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2019 Mining Industry Annual Research Report

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Executive Summary

  • Bitcoin yearly average hashrate increased by more than 80% in 2019, while the yearly average price dropped by 1.9% YoY.
  • The proportion of transaction fees decreased from $280 million to $160 million, a 43% decrease.
  • The global Bitcoin network is mainly concentrated in China, the United States, Canada, Northern Europe, Russia and Georgia.
  • After the 3rd halving, the Bitcoin inflation rate will decrease to ~ 1.7%, which is much lower than 4.8% - 6.2% (Gold) and 5% (M1) issue rate.
  • ASIC mining hardware manufacturers are relatively concentrated in China, and the market share of the top 4 manufacturers in 2019 accounted for more than 95% of the total market share.
  • The future of the cloud mining market is outside of China.
  • The mining pool segment is not well structured, partnering with independent third-party agencies is the future direction.
  • In the cryptocurrency mining segment, most progressive and positive attitudes are from developed countries, and the future regulatory direction is positive.
  • 2019 is the first year of cryptocurrency financial services development. A number of financial products will be released and competition will become more intense in the near future.
  • Most of the Altcoin mining uses GPUs & CPUs and are mainly located in North America and Europe.
  • PoS is accelerating its acceptance by the industry, and at the same time, it can form an ecosystem through services such as DeFi and centralised lending. Currently, these staking products yield around 8% -12.5% ​APY.
  • TokenInsight estimates that the SHA-256 ASIC market shares of Bitmain, Canaan, Whatminer, and Ebang are roughly at 63%, 18%, 10%, 7% respectively in 2020.
  • The 3rd halving should have a limited impact on the price of Bitcoin in the short term but will have a positive impact in the long run.
  • Mining farms located outside of China are expected to grow at a faster pace.
  • The mining pools will start to integrate more Altcoin mining with huge market potential and risks.
  • More cloud mining products will be launched targeting the broader market.
  • Altcoin mining may transit from GPU / CPU to FPGA gradually and could be occupied by ASIC mining in the long run.
  • Cryptocurrency derivatives will be gradually introduced and developed. Compared with the size of the traditional derivative market, it has huge market opportunities.
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The report is based on public sources considered to be reliable, but TokenInsight Inc. does not guarantee the accuracy or completeness of any information contained herein. The report had been prepared for informative purposes only and does not constitute an offer or a recommendation to purchase, hold, or sell any cryptocurrencies (tokens) or to engage in any investment activities. Any opinions or expressions herein reflect a judgment made as of the date of publication, and TokenInsight Inc. reserves the right to withdraw or amend its acknowledgment at any time in its sole discretion. TokenInsight Inc. will periodically or irregularly track the subjects of the reports to determine whether to adjust the acknowledgement and will publish them in a timely manner.

TokenInsight Inc. takes its due diligence to ensure the report provides a true and fair view without potential influences of any third parties. There is no association between TokenInsight Inc. and the subject referred in the report which would harm the objectivity, independence, and impartiality of the report.

Trading and investing in cryptocurrencies (tokens) may involve significant risks including price volatility and illiquidity. Investors should fully aware the potential risks and are not to construe the content of the report as the only information for investment activities. None of the products or TokenInsight Inc, nor any of its authors or employees shall be liable to any party for its direct or indirect losses alleged to have been suffered on account thereof.

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