According to recent research published by Coinmetrics, three Bitmain mining rig models are responsible for a staggering 76% of computing power on the Bitcoin network. The dominance of these machines raises questions about the diversity and distribution of power within the network, and highlights the role of energy efficiency in the modern mining landscape.
Bitmain’s Antminer S19j Pro carries the most significant network share, accounting for 34.3% of the hashrate. Following closely behind is the Antminer S19 with a 28.1% share, which, along with the S19j Pro, has been the most widely used machine since March 2021. The Antminer S19 XP contributes another 13.7%, while competitor MicroBT’s M50 falls below the detectable threshold.
The methodology employed by Coinmetrics to determine which mining machines are active within the Bitcoin network is rather ingenious. By identifying and tracking the unique “fingerprints” of different machines based on their energy consumption, the researchers can pinpoint which models are being used and in what capacity. This specificity is important because different mining rig models have diverse energy consumption rates for producing equivalent amounts of computing power.
As newer and more efficient mining machines enter the market, the Bitcoin network’s overall energy efficiency has increased significantly. The report reveals a 60% improvement since July 1, 2018. Today, the network’s average energy consumption is 33.6 joules per terahash (J/TH), compared to 89.3 J/TH back in 2018. However, author Karim Helmy notes that the rate of change in energy efficiency was more aggressive in the past.
One of the more surprising findings in the report is that the Bitcoin network’s power consumption is actually 13.4 gigawatts (GW), 13% lower than the widely-cited index from the Cambridge University Centre for Alternative Finance. This discrepancy underscores the need for accurate measurement methodologies, especially when evaluating the energy-efficiency and environmental impact of the Bitcoin network.
While Bitmain’s Antminer S19 series accounts for an impressive 62% of the Bitcoin network’s computing power, it’s essential to question whether this concentration of power is aligned with the decentralized ethos of cryptocurrency. Furthermore, the industry might benefit from increased competition and diversity in mining rig production, resulting in both energy-efficient and affordable solutions. As the debate on the network’s energy consumption continues, accurate measurements and responsible innovation will be integral to its ongoing success.
Source: Coindesk
