World Digital Mining Summit (WDMS) in Frankfurt Germany on Oct. 8-10 2019. The two-day event will bring together some of the biggest entrepreneurs in the mining industry like Genesis Mining Marco Streng and Bitmain’s cofounder Jihan Wu. One specific event at the WDMS conference announced this week will be a contest for the “top ten mining farms around the world.” This will allow the mining industry to vote on the best mining farms out there today. In order to participate, miners need to disclose their location, capacity, mining farm systems, hosting price, length of operations, and submit photos of their crypto mines. Participants must submit all required materials by email before September 13 and winners will receive VIP tickets to WDMS.
High-Powered Mining Rigs Push the SHA256 Hashrate Above 100EH/s
With 64TH/s and 45J/TH, the new Antminer S17e would be the most profitable mining rig today, according to asicminervalue.com. At the time of writing, calculating current prices and with an electricity cost of $0.13 per kWh, the S17e would profit by $8.86 per day mining BTC (if it was available to the public today). Profits per day might be entirely different depending on the price per coin on Nov. 2019 and network difficulty. The new Antminer models will compete with the Microbt Whatsminer M20S (68TH/s), Ebang Ebit E11++ (44TH/s), and the Strongu STU-U8 pro (60TH/s).
The rest of the competitive mining rigs in the top list are other Bitmain models too such as the S17 pro (53TH/s), and the S17 (56TH/s). In 2019 Bitmain has released a wide assortment of SHA256 compatible miners including the new legacy S9 series, and the T version models. There’s still a bunch of low hashrate miners available on the Bitmain website, but most higher performance machines are selling out quickly. Still, with an electricity cost of $0.13 per kWh, any mining rig on the market that performs at more than 13TH/s is profiting at today’s BTC and BCH prices. On Sep. 10, it is currently 4% more profitable to mine on the Bitcoin Cash blockchain according to prices and Coin Dance statistics.
Both chains’ SHA256 hashrate combined on Sep. 10 crossed the 100 exahash per second (EH/s) region as BTC captured 98.53EH/s and BCH gathered 2.4EH/s. If and when SHA256 networks can exceed 500 exahash per second, the processing power will penetrate the zetahash era. BTC’s hashrate is 8X more powerful than Dec. 2017 at the height of the bull run, and this past June the BTC hashrate was 55EH/s which nearly doubled in three months. The BCH network hashrate has hovered between 2-2.6EH/s over the last three months with 11 pools processing BCH blocks. There are 10 pools mining BTC with 18.1% of the hashrate being stealth mined by unknown miners. On Sep. 10, 22% of the BCH network hashrate consists of unknown mining pools as well.
With market prices at what they are today, both BCH and BTC miners are seeing significant profits compared to last year’s prices. At current speeds, both SHA256 networks’ reward halvings will be at different times. The BTC chain is expected to see its reward halving in 248 days on May 16, 2020, while the BCH chain is expected to cut its block reward on April 8, 2020. Both dates are not exact and the time could change if hashrates increase or decline from here. The onslaught of new machines produced by manufacturers like Bitmain, Strongu, Innosilicon, and Microbt should continue to increase the overall SHA256 hashrates on both networks.
What do you think about the latest Bitmain miners and the exponential SHA256 hashrate? Let us know what you think about this subject in the comments section below.
Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned manufacturers and products associated with this article. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services, products, websites, and vendors mentioned in this article. This editorial review is for informational purposes only.
Image credits: Shutterstock, Bitmain, asicminervalue.com, Fork.lol, Coin Dance, Wiki Commons, and Pixabay.
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Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.
The global cryptocurrency market is a mixed picture during early European hours on Tuesday. Bitcoin is range-bound with bearish bias while the …
Bitcoin is hovering around $10,250, critical $10,000 limits the downside.
Bitcoin SV is the best-perfroming altcoin with over 4.5% of gains.
The global cryptocurrency market is a mixed picture during early European hours on Tuesday. Bitcoin is range-bound with bearish bias while the majority of altcoins are directionless, influenced by speculative and technical factors. The total market capitalization dropped to $264 billion, an average daily trading volume sits at $56 billion, while Bitcoin’s market dominance retreated to $69.7%.
Top-3 coins price overview
At the time of writing, BTC/USD is changing hands at $10,260, off the intraday high registered on approach to $10,400. The price of the first digital asset has been range-bound with bearish bias since the end of the previous week with $10,000 now back in focus.
Ethereum, the second-largest digital asset with the current market capitalization of $19.5 billion, is changing hands at $181.30. ETH/USD has gained 1.2% in recent 24 hours and stayed unchanged since the beginning of the day. The coin has retreated from the intraday high of $184.50.
Ripple’s XRP is going nowhere. The third-largest cryptocurrency asset with the market value of $11.2 billion is sitting marginally below $0.2600, immovable both since the beginning of the day and on a day-on-day basis. The strong trendline support is created on approach to $0.2550, the resistance awaits the bulls at $0.2600.
Bitcoin SV (BSV) is the biggest loser of the day. The 9th largest altcoin is down 4.5% on a day-on-day basis. Cardano (ADA) turns out to be the best-performing asset out of top-20. The coin has gained 3.5% on a day-on-day basis to trade at $0.0477.