NEW YORK, NY / ACCESSWIRE / June 2, 2020 / The third halve in Bitcoin came on the May 12th, but the bull market of a sharp rise in the price of the currency did not follow as digital currency investors expected. After halving in the morning of the 12th, the price not only did not rise but fell by 5% to $ 8,200.The bitcoin price on May 27th was about $ 8,860, which is not much different from the half-day price, but it is far from reaching the forecast of breaking $ 20,000.
Bitcoin price on May 27（Data source from： Blockchain.com）
According to the data from Fork.lol, just before the third Bitcoin halving that reducing miners’ income by 50%, the entire Bitcoin network’s computing power climbed to a high level on May 3rd, 2020. After the halving was completed, the computing power of the entire network dropped by 10-15% only after 48 hours. From May 20th to May 27th, the entire network’s computing power dropped to around 70EH / S. From the historical high (ATH) on May 3rd, Bitcoin’s entire network computing power has shown a downturn.
The decline in the computing power of the entire network means that the difficulty of mining decreases, and every time the difficulty is reduced, it means some miners have left. When the price of Bitcoin drops, it is more difficult for miners to make profits. Even the initial signs of miners withdrawing from the network mean that due to the difficulty of overall mining in Bitcoin, miners need to exit, as well as, the new mines have suffered a hard period . Some miners claim that some mines are on the verge of loss.
From the perspective of economic model of mining, whether mining is profitable is not only determined by Bitcoin price. For miners, the general calculation is the returning cycle. The shorter the payback period, the higher the investment return and the more cost-effective. The reward for a single block of Bitcoin will be reduced from 12.5 to 6.25, making it more difficult to mine Bitcoin and making a longer returning cycle. For Bitcoin miners, with revenue halved and costs unchanged, their profits are not only halved, but quartered the original. This is the result only considering the electricity cost of the miner, and calculated according to the current mining difficulty. In fact, although the computing power of the whole network has declined compared with the peak period, it has been in a state of slow growth in general.
In a word, if miners can not find more efficient mining machines or cheaper electricity, they will be eliminated.
From the current state of Bitcoin mining, facing various difficulties such as increasing mining difficulty and high mining cost, the entry threshold of small and medium-sized miners becomes higher. The entire mining market is moving towards a more professional and larger-scale direction, and small and medium-sized miners have been blocked out. Obviously, Bitcoin mining is no longer suitable for ordinary people.
Although the “Black Swan” reversal effect associated with the Bitcoin halving has pushed many miners away, it has also revealed a mining method that is more suitable for the development of the current situation, that is, POC hard disk mining. The biggest advantage of hard disk mining is the low threshold, low cost, and high performance. Miners do not need to spend huge costs to purchase professional mining machines, and hard disks can be mined in every area. At the same time, under the POC consensus mechanism, it does not need consume a lot of electric energy, but more energy-saving and environmentally friendly. RMC, as a leader in POC hard disk mining, pays more attention to top-level commercial design than other hard disk mining projects. While ensuring technological innovation, it builds a global ecological pattern.
RMC price chart from March–May (Data from Block World)
According to data from Block World (May 28th), prices have generally shown a slight upward trend since RMC listed. Although prices are still at a low level, from the three strategies of technical, ecological and hematopoietic function support, RMC has huge potential in development:
In terms of technology, the mining ecosystem promoted by the original POC consensus mechanism is friendly enough in terms of mining cost, power consumption and mining environment, which leads to a vicious circle of “mine and sell” and damages the balance of market supply and demand. Therefore, RMC is upgraded to CPOC consensus mechanism on the basis of the original POC consensus mechanism, which puts an end to the bottleneck of ecosystem development from the fundamental mode. At the same time, the mortgage mechanism is to ensure the stability and liquidity of the pass, and to ensure that RMC gradually forms a sound mechanism of steady deflation.
From an ecological perspective, in the global POC ecosystem structure constructed by RMC, it starts from the aspects of payment, hard disk banking, and ecosystem exchange to open up multiple circulations such as mining, shopping, multi-currency exchange, tourism, financial management, real estate scenes to form a close connection between online and offline.At present, RMC has supported the direct purchase of PHOENIX mining machines. This is the first step in the implementation of RMC ecological scenarios, and more application scenarios will be implemented in the future.
From the perspective of hematopoietic function, the real-time income generated by RMC hard disk mining is the essential power of RMC mining system. Before the influx of large numbers of miners, the dividend space in RMC was enough to cover all the early miners.
Based on the above three strategies, RMC eliminates the “mining disasters” that similar to mainstream mining coins from the three strategic dimensions of technology, ecosystem, and hematopoiesis. Under the turbulent situation, the market is changing rapidly, but RMC keeps growing.
Company: Revolution Mining Coin Co.,Ltd
SOURCE: Revolution Mining Coin Co.,Ltd
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