The 3rd Bitcoin reward halving was completed on, may 12 this year. This article mainly analyzes the influence from the halving on miners' costs, Bitcoin computing strength and global mining.

(Supplementary knowledge: senior high school geography | China's university entrance evaluation simulation paper is surprised to see the "Sichuan Bitcoin Mine" discussing the migration of miners, seasonal electricity, and supply and requirement allocation) Summary of Key Points 1. Decline within the percentage of computing strength in Cina: Beginning with September 2019, the percentage of estimated strength in China has shown a gradual declining trend, and has now dropped from 75.63% to 65.08%; as the United States has started to exert initiatives from 4.06% rose to 7.24%, an increase of 78.33%; 2. US$0.035: Following the halving, if miners utilize the Antminer S17+, they need to control their electricity bill below US$0.08 (equivalent to RMB 0.56) or reduce operating costs to maintain profitability; if they use Antminer S9 for mining, they need to control the electricity bill To keep profitability below 0.035 USD (equivalent to about 0.25 yuan) or reduce costs 3. The surge in halving recognition: In accordance with Google Trends information, the current Bitcoin Halving research volume arrived at a peak of 100 within a week from the halving, and the research volume exceeded the previous peak (July 3-6, 2016, Prior to the second Bitcoin halving) a lot more than 9 times 4. The 16th largest: ON, MAY 20, the issue of Bitcoin mining had been adjusted for the very first time after halving. The difficulty of this realignment has lowered by 6%, which is the 16th largest realignment in Bitcoin background. 5. 20%: The average block generation time of the 1000 blocks prior to the halving (about one week) is 560 seconds, and the 1000 blocks after the halving will be 689 seconds, an increase around 20% year-on-year, indicating that there were about 20% during this time period. % Of system computing power is gradually disappearing 6. 18%: Prior to the halving, the percentage of handling charges basically continued to be below 6%; after the halving, with the halving of benefits and the increase in transaction volume, the dealing with charges of miners fluctuated within the number of 18%-24% 7. Obstacles and long roads: Following the halving, the full total transaction charges of Bitcoin have risen in a volatile way as TokenInsight experienced previously expected. Nevertheless, if we hope that Bitcoin will develop healthily relative to Satoshi Nakamoto's eyesight, that is, the primary income of miners will change from block benefits to transaction fees. There is still quite a distance to go. 8. North America: Overall, the UNITED STATES region has progressively begun to support digital asset mining and information the entry of money and establishments with professional operations and risk handle capabilities 9. Iteration: TokenInsight believes that 2020 is a vital year for the iterative transformation from the mining industry, and the early wild operation strategies will be changed by efficient, professional and refined business strategies 10. Reshuffle: Within the medium and longterm, the opportunities for the development of electronic asset mining outweigh the challenges, and the release of market pushes will boost mining development. Nevertheless, in the next one or two years after the halving, both upstream and downstream mining companies will encounter a reshuffle. 1. Summary of Bitcoin Halving 1.1 Bitcoin's annual supply growth rate after the third Bitcoin halving halving is about 1.7%; the blockchain mining ecology will be more severely affected by it At 3:23 am on, may 12th, Bitcoin officially finished the block reward halving in a block elevation of 630,000. The first halved block had been broadcast by AntPool. The block reward had been 6.25 BTC, and the transaction fee was about 0.91. BTC. In view from the soaring market of Bitcoin in the previous two halving cycles, the marketplace is more optimistic concerning the market attitude of the 3rd halving. Nevertheless, judging from the current halving data, the price tag on Bitcoin hasn't shown the expected sharp rise. Extended reading: [Our topic] Brief summary from the development of mining and mining machine Extended reading: the fattest fingers! Someone moved "$133" but compensated a "$2.65 million" fee. The lucky miner will be Spark Mine 1.1.1 Overview of Bitcoin halving cycle (as of May 18) Source: TokenInsight is really a type of asset allocation. Following the third halving, the yearly growth rate of Bitcoin supply is about 1.7%, which is less than gold's 4.8% in 20191 and the U.S. narrow money (M1) development rate of 4.44 in 2019 %2. For the 3rd Bitcoin halving cycle, the overall game of stock funds on the market is fierce, and Bitcoin price support requires the participation of subsequent new investors. The impact from the halving for the blockchain mining ecology far exceeds that of other industrial chains on the market: mining costs have risen sharply; miners' charge income has accelerated; some inefficient mining machines have been removed in batches; upstream and downstream mining such as for example mines and private pools , Mining machine producers will accelerate the reshuffle, and 2020 is a important year for the iterative transformation from the mining industry. *Note:

