1. @OrionX_net
June, 2021
Stephen Perrenod
CryptoSuper 500 – Sixth List
Top Cryptocurrency Supercomputers

2. @OrionX_net
©2021 OrionX.net
Digital Money
Store of value
Safe?
Unit of account
Supply?
Medium of exchange
Stable?
What is it?
Money in the
Internet
500 year advance in
accounting
(triple-entry ledger)
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What
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is it ?

3. @OrionX_net
©2021 OrionX.net
✦ 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
✦ Most of the current 10,000+ coins will prove to be worthless in
the long run (it was only 7500 last list)
✦ Surprise: your Bitcoin is not in your hardware wallet or paper
wallet. That just holds the keys.
OrionX position
Money 3.0

4. @OrionX_net
©2021 OrionX.net
▪ It’s not either/or, it’s both
▪ They are each layers in a stack
▪ Blockchain is the triple entry ledger of chained
transaction blocks: sender wallet, blockchain, receiver
wallet
▪ A consensus algorithm (e.g. Nakamoto) that enforces
security and prevents double spending is required:
Mining, it also enforces a monetary policy
▪ An incentive is required to cause the algorithm to be
computed and transactions added to the chain:
Cryptocurrency/Coin
▪ Smart contracts and second layer chains extend the
functionality
Blockchain or Bitcoin? Gold, Fiat or Bitcoin?
Aristotle defined the first four attributes required for money over two millennia ago. We have
added Fungibility “one is as good as another” to the table. Bitcoin is private, global money on a
decentralized, highly replicated leger.
Monetary Technology Advances

5. @OrionX_net
©2021 OrionX.net
Supercomputing for decentralized monetary assets
Cryptocurrency Mining
✦ How big is the Crypto Mining Supercomputer Market?
✦ Method: We estimate the annual economic value of mined crypto
✦ Bitcoin market cap about $700 billion (early June 18.7 million BTC at $37,750)
✦ Bitcoin daily production = $32 million (miners also receive a few $ million in fees)
– money supply inflation ~ 1.8% was cut in half in May, 2020
– 24 hours x 6 blocks per hour x 6.25 coins x $37,750
✦ Annual production run rate, Bitcoin, $12 billion
✦ Ethereum #2 by market cap at $250 billion, daily production currently higher than
Bitcoin, roughly $50 million of new ETH per day
✦ Top 45 Mining Pools produce revenue of $33 billion annually across top 3 mined
coins, including new coins and transaction fees. Another several $ billion from
smaller miners.
✦ Bitcoin mining is not dirty relative to global use of energy, it is estimated 39% of its
electricity is sourced from renewables, three times the world average

6. @OrionX_net
©2021 OrionX.net
CryptoSuper
Methodology
✦ We only consider Proof of Work mined coins, since they are the only
ones using significant supercomputing power
– Non-mined coins usually use Proof of Stake, Pre-mining (“air drop”), or other
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” of sorts, created
by banks when new loans are made, backed by reserves at the Fed.
✦ The mining protocols and hash rates vary in very large degree between
coins
– Total Hashrate for Bitcoin is over 100 Exahash/s and for ZCash only 7 Gigahash/s (10
orders of magnitude lower)
✦ Most coins (Bitcoin, Ethereum) require ASICs to be profitably mined
✦ 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 and adding transaction fee revenue

7. @OrionX_net
©2021 OrionX.net
Great Chinese
Mining Shutdown
✦ Rumors came out in late May about a Chinese crypto mining
shutdown. This time it was serious.
✦ The ban rolled out province by province in the key mining provinces of
Inner Mongolia, XinJiang, and Sichuan. The big blow came on June 19
with orders in Sichuan.
– Total Hashrate for Bitcoin fell from over 160 Exahash/s to under 100 Exahash/s by
the end of June
– Over half a dozen top mining pools saw their hash rate fall by more than half
✦ There were many articles and Twitter posts about mining rigs being
relocated or sold to Central Asia and North America. The next
CryptoSuper list toward the end of 2021 will be a very interesting one.
✦ Why ban mining?
1. limit capital flight
2. control electricity usage
3. better impose regulation and taxes if the ban is relaxed in the future
4. make space for the DC/EP central bank digital Yuan <—- the real reason

8. @OrionX_net
Hashrate Evolution, Bitcoin
Top Mined Coins
Top Host Countries
Billion Dollar Pool Operators
Summary Tables

9. @OrionX_net
©2021 OrionX.net
✦ Bitcoin’s hashrate has grown
from 0.2 Terahashes when it
was 2 years old to over 100
Exahashes
✦ Over 8 orders of magnitude
✦ A BlockYear is 52,500 blocks
each of about 10 minutes, and
is approximately equal to a
calendar year
✦ The Hashrate has grown as the
9th power of Block Years
elapsed during the past 4 years
(Hashrate regressed against #
Block years or blockchain length)
✦ This amounts to 142%
compound annual growth
✦ Far beyond Moore’s Law, it is
Doubling each 9 months
Hashrate is Total
Compute Power,
Tremendous
Growth in Bitcoin
Hashrate
✦
Block
Height
Block
reward
Block
Years
elapsed
Date
Hashrate
(TeraH/s)
log 10
of
Hashrat
e
log 10 of
Block
Year
Power
law, 4-
year
interval
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 2020-05-11 121,040,000 8.08 1.08 11.19
656,250 6.25 12.5 2020-11-10 128,396,000 1.10 10.42
682,500 6.25 13 2021-05-08 175,210,000 1.11 8.94
Last 4
years
HR ratio 34 R^2 0.94 slope 8.94
CAGR 142%

10. @OrionX_net
©2021 OrionX.net
✦ These 6 coins produce
$39 billion of annual
economic value (AEV)
produced (up from $9.1
billion in November,
2020)
✦ ETH (Ethereum) is
slightly ahead of Bitcoin,
each are around $40 to
50 Million per day
✦ Only ETH, BTC, and
Dogecoin have pools of
over $100 million a year
(45 pools aggregate)
Top Six Coins for
Mining Pools
✦

11. @OrionX_net
©2021 OrionX.net
✦ We ranked the top 45 pools
for each of the six top coins
(cutoff $100 million per
annum)
✦ Pools are all in fact
multinational since anyone
can contribute compute
power to any pool
✦ This is a list by host country
ranking for AEV, some are
Mixed
✦ Global includes US, China,
and/or Europe hosting
within the same pool
✦ China has 37% of the Top
45 pool AEV, Global 50%,
US 9% (much of Global is in
China as well)
✦ China is experiencing a
large exodus of hash rate
with government crackdown
on mining farms
Top Host
Countries (Pools
over $100 million
annual)
✦
Host Country
Number of Top
Pools
Percent o
f
AEV
Annualized M$
China/Hong
Kong
16 37.2 12,169
Global 17 50.0 16,352
US 5 9.4 3,074
Europe 2 1.3 440
Other 5 2.0 640
Totals 45 100 32,675

12. @OrionX_net
©2021 OrionX.net
✦ Often the same pool is
mining the three top
coins
✦ We aggregate the coins
mined under the
particular operator
✦ We also list the host
country
✦ These are the Top 10,
responsible for over 2/3
of the annual economic
value creation
✦ China has 4, US 1,
others global (but often
with substantial Chinese
participation)
Billion $ Pool
Operators
✦

13. @OrionX_net
©2021 OrionX.net
Top 45 pools, Crypto Super List, by Coin

14. @OrionX_net
©2021 OrionX.net
Top Ethereum
Mining Pools:
Pool, Monthly and
Annualized
revenue (M$),
Host country

15. @OrionX_net
©2021 OrionX.net
Top Bitcoin
Mining Pools:
Pool, Monthly and
Annualized
revenue (M$),
Host country

16. @OrionX_net
©2021 OrionX.net
Top Dogecoin
Mining Pools:
Pool, Coin
Monthly and
Annualized
revenue (M$),
Host country

17. @OrionX_net
June, 2021
Stephen Perreno
d
OrionX.net/research
Thank you!

18. @OrionX_net
©2021 OrionX.net
References
✦ Overall: coinmarketcap.com, coinwarz.com, cryptoslate.com
✦ BTC: btc.com, blockchain.com
✦ ETH: btc.com, etherscan.io
✦ BTC, ETH, Doge, others: miningpoolstats.stream
✦ Cryptocurrency topics: orionx.net/blog
✦ Top Cryptocurrency Supercomputers November 2020, (slide presentation link)
✦ The Brutal Efficