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    Question About Mining
    publish date 2022-07-29

    This is the bitcoin mining industry’s first news bulletin of Canaan, with a key focus on talent acquisition and knowledge sharing on all things bitcoin mining.


    Q1: What is the current daily output of the Bitcoin network?
    With current Bitcoin production standing at 6.25 BTC per block, the output will fall to 3.125 in two years. This is a phenomenon known as Bitcoin halving, and is the reason why we must continue to keep calm andmineit!
    Q2: Why is the mining difficulty adjusted every 14 days?
    Q3:What is the unit of BTC network hashrates?

    Bitcoin hashrate is a key security metric that measures the hashrate spent on securing the network. Generally, the higher the hashrate, the more difficult it is for attackers to hack the network. Bitcoin miners play an important role in the Bitcoin network and that is why we must keep calm and carry on mining.


    Q4:How to caculate number of A1246 to be installed according to existing mine load?

    “Load” is measured in units of power, which are W (watt), KW (kilowatt), MW (megawatt), etc. 1 megawatt (MW) = 1,000 kilowatts (kW) = 1,000,000 watts (W).


    With kWh as the unit for the mining rig, if the mine has a load of 50MW, then the number of mining rigs that can be installed would be 50 x 1,000 ÷ 3.42 = 14,619 miners.


    Q5:How to caculate power consumption and electricity cost?

    One kilowatt-hour (kWh) is defined as the energy consumed by a miner with power consumption of 1,000 watt (w) in one hour.


    E.g.: Avalon A1246 is rated at 3420W, or 3.420 kW. What it means is that this machine consumes 3.42 kWh of electricity in one hour.


    Daily electricity cost = mining rig’s power consumption x 24 hours x local electricity rate = 3.42 x 24 x 0.05 USD/kWh = 4.10 USD.


    Q6 If I have 1000 untis of A1246, how many bitcoin can I mine in a day?

    Eg. : With a current mining revenue of 0.000000406 /TH/s, this amounts to the daily value of 1000 x 0.000000406 x 90 = 0.3654B


    Q7 How much is the total daily reward for miners?

    E.g. :Calculation method – current BTC rate x daily produced BTC = 22000 USD x 900 = 19.8 Million USD


    Q8 What is the unit of bitcoin network hashrates?

    E.g. : Currently, the BTC network hashrate 204EH/s = 204000PH/s = 204000000 TH/s



    Q9: What is Avalon’s service life and does the machine become obsolete easily?


    As a professional Bitcoin mining machine model, Avalon is a top-level product across the globe in terms of technical capabilities, thanks to its reliability and stability. The rig typically has a physical life of five years.


    The concern with being “obsolete” is more of an economic issue, that is, as BTC rate rises, more investors will flock to the market and purchase more mining rigs to mine Bitcoins. The network hashrate goes up as a result, leading to less output by any single rig, and eventually, the Bitcoins mined will be unable to cover electricity costs. From an economic standpoint, the very act of switching on the machine in itself will create a profit loss.


    Generally, mining with the most advanced rigs helps with prediction of overall revenue over the next five years as well as risk control.



    Q10: How to determine stock level of mining machines on the network


    Calculation method: network hashrate ÷ number of TH/s for mainstream models (based on 90TH/s models)


    E.g.: 220EH/s x 1000 x 1000 ÷ 85 TH/s = 2.55 million units of mining rigs


    The current stock of mining rigs in the market is about 2.55 million units.


    Currently, hashrates are increasing by about 5 EH/s every month. Based on calculations, there are about45,000 to 55,000 new mining rigs installed every month.



    Q11:How is mining revenue calculated?



    Q12:What is my electricity bill per day?



    Q13:If you have 1000 units of A1266, how many bitcoins can you mine in a day?



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