What system do mining machines use in 2017 (Mining machine selection)

08/19/2023 05:39 • AI Insights • 57 views

What system do mining machines use in 2017?

With the upcoming Bitcoin halving, the demand for mining hardware in the market is increasing. In the past few months, many new and old users have chosen machines that are configured with mainstream mining machines due to the sluggish market for global cryptocurrencies. However, looking at the update of mining machine systems in the market, in the first half of 2017, the overall network computing power has decreased significantly. Since mid-January of this year, the average block generation time has increased; on March 5th and early July, the decline in the average computing power of the entire network exceeded 5% (close to 100%), causing a blow to miners’ income.

Mining machine selection

Bitcoin reached a high of nearly $20,000 on December 1, 2020, setting a new historical high.

But with the rise in coin prices and the iteration of mining machines, the mining industry has also entered a new peak period. “Choosing a good machine is very important for the mining community,” one investor said.

“If we consider buying ASIC chips, you may have to wait until March next year to start using them. But if you are an experienced miner or a newcomer, it is best to convert your computing power into a Bitmain Antminer S19 series machine (about 50,000 RMB), and then wait for the next purchase. It’s already the end of June…” said the investor, “because this market is very hot.” He added, “I think this will have a huge impact on our investments, and even bring about a major market adjustment.”

1. How to choose?

First, you need to understand the background of your company and its technical characteristics. For example, if the company has been established for a long time and has some research and development experience. For example, in recent quarters, many domestic companies have been recruiting software engineers or developers to solve related business problems or optimize operations. Some well-known enterprises are also hiring various technical talents, and many companies are doing their best to prepare for blockchain technology. For example, Jianan Yunzhi announced the completion of its Series A financing with a valuation of US$1 billion at the end of July this year. Currently, the company is negotiating with large financial institutions worldwide.

2. How to choose the most suitable product?

From a product perspective, there are currently two types of customers who can choose mining pools:

1) Hosting service providers, such as Antpool, a subsidiary of Bitmain, which provides Ethereum mining services. These customers usually apply for cloud mining solutions from third-party hosting institutions. This includes BitBlueWhale, ShenMa M30s, and Shenzhen Xiandong Blockchain. They all hope to find a professional mining company to handle their mining needs.

2) Exchange service providers, platforms like Bitmain directly provide services to users without the need for any intermediaries. Since digital currency transactions themselves are a relatively low-cost process, usually several large companies will sell their own cryptocurrencies over-the-counter as collateral.

3) Hardware wallets: Bitpie has launched a user experience system based on Samsung’s custom edition of servers (similar to JD.com on the Taobao APP). This design makes its operation more efficient and can reduce users’ operating risks; at the same time, it can also meet the needs of different consumer groups. For example, novice users prefer to use computers for daily gaming. Of course, some people may also choose decentralized storage devices, which can better meet the needs of ordinary retail investors.

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What system do mining machines use in 2017 (Mining machine selection)

Mining machine selection

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