* 2019 precious metal supply * Extended reading of the annual modifications in the US M1: Nothing happened within the halving? Insiders: Nothing happened, it is "the best thing about Bitcoin"! 2. Summary of Blockchain Mining Growth 2.1 The average monthly computing strength from the Bitcoin mining marketplace in Cina may decline, as the United States seizes marketplace share In accordance with data linked to the Bitcoin Power Consumption Index (CBECI) released from the Cambridge Centre for Alternative Finance (CCAF), as of Might 7, 2020, the world's annual electricity consumption will be 20,863 trillion watts each hour (TWh ), the annual electricity consumption of Bitcoin mining will be estimated to become 69.03TWh, data processing for 0.33%. 2.1.1 Bitcoin Mining Power Consumption Index Source: Cambridge Centre for Alternative Finance, TokenInsightCCAF pointed out that although CBECI is a lot more accurate than most system data, its accuracy is still limited. Since it will be impossible to determine the accurate energy consumption of the Bitcoin system, CBECI supplies a range of opportunities, including the least annual power intake and the estimated annual power intake. The least annual power consumption assumes that miners utilize the most effective mining machines for mining. The estimated annual power intake assumes that miners use both new and old mining machines, rather than single certain type of mining machine. TokenInsight discovered that after the marketplace crash in March 12, 2020, the cheapest annual strength consumption catalog of Bitcoin mining declined, and the estimated annual strength consumption was a lot more pronounced. At the same time, after the halving, the estimated annual strength consumption in addition has shown a downward pattern. We believe that the estimated strength consumption of Bitcoin may reflect the disposition from the miners to a certain degree. The main reasons influencing bitcoin mining are bitcoin costs and mining benefits. When the marketplace is not optimistic, the attitude of miners will be negative. In addition, because of the impact from the halving, miners are expected to decline on the market outlook. Because of this, miners will progressively choose to shut down, leading to a slow drop in the energy consumption of Bitcoin mining. Judging from the average monthly computing power of varied countries estimated by CCAF, China's Bitcoin processing power is constantly on the occupy a higher proportion, and the overall rate remains over 65%. As of Apr 2020, the United States currently has the minute highest percent of computing strength, data processing for 7.24%; Russia rated third with 6.9%; Kazakhstan, Malaysia and Iran accounted for 6.17%, 4.33% and 3.82 respectively % From the global market. More reading: Data for the stringOverview of the problem after the Bitcoin halving: Data shows that Chinese language miners will face massive challenges Extended reading: BitmainSave the marketplace share! Urgently drive the S19 low-profile edition of "T19 Mining Machine"; the inner battle is constantly on the burn, and the state statement that Zhan Ke Tuan has lost momentum 2.1.2 Typical monthly hash rate (computing power) of each country Source: Cambridge Centre for Alternative Finance, TokenInsight On the other hand, starting from September 2019, the percentage of computing strength in China has shown a slow declining pattern, and it has dropped from 75.63% to 65.08%; as the United States has started to exert initiatives from 4.06% rose to 7.24%, an increase of 78.33%. Unexpectedly, Kazakhstan's present computing power ratio is 6.17%, which is an increase of 334.51% from 1.42% in September 2019. 2.2 Following the miner's marginal income (%) is halved, the previous era of mining machines has basically reached the shutdown price, and the next era of mining machines will be the mainstay in the future TokenInsight analyzes the income of miners by introducing two indicators, namely Miner's PROFIT PERCENTAGE and Marginal Cost of Creation. The calculation formula for the marginal production price of miners is really as follows:

DEX stands for Decentralized exchange, which is simply an unlicensed non-custodial exchange. The main feature is that most from the exchanges offering transaction exchange services without KYC, no sign up and login, ready-to-go. DEX is among the important classifications from the Defi ecology. DEX can be split into three varieties: order guide, reserve and aggregator according to the complementing method. Next, I will briefly list the DEX of Ethereum, and focus on the DEX other than Ethereum.

Ethereum's DEX purchase book IDEX, dydx, Oasis Business, Dex.glowing blue, Curvefi, DDEX, Radar Relay, Switcheo, Saturn, Mcafeedex, Leverj, Vite, Token.store (will be closed on June 22) Probably the most representative of the kind of DEX on Ethereum is IDEX, formerly AURA of AuroraDAO, and the prevailing token name IDEX may be the platform currency. IDEX, that was once brilliant in 18-19, is really a trading marketplace for a lot of altcoins. Considering the trading level of IDEX, you can view the increase and fall of DEX. The order-style DEX make use of process is similar to that of a centralized trade. The login technique is replaced by way of a login finances, as well as the deal is completed when the control order deal is issued. In the case of sufficient depth, one asset is changed by another resource after a smart contract and came back to the finances. The very first time you experience this trustless deal method, you'll feel the attraction from the blockchain.

Looking at the highest cost of -92% in 2 yrs, users who insist upon getting optimistic about DEX will start to doubt themselves. Judging the worthiness of DEX is similar to evaluating centralized exchanges, and the following points will be referred to.    ? Exchange security    ? Trouble in technical realization

   ? Investing experience

   ? Volume

   ? Group vitality You can find no DEXs before IDEX. EtherDelta will be one of them. The overlord of Ethereum DEX for 17 yrs has achieved comprehensive decentralization due to disputes, fraud, and many investors have experienced heavy losses. I personally think that as the SEC stared at IDEX in 19 yrs and restricted users in america to push KYC, its own product updates were slow, the knockoff marketplace declined, transaction quantity was removed, and IDEX dropped its aura. It really is progressively surpassed by Bancor and Uniswap, which are based on the algorithmic reserve library. Incidentally, ForkDelta, that was able to contend with IDEX at the beginning, is still cumbersome to list IDEX. ForkDelta just must access the token agreement. It only takes a short while from token minting to the start of transactions. ERC20 will be rampant within the era. Don't assume all project celebration can succumb to centralized exchanges and IDEX. At the moment, ForkDelta becomes their finest choice, emphasizing that free of charge trading should not be the quest for DEX, even rubbish assets need independence. Of course, with the passage of time, it has progressively been removed by the market. Although there are lots of online currencies, the low trading volume can be an indisputable fact. To summarize this sort of DEX, in addition to dydx, another technique is really a leveraged investing DEX. Some other DEXs have selected to find the second-tier network to restart, and IDEX will be struggling to aid it. The storage DEX, which is given the core competitiveness by the algorithm, is used in expertise and investing Transcendence in terms of depth and wealth-making impact, and the space between the two is about to widen. Even with the IDEX 2.0 upgrade, when users are trapped in Generating, bad mobile experience, most users will close the web page before they are able to try to industry. Looking forward to getting DEX, Injective, Loopring, Leverj, Deversifi, etc. on Ethereum Level2 that is comparable to the response acceleration of centralized exchanges... Storage class Uniswap, Bancor, Kyber, Matcha, UMA, JellySwap, Balancer, Airswap, Tokenlon, Nuonetwork One word describes storage DEX, needle-free DEX with rounded curves. Whether it is through liquidity pool bonuses, atomic swaps, AMM (Automatic Market Producer) along with other systems, it lastly realizes the stable liquidity of possessions without requiring orders. For example, the constant item market machine algorithm of Uniswap, which is the largest trading quantity in Ethereum.

The aforementioned is Uniswap's trading page. The storage DEX doesn't need to display purchase depth and historical transaction records and contains a straightforward interactive web page. The essence of trading is not what I paid, and what I can get at what price. The deal is appropriate, and it is cancelled if it is inappropriate. The next issues have to be paid attention to when using storage DEX: ? Liquidity issues When using it, there will be no needles, as well as the order will be completely completed smoothly, but that is beneath the premise of sufficient depth. When the level of money in the complete liquidity pool is not high, after the purchase may cause a huge cost slip, this It really is unacceptable to most traders. Surprised by the increase of currencies in Uniswap, you can follow the deal volume and funds pool size on the Info page, so smart players won't place themselves in liquidity danger.

? Suitable investing pairs

If you want to offer 100 ETH in Uniswap, your very best choice may not be USDT but DAI and USDC. Choosing USDT-ETH investing will make you drop 2% of your funds due to liquidity.

? Handling charge issues The handling fee includes the gas fee of Ethereum as well as the handling fee of DEX, 0.3% of DEX handling fee and gas fee that changes as time passes. The handling charge of centralized trade runs from 0.049% to 0.02%, through VIP, stage card, etc. This technique can further reduce the handling fee, so DEX does not have an advantage in handling fees. The fuel fee is approximately 0.5$-2$, as well as the transaction cost of the transaction amount is not determined for an individual transaction initiated. As a result, little Swap in DEX is not a sensible choice. ? Counterfeit foreign currency attack The threshold for issuing ERC20 of the same name on Ethereum is quite low. Before the launch of Balancer's governance token BAL, Uniswap has already appeared Balancer Swimming pool Token (BPT), as well as the airdrop was presented with to the large liquidity holders of Balancer. Affectionate users will purchase BPT because they're optimistic about Balancer and lose cash. We can think about the balance of the DEX. ForkDelta with an increase of freedom is filled with junk possessions, and Matcha and Kyber with much less freedom only list high-quality possessions and screen users, but isn't this another centralized decision? (Uniswap can freely splice token contracts for investing) So when Dex started to use DAO governance, the most basic right to govern tokens is to vote for that currency. If an ERC20 is likely to be listed on Compound, it'll be decided by the COMP holders to vote. At the moment, those that vote for it will receive a large amount of ERC20 airdrops. The holders of COMP will have a tendency to vote for it on the human side. The ERC20 can be listed on Compound. The first one to consume crabs is discussed and indirectly affects the price. .

The aforementioned is Kyber and 0x-based Matcha trading interface. Through the aspects of interface design, interactive expertise, cross-terminal deal (Walletconnet), etc., storage DEX is well-liked by the market for no reason.

#Storage order guide Front-end design layout is organic/adaptive/faster loading acceleration Function layout is normally messy/mobile terminal adaptation is normally poor WalletConnet support does not support trading pairs deep slippage controllable spreads large trading experience easy silky check patience Aggregator class 1inch, dex.ag, shiftly, dex.glowing blue, bamboorelay, cross-chain atomic trade Switcheo, JellySwap. By aggregating the depth of other Dex and contracts, bringing together several DEXs (Kyber, Bancor, Uniswap, Oasis, Curve, 0x) and its own capital liquidity pool to provide users with transaction services seeking the very best transaction price.

Taking 1inch as the representative, while searching for the best cost for 0.1 ETH, the fuel charge for initiating the deal is estimated. At the moment, after using Kyber to create a 4$ handling fee, the cost/performance ratio of the transaction is quite low. Finding the preferred cost for transactions in each DEX may also be queried through Dexindex. The next is the best way to industry DEX for 10000 DAI.

When you are ready to change 100 ETH to KNC, Matcha can help you find a very good choice by way of a combination of three DEXs, 4% through 0x, 42% through Uniswap, and 54% through Kyber.

DEX can be an important infrastructure within the Defi ecosystem. Stored Dex with automatic market manufacturers and better expertise devours the purchase book market. The ultimate way to judge whether a DEX will probably be worth investing in is to expertise it on your own. While getting overwhelmed by the Defi trend, you may wish to expertise it. You will find that Defi is not that complicated. Dex returns to its essence to be used by people. Being a investing tool, it will compete for the market with a good interactive expertise, deal depth, and protection, rather than its own token economic model and false quantity to defraud marketplace rankings. It is not accurate to estimate Dex predicated on deal volume on your own. The deal fee for organic persons' deal volume must be distinguished from your deal fee obtained by the task celebration through robots. The trend of scalping is particularly obvious in high-performance general public chains.

Debank data Merging transaction volume, number of transactions, and number of users to comprehensively take a look at Ethereum's DEX, the full total number of Uniswap users with the highest transaction level of DEX is not more than 4,000, and DEX with less than 100 users may also market nearly one million dollars per day. There's also DEXs for single-digit users which are trending upward. Choice DEX with higher professional requirements also includes Opium, Opyn, Potion, etc., which are presented here, which are not suitable for normal users. Of course, the superficial data alone is not enough to guage the effectiveness of a DEX. Various DEXs have different technical difficulties and different group talents. Some DEXs with unappealing data rely on their reference advantages to present assets outside the blockchain for investing in the foreseeable future, demonstrating the vitality from the group, thereby boosting the valuation from the task. Some DEXs can be found in name just, and the core group has lengthy since increased. Some DEX groups are stigmatized, and modifying their faces is not enough to clean up their past behaviors. They are unseen through ordinary data. Only deeper analysis can easily see the truth. TRON's DEX TRON TRON offers many large areas. Wherever you can find hot spots, there will be TRON. TRON's DEX serves as a an accelerated edition of Ethereum. It creates multiple DEX in a very short period of time and accelerates the eradication of competition. There were as much as 35 TRON DEX. The first tronwatch, Kiwidex, Gocdex, KyubeyDex, etc. vanished with the cooling from the TRON TRC20 marketplace. Only TronTrade, PlayerRoyal, and NewDex were remaining, and TrxMarket has been taken by the grandson. Acquired and advertised to PoloniDex.

All the above are all order-thin DEXs. According to DappReview data, TRON's direct DEX PoloniDex is not before TronTrade. TRON's DEX has an average daily trading level of 35w USD, 420w USD USDJ casting quantity, and 2.88 billion USD USDT circulation. Is not a go with. It shows that the stable foreign currency ecosystem of TRON has not shaped a DEX marketplace of sufficient scale. #PoloniDexTronTradeNewdexOikos Swap type order book purchase book order guide storage transaction set amount 5425157 freedom of list Centralized centralized centralized decentralized investing experience is better, much better, and smoother. Recently Oikos shifted the Uniswap of Ethereum to Tron. Synthetic possessions, SNX gameplay could be successfully replicated. Ethereum's SNX didn't capture Uniswap's 0.3% deal fee, while Oikos offers produced an economic closed loop for the TRON. Mint, swap, and trade are all themselves, liquidity bonuses and anti- Xiang Token can nicely stimulate holders to participate in the task. The TRX/sTRX fund pool is little in size, currently 864512.315 TRX + 804707.4552 sTRX.

The difference between TRON and Ethereum is that we now have fewer high-quality TRC20 assets (except USDJ and USDT). Lottery tokens are gradually unmanned as the turnover and payouts decrease. TRC20 that can be accepted by most are the following: ? BTT acquired BitTorrent and issued it. Airdrops have been stopped recently. Document storage BTFS motivation tokens and Dlive program reward tokens can be used for staking. A small amount of TRC20s which are detailed on three major exchanges at exactly the same time have a circulating marketplace value of US$6500w. ? The leader from the WIN lottery type, dividend tokens, having a circulating market value of US$2400w. ? JST USDJ governance tokens, the three major exchanges have delayed opening trading sets, as well as the circulating market value is 750w USD. ? Spirit blockchain sport ChainZ sport token, having a circulating market value of 120 million US dollars. ? OKS Oikos Defi program token, with a complete market value of 250w USD, and a low circulation rate. Most people will never come into contact with other TRC20s. Until now, the total number of TRC20s is as several as 6,301, and less than 10 are known to be used. On the other hand, there are dozens of task parties who have shifted to Binance String. Perhaps the appeal of P-Net+Dex list can have an impact on some task parties. Migrating task tokens to TRON will be cheaper and much more effective than supporting similar projects from scratch.

Not only TRON, but any public chain to build Defi ecological fortresses are necessary for diversified infrastructure support. Up to now, TRON is not connected by oracles such as ChainLink, as well as the success of USDJ pledge quantity has not given TRON. DEX brings vitality, USDJ's impact on TRON's Defi is a lot smaller sized than DAI's impact on Ethereum's Defi. This reminds those that ignore the Defi program network effect and still desire to develop the Defi ecosystem. EOS DEX so far, the number of EOS Tokens is 5143, the early EOS can be DEX everywhere, so far there have been 32 DEX developed predicated on EOS, if you are an early EOS user, FINDEX, BTEX, Chaince, AKDEX pretty much You have heard about it before, and now they are no more operating. Calculate together with your fingertips, now there are just Newdex, WhaleEx, and Switcheo inside EOS DEX. All three are cross-chain Dex and have implemented their very own cross-chain solutions. Dappreview data Newdex relies on the info of 18M USD (including Swap deal quantity) to prospect, and the most dynamic EOS/USDT trading area calculates the common daily trading quantity should be about 10w-15w USD.

Newdex's Swap belongs to the storage DEX from the constant product market machine model, with 10 investing pairs. At the same time, DEX cross-chain with the medial side chain appeared, however the deal volume was furthermore minimal. Some projects that generate stablecoins through staking of EOS have emerged, however the scale and influence aren't enough to aid the Defi ecosystem. Of course, EOS's very own Rex may be the largest Defi program on EOS.

At present, the more promising may be the equilibrium inside cooperation with polkadot and ptoken. The EOS mortgage scale is 400w, about 1000w US dollars of collateral, 273w EOSDT will be minted, and the machine mortgage rate is 385%.

Predicated on EOS Token, making aside the lottery, what's left is not the platform cash from the three exchanges or Major and EOS wallet tokens. Program tokens and sport tokens have started to seek shops on Ethereum along with other general public chains (KARMA, PGL, XPET, Three Kingdoms). At present, I only hope that Voice can bring first-line possibilities to EOS. At the same time, the blockchain sport Blankos Block Party made by EOSVC investment and Blizzard can be worth getting excited about. NEO's DEXNEO 3 upgrade is imminent, as well as the built-in oracle of the public chain seems to have laid the groundwork for Defi. Whether NEO will relocate it to Defi will be unknown. According to official info, NFT will be NEO's next more important monitor, and NFT+DEX may also become a marketplace. Currently, you can find two DEXs developed predicated on NEO, Switcheo and Nash, having an average on a daily basis trading volume ranging from 5w to 20w. Nevertheless, Nash's early purchase valuation by NGD will be relatively higher, and the current circulating market value is US$2,000. Switcheo belongs to the Singapore group. In the early days, it didn't actually get the investment of NGD until it took DEX to participate in the NEO competitors and attained the investment of NGD. The current market value of 270 w will be US dollars.

Dappreview data Switcheo was created in the early days of EOS's mainnet launch. After changing from Ethereum's SWH to NEO's SWTH, Nash sought a space where it could not launch items in compliance. At the moment, the Ethereum Dex is going downhill, as well as the explosion from the Token in the early stage from the EOS main network can be an urgent need for Dex to carry circulation. Switcheo wrongly thought we would create the ETH-based DEX initial, and wait until they will have developed the Ethereum DEX and ETH marketplace. The downturn led to unsatisfactory trading quantity. NEP5-based project investing needs aren't enough, including Zeepin, which are all seeking centralized exchanges, and later NEO-based projects. Spirit, LRN, TNC, QLC, and DBC start aborting and cannot provide ideal trading quantity to DEX, and may only continue to develop Predicated on EOS-based DEX, it really is regrettable that after the development, EOS Dex has been occupied by WAL and Newdex with a huge market talk about. Switcheo, whose advertising is weak, has not also cooperated with mainstream EOS wallets in the market. After experiencing this period, the Switcheo team lately changed the brand, redesigned the economic model, launched Business Hub, a Tendermint Core-based network, and launched the mainnet by the end of the second quarter of the year to start staking as the settlement layer of DEX. NEO's very own bottleneck restrictions. BNB's DEX Binance String is dependant on Cosmos development. As the initial exchange public chain, Binance DEX offers attracted a lot of task parties. In order to compete for the chance to list Binance through DEX, Binance String offers 1,113 BEP2 Tokens, but just 132 can be detailed on DEX, and only two lucky winners selected to Binance Major Station through this method are Ankr And Tomo. Binance DEX has a handling charge of 0.1%, which is as low as 0.04% if BNB is used.

Without liquidity incentives, free currency listing incentives certainly are a good way. This gameplay will be expected to be repeated for the Binance Smart String. Rune, who recently performed abnormally on Binance String. Rune: Binance Chain's Uniswap, having a circulating marketplace value of People$5300w, is really a bit overheated.

DEXTomoDEX of other community chains The order is thin. With the help of Swap Bridge, ETH and BTC are presented to Tomo. The current trading volume is low as well as the trading depth is poor.

YAS Codex Through AMM, non-depth trading, much like Synthetix's iETH, iTRX trading, can introduce more index marking prices.

Coinex DEX Coinex exchange general public chain DEX