The December 2019 report on the Bitcoin mining network from CoinShares Research[1], a division of the digital asset management firm, presented an industry in good health at the end of the year, with a hash rate that had almost doubled in the previous six months, a new generation of more powerful and efficient technology on the market and the continued use of sustainable, renewable energy.
The report indicated that, at this year’s average bitcoin price, fee ratio and block frequency, miners were on their way to making $5.4 billion in total revenue for 2019, down slightly from 2018, but significantly up from $3.4 billion accrued in 2017.
“Unlike the period leading up to our previous report, these last 6 months have been relatively calm in terms of large-scale structural changes,” per the report. “Whereas the period between November 2018 and June 2019 witnessed a large number of bankruptcies and capital transfers, the development of the last 6 months has been mainly one of expansion.”
As the bitcoin mining sphere builds on this positive momentum from the end of 2019 and heads into 2020, factors like the increasing hash rate, new hardware, the upcoming reward halving and more will determine how the industry, and Bitcoin in general, grows.
Good News for the Bitcoin Mining Hash Rate in 2020
CoinShares reported a “huge increase” in the mining hash rate which nearly doubled in the last six months from approximately 50 exahashes per second (EH/s) to almost 90 EH/s, having peaked at more than 100 EH/s.
The report attributed this increase to a combination of the availability of a new generation of more powerful, efficient mining equipment and strong average bitcoin prices.
And, even since the reports release on December
