The document provides an analysis of the cryptocurrency mining market, emphasizing Bitcoin's dominance with a market cap of approximately $157 billion as of November 2019. It details the various cryptocurrencies, their mining methodologies, and the economic value generated by top mining pools, predominantly in China and the U.S. Additionally, it highlights the technological evolution and significant growth of Bitcoin's hashrate over the years.

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@OrionX_net
CryptoSuper 500
Top 50 Cryptocurrency
Supercomputers
(EMBARGOED until)
November 20, 2019
Stephen Perrenod

2. @OrionX_net
Digital Money
Store of value
Safe?
Unit of account
Supply?
Medium of exchange
Stable?
What is it?
©2018 OrionX.net

3. @OrionX_net
OrionX position
Money 3.0
ª Cryptocurrencies (at least Bitcoin) represent Money 3.0
0.x – shells, beads
1.0 – gold and silver coins
2.0 – national fiat currencies
3.0 – Decentralized digital Money stored in the Internet
Others might say they are simply digital assets
ª Most of the current 4000+ coins will prove to be
worthless in the long run
ª There may be many created to represent shares of real
estate, companies, other real assets (security tokens)
ª Surprise: your Bitcoin is not in your hardware wallet or
paper wallet. That just holds the keys.

4. @OrionX_net
ª It’s not either/or, it’s both
ª They are each layers in a stack
ª Blockchain is the triple entry ledger of chained
transaction blocks: sender wallet, blockchain,
receiver wallet
ª A consensus algorithm (e.g. Nakamoto) that enforces
security and prevents double spending is required:
Mining
ª An incentive is required to cause the algorithm to be
computed and transactions added to the chain:
Cryptocurrency/Coin
ª Smart contracts and second layer chains extend the
functionality
Blockchain or Bitcoin?
Purpose Layer
Extensibility
Smart Contracts,
Second Layer channels
Economic Incentive for
recording Transactions
Crypto Coin
Security & Anti-
Counterfeiting
Consensus Algorithm
(Proof of Work)
Immutable Record of
Transactions
Blockchain

5. @OrionX_net
Supercomputing for decentralized Money
Cryptocurrency
Mining
ª How big is the Crypto Mining Market?
ª Bitcoin market cap about $157 billion (Nov. 14, 2019)
ª Bitcoin daily production = $16 million
– money supply inflation ~ 3.6% will cut in half in May, 2020
– 24 hours x 6 blocks per hour x 12.5 coins x $8902 (as of 11/14/19)
ª Annual production run rate, Bitcoin, $5.84 billion
ª Top 50 Mining Pools produce $7.37 billion annually across 8
coins
ª Although Bitcoin is some 2/3 of the market cap of some 4800
coins, it heavily dominates the Mined (Proof of Work) coin
category by produced value
ª Ethereum #2 daily production 11,500 coins x $284 = $2.1 million
(11/14/19) or $0.77 billion per annum

6. @OrionX_net
CryptoSuper
Methodology
ª We only consider include Proof of Work mined coins, since they are the
only ones using significant supercomputing power
– Non-mined coins usually use Proof of Stake, Premining (“air drop”), or some
Byzantine Fault Tolerant algorithm. They either have to start with mining or air
drop. The US $ started out as Proof of Work (mining, minting) then switched to
Proof of Stake (paper certificates against gold, silver) and now is an “air drop”.
ª We consider the top 10 mined coins, look at pool statistics and then end
up with 8 mined coins making the cut
ª The mining protocols and hash rates vary in very large degree between
coins
– e.g. top pool for Bitcoin is in the Exahash/s and the top pool for Monero is in the
Megahash/s (almost 12 orders of magnitude lower)
ª Most coins (Bitcoin, Ethereum) require ASICs to be profitably mined,
others (including Monero) can run on GPUs
ª We compare mining pools by using the economic value of coins produced
per day = number of blocks mined x number of coins per block x price per
coin

7. @OrionX_net
Top Coins
Hashrate Evolution, Bitcoin
Top Host Countries
Top Pool Operators
Summary Tables

8. @OrionX_net
ª These are the top 10 coins mined with
Proof of Work, by market cap
ª Only mined coins use supercomputer
class computational power
ª All Snapshots on hashing rates, block
production, were taken as of 10/31/19
ª Block production for Bitcoin,
Ethereum, and Bitcoin Cash: we had
information on 90 day average block rates for
mining pools available, for other coins, 30 day
averages used
ª Note the extreme variation in Hashing
rates with Bitcoin ~ 100 Exa and
Monero at ~ 300 Mega
Top Ten Mined Coins
Coin Market
Cap $B
HW Algorithm Block time Block reward New coins /
day
Hash
rate
units
Bitcoin 148.3 ASIC SHA256 10 min. 12.5 1800 98.01 Exa
Ethereum 18.94 ASIC Ethash 15 sec. 2 11520 182.1 Tera
Bitcoin Cash 4.069 ASIC SHA256 10 min. 12.5 1800 2.95 Exa
LTC 3.47 ASIC Scrypt 2.5 min. 12.5 7200 188.0 Tera
Bitcoin SV 1.692 ASIC SHA256 10 min. 12.5 1800 1.48 Exa
Monero 0.969 GPU CryptoNight 2 min. 4.87 3506.4 327.6 Mega
Dash 0.631 ASIC X11 2.6 min. 1.55 892.8 4.91 Peta
Ethereum
Classic
0.517 ASIC Ethash 15 sec. 4 23040 9.80 Tera
Dogecoin 0.332 ASIC Scrypt 1 min. 10,000 14,400,000 195.0 Tera
Zcash 0.28 ASIC Equihash 2.5 min. 10 5760 5.07 Giga

9. @OrionX_net
ª These eight coins had mining
pools in the top 50
ª $7.4 billion of annual economic
value produced
ª 84% of all AEV (annual
economic value) for mined coins
is in Bitcoin
ª 10% is in Ethereum, and the
remaining 6% spread across
Bitcoin Cash, Litecoin, and four
others
Top Eight Coins for Mining Pools
Coin Top 50
Pools:
M$ per year
Number entries
In Top 50
Percent of
Annual
Economic Value
Bitcoin 6205.6 18 84.1
Ethereum 723.8 9 9.8
Bitcoin Cash 154.1 7 2.1
Litecoin 130.9 7 1.8
Zcash 58.9 3 0.8
Bitcoin SV 60.5 3 0.8
Monero 30.6 2 0.4
Ethereum Classic 12.4 1 0.2
Total 7376.7 50 100

10. @OrionX_net
ª Bitcoin’s hashrate has grown from 0.2
Terahashes when it was 2 years old to now ~ 100
Exahashes
ª Over 8 orders of magnitude
ª A BlockYear is 52,500 blocks each of about 10
minutes, and is approximately equal to a calendar
year
ª The Hashrate has grown as a power law of slope
12 (!) over the past decade (Hashrate regressed
against # Block years or blockchain length)
ª This amounts to 233% compound annual growth
ª In Moore’s Law terms, it is a Doubling every 7
months!
Hashrate Growth for
Bitcoin: Tremendous
Block
Height
Block
reward
Block Years
elapsed
Date Hashrate
(TeraH/s)
log 10
of Hashrate
log 10 of
Block Year
Power law, 3-
year interval
105,000 50 2 2011-01-28 0.166 -0.78 0.30
131,250 50 2.5 2011-06-16 7.705 0.89 0.40
157,500 50 3 2011-12-14 8.249 0.92 0.48
183,750 50 3.5 2012-06-09 12 1.08 0.54
210,000 25 4 2012-11-28 25 1.40 0.60
236,250 25 4.5 2013-05-15 87 1.94 0.65
262,500 25 5 2013-10-09 1564 3.19 0.70 7.82
288,750 25 5.5 2014-03-03 29,033 4.46 0.74 9.60
315,000 25 6 2014-08-11 156,187 5.19 0.78 14.83
341,250 25 6.5 2015-01-31 296,921 5.47 0.81 18.49
367,500 25 7 2015-07-29 386,597 5.59 0.85 19.37
393,750 25 7.5 2016-01-17 766,473 5.88 0.88 17.49
420,000 12.5 8 2016-07-09 1,554,081 6.19 0.90 13.15
446,250 12.5 8.5 2017-01-02 2,420,682 6.38 0.93 9.35
472,500 12.5 9 2017-06-23 5,145,068 6.71 0.95 8.46
498,750 12.5 9.5 2017-12-11 12,845,067 7.11 0.98 9.90
525,000 12.5 10 2018-05-29 33,710,000 7.53 1.00 12.10
551,250 12.5 10.5 2018-11-24 41,483,900 7.62 1.02 12.59
577,500 12.5 11 2019-05-24 52,657,000 7.72 1.04 12.26
603,750 12.5 11.5 2019-11-14 89,789,000 7.95 1.06 11.92
630,000 6.25 12 May 2020
Last 3
years
HR ratio 37.09 R^2 0.98 slope 12.20
CAGR 233% intcpt -4.90

11. @OrionX_net
ª We ranked the top 50 pools for each of the eight
top coins
ª Pools are in fact multinational since anyone can
contribute compute power to any pool
ª This is a list by host country ranking for AEV,
some are Mixed (usually combo of China, US,
Europe)
ª Global includes US, China, and Europe within
the same pool
ª We then interleaved the list to get the top pools
by $ value of production
ª China has over one third of the top pools, and
with Hong Kong, half
Top Host Countries
Host
Country
Number of
Top Pools
Percent of
AEV
Annualized
M$
China 20 43.8 3234
Global 5 14.7 1082
US, China 3 12.2 897
US 8 10 734
Hong Kong 5 8.2 607
Unknown 4 7.5 550
Other 5 3.7 272
Totals 50 100 7377

12. @OrionX_net
ª Often the same pool is mining multiple coins
ª We aggregate the coins mined under a
particular operator
ª We also list the host country
ª These are the Top 10, responsible for ~ 85%
of the Top 50 annual economic value
creation
ª China has 5, USA 1, Hong Kong 1, others
unknown or mixed
Top Pool Operators
Pool Operator
Host
Country
Number of
Top Pools
Annualized
M$
BTC.com China 3 1129
F2Pool
Global
4 1059
Poolin US, China 3 897
AntPool
China
4 769
ViaBTC Hong Kong 4 523
Unknown
n/a
1 469
Huobi.Pool China
1 404
SlushPool
US
1 384
BTC.Top China 2 374
SparkPool
China
1 234
Totals 24 6,241

13. @OrionX_net
Top 50 Crypto Super List

14. @OrionX_net
Top 50 List of
Cryptocurrency
Supercomputers
First Half: 1-12
Pool, coin,
value, host
country
Rank Pool Coin Monthly
M$
Annualized M$ Host Country
1 BTCdotcom Bitcoin BTC 91.20 1,094.5 China
2 F2Pool Bitcoin BTC 62.14 923.3 Global
3 Poolin Bitcoin BTC 69.10 829.2 US, China
4 AntPool Bitcoin BTC 60.61 727.3 China
5 ViaBTC Bitcoin BTC 39.27 471.3 Hong Kong
6 Unknown Bitcoin BTC 39.08 469.0 n/a
7 Huobi Bitcoin BTC 33.69 404.3 China
8 Slush pool Bitcoin BTC 32.01 384.1 US
9 BTCTop Bitcoin BTC 29.48 353.8 China
10 Sparkpool Ethereum ETH 19.49 233.9 China
11 Bitfury Bitcoin BTC 17.21 206.5 Georgia, Iceland
12 Ethermine Ethereum ETH 15.94 191.3 US

15. @OrionX_net
Top 50 List of
Cryptocurrency
Supercomputers
First Half: 13-25
Pool, coin,
value, host
country
Rank Pool Coin Monthly M$ Annualized M$ Host Country
13 F2Pool Ethereum ETH 8.32 99.8 China
14 NanoPool Ethereum ETH 7.24 86.9 Global
15 BytePool Bitcoin BTC 7.00 84.0 Hong Kong
16 1Thash Bitcoin BTC 5.66 67.9 China
17 NovaBlock Bitcoin BTC 5.32 63.8 US
18 Unknown Bitcoin Cash BCH 4.54 54.5 n/a
19 Poolin Litecoin LTC 3.09 37.0 US, China
20 MiningPoolHub Ethereum ETH 3.04 36.5 Global
21 SpiderPool Ethereum ETH 3.01 36.2 China
22 Way1 dot cn Bitcoin BTC 2.94 35.3 China
23 Bitcoin dot com Bitcoin BTC 2.68 32.1 US
24 Poolin ZCash ZEC 2.53 30.4 US, China
25 ViaTBC Bitcoin SV 2.16 26.0 Hong Kong

16. @OrionX_net
Top 50 List of
Cryptocurrency
Supercomputers
Second Half:
26-37
Pool, coin,
value, host
country
Rank Pool Coin Monthly M$ Annualized M$ Host Country
26 Bixin Bitcoin BTC 2.14 25.7 China
27 BTCdotcom Bitcoin Cash
BCH
1.82 21.9 China
28 F2Pool Litecoin LTC 1.74 20.9 Global
29 BTCTop Bitcoin Cash
BCH
1.67 20.1 China
30 Coingeek Bitcoin SV 1.67 20.0 Canada
31 Litecoinpool Litecoin LTC 1.54 18.5 US, EU
32 SupportXMR Monero XMR 1.53 18.3 US
33 Bitclub Bitcoin BTC 1.41 17.0 US
34 Okpool Bitcoin BTC 1.38 16.5 China
35 qq4qnu Bitcoin Cash
BCH
1.35 16.2 China
36 Bitcoin dot com Bitcoin Cash
BCH
1.27 15.3 US
37 F2Pool ZCash ZEC 1.23 14.8 Global

17. @OrionX_net
Top 50 List of
Cryptocurrency
Supercomputers
Second Half:
38-50
Pool, coin,
value, host
country
Rank Pool Coin Monthly M$ Annualized
M$
Host Country
38 Ltcbtctop Litecoin LTC 1.22 14.6 China
39 12VASaej Bitcoin SV 1.21 14.5 n/a
40 0xd224.. Ethereum ETH 1.20 14.3 Germany
41 AntPool Bitcoin Cash BCH 1.18 14.1 China
42 ViaBTC Litecoin LTC 1.16 14.0 Hong Kong
43 AntPool ZCash ZEC 1.15 13.8 China
44 AntPool Litecoin LTC 1.14 13.7 China
45 PandaPool Ethereum ETH 1.05 12.6 China
46 0xaa5c.. Ethereum ETH 1.03 12.4 n/a
47 Ethermine Ethereum Classic
ETC
1.03 12.4 US
48 MineXMR Monero XMR 1.02 12.3 France
49 BTCdotcom Litecoin LTC 1.02 12.2 China
50 ViaBTC Bitcoin Cash BCH 1.00 12.0 Hong Kong

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@OrionX_net
Thank you!
orionx.net/blog
Stephen Perrenod

19. @OrionX_net
Mining
Economics and
Environmental
Impact
ª Bitcoin is environmentally friendly as compared to, say, precious metals
mining
ª Summary of latest Coinshares Bitcoin Mining Report here:
ª https://medium.com/coinshares/surprise-majority-of-btc-energy-sourced-
from-hydro-wind-solar-49f73839aec6
ª 74% of crypto mining is powered by renewable electricity sources or 4
times the world average
ª Bitcoin break even currently around $5700 with 5 cent / KWh electricity
and other costs
– Average profits of $5.4 million per day for Bitcoin when $8700, nearly $2 billion
per year
ª Focus on cheap hydropower regions: Southwest China, Eastern Canada,
Pacific Northwest, Caucasus region, Scandinavia

20. @OrionX_net
References
ª Overall: coinmarketcap.com, coinwarz.com, cryptoslate.com
ª BTC: btc.com
ª ETH: btc.com, etherscan.io
ª BCH: btc.com, cash.coin.dance
ª LTC, ZEC, XMR, DASH: miningpoolstats.stream
ª Cryptocurrency topics: orionx.net/blog