Weekly Newsletter B.TOP mining insights (week 42, 2020)

Price correlation

The correlation between Bitcoin and traditional financial market dropped slightly during last week. S&P 500 dropped back to down to 0.0449, a 0.25 point decrease from the previous week.

BTC Price vs S&P ETF
SP & BTC weekly correlation

The correlation between bitcoin and gold also decreased from 0.847 during the week 41 to 0.169 in week 42, from a strong correlation to almost no correlation.

BTC Price vs Gold Price
Gold & BTC weekly correlation

Hashrate and mining difficulty

The Bitcoin network saw a difficulty increase by 3.62% on October 18, with a network average hashrate of 142.94 EH/s at the time of the difficulty change, however, the average hashrate for the last 7 days is only 138.54 EH/s. The mining difficulty is expected to decline slightly in the future.

Mining revenue USD/Day for 1Th/s

After the mining difficulty increase on October 18, the revenue USD/Day for 1Th/s declined slightly. As of this writing, Bitcoin has surpassed $12,000, with an increase in mining revenue. Currently, the mining revenue has boosted to at around $0.0755 per Th/s.

Mining Revenue in USD per Th/s

Profitability of different miners

Currently, one of the most popular Bitcoin mining machines are the Antminer S19 series. Due to its excellent power efficiency, the S19 miner’s profitability is not as volatile as other models, which means its daily output remains stable, in the future, if the mining difficulty decreases, its daily output in USD will increase at a disproportional rate. With B.TOP, users across the world can enjoy the electricity at cost price in China, which further reduces the S19 power consumption ratio, minimize the risks and earn extra mining revenue.

S19 daily mining revenue in USD

Which mining metrics would you like to see us cover in future editions of The Week in Mining? Let us know on Twitter.

Altcoin mining

Mining revenue USD/Day for 1M/s

While the Defi mania is over, mining has been increasing in difficulty for 3 weeks, and mining returns are back to the same level in March. The number of break-even days in ETH mining is approaching that in bitcoin mining.

ETH Mining Profitability in USD

OKex Mining Pool Hashrate Change

Last week, due to the suspension of withdrawal of OKex , its mining pool services were also affected, within 3 days, its hashpower dropped from 7.36 EH/s one month ago (5.33% of the whole network), to only 0.3627 EH/s (or 0.26% of the entire network), i.e. a decrease of 95.07%. As for mining rewards, which also dropped from 15 BTC per day to 1 BTC. These lost hashpower are redirected to other mining pools, especially to the Poolin.

OKEX mining pool daily block rewords
OKEX pool block rewards

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Disclaimer: This report does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.

Read more from B.TOP:
👉 Monthly Mining Report (September 2020)
👉Weekly Newsletter BTC.TOP mining insights (week 41,2020)

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