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The Bitcoin block reward halving of May 12, 2020 has brought seismic changes in the future of the industry especially within the Bitcoin mining community.
The halving cut the block reward of the Bitcoin network from 12.5 btc to 6.25 btc and thus the miners are expected to feel the brunt of the activity in the long-term. Already many miners and their equipment are expected to become obsolete with the reduction of the block reward last month.
While the Bitcoin mining community is in a bit of a fix in recent times, the truth is that the halving is beneficial for Bitcoin as a currency. This is because it ensures that a deflationary price mechanism can be maintained. As Bitcoin's supply becomes scarcer over time, it is also expected to increase in value as a result.
Bitcoin miners who provide valuable services to the ecosystem by securing the transactions are a dynamic group of professionals and will need to adapt accordingly.
Increasing transaction costs has long been touted as a possible way to help miners remain competitive but the competitive nature of the ecosystem means that for now, miners cannot charge considerably more. The overall transaction costs of the system has not increased more than 10% and is starting to decline now.
So, an alternative approach may be required for keeping up with the realities of today. Transaction costs may increase in the long term but so far they have been sluggish.
Mining chip manufacturers have invested a lot in developing more competitive mining rigs. The old Antminer S9 and many others are at the brink of becoming obsolete and a whole new generation is being introduced by Bitmain.
The new antminer t17+ 64th is the latest cutting edge Bitcoin miner introduced by the company.
The new Antminer has almost 4 times the capacity of the S9 and is likely to become a standard option in the near future. The power requirement of the S9 is 1350 kW while that of the new t17+ is around 3kW. t17+ is going to be especially popular for areas with cheap electricity like in China, Canada, Russia and Iceland. The eagerly awaited Bitcoin mining equipment is in the bucket list of top miners.
Follow our blog for more updates on the latest Bitcoin miners.