cryptocurrency mining may be the oldest activity associated with cryptocurrency. it all started in 2009, when satoshi nakamoto created the first block on the bitcoin network.

Mining is now a full industry covering 114 countries around the world and ensures the operation of the global cryptocurrency network. According to analysis, the total market profit over the past year is 4.1 billion dollars. This figure does not include income earned from the sale of mining equipment, which is estimated at between $3 billion and $4 billion, as is the case with giant Bitmain.

bitcoin network

in addition to the popularity of cryptocurrency mining, the complexity of bitcoin's network is also growing. although 80 percent of bitcoin has already been prepared, according to experts, the total number of bitcoin units will be mined by 2140. the situation illustrates the fact that the calculations needed to produce cryptocurrency are constantly becoming more complex, and mining takes more time and energy.

between 30 and 60 per cent of profits from mining are spent on energy costs. figures indicate that maintaining a computer structure that mining bitcoin costs 30 nuclear reactors at full capacity.

Despite the increasing complexities of mining, the reward in block/block generation is declining, with the mining bonus volume halved (from 25 bitcoins to 12.5 Bitcoins), and the two metals can still get up to $20 million a day in transaction confirmation. This stunning figure attracts new players to join Digital Fever – and equipment manufacturers to devise more effective ways to extract Bitcoin.

mining equipment

In the summer of 2017, as cryptocurrencies grew in popularity, demand in the market increased not only for professional equipment, but also for Graphic GPUs. In 2017 alone, more than three million graphics cards were purchased for more than $776 million, according Graphic to John P Graphic eddie's research.

In the second quarter of 2017, Nvidia revenue increased by more than 50 percent, compared to the second quarter of 2016, at $251 million. AMD revenues in the same period increased by 18 percent, or $1.2 billion.

After the market plunged, interest in mining declined as both AMD and Nvidia expect revenue to decline in the second quarter of 2018.

mining equipment
mining equipment

Mining also has industrial dimensions, unite metal workers from all over the world and set up giant companies, where thousands of GPU cards are assembled with peta Hash capabilities. Some companies are rehiring old factories and investing millions of dollars in the construction of mining infrastructure. On June 6, mining company CoinMint announced that it planned to open a Bitcoin mining plant at an aluminium smelting plant in upstate New York, near the U.S.-Canada border. With the support of the U.S. government, CoinMint aims to create 150 jobs for the next 18 months and allocate $700 million to renovate the Alcoa plant.

At the same time, innovators find more sophisticated ways to reduce energy costs and increase equipment productivity – from building companies in caves to releasing metal into space. What are the largest mining companies around the world