Just a month after it reached 80 quintillion (exahashes), this has now increased more.
It now stands at nearly double what it was at the October 2018 peak of about 60 exahashes/s, with it going pretty much parabolic.
One reason for this increase may be the launch of record breaking asics during last summer, with such asics now presumably finding their way to retail.
It may also be because mining is now quite profitable, with energy cost estimates last year putting it at $3,000 per coin.
One has to account for manufacturing costs as well, in addition to labour and premises, so perhaps $5,000 would be a better estimate for China.
With the hashrate now doubling, unless they have renewed their asics, then the cost would have double too, perhaps to the current price of about $10,000 or maybe $8,000 – $9,000 depending on efficiency.
That could explain the relative price stability for now quite some time as presumably miners are withholding supply because if they sell below cost then they obviously go under.
In addition, Chinese authorities have re-ignited what now should be a new meme: miners’ cleanup.
They’ve been saying this for years and usually they do nothing, but it could increase costs if some miners have to move as available space becomes more scarce.
Apparently they’re looking into renewable energy farms (pictured) to power their mining, but this regulatory uncertainty in China seems to be affecting their plans in one region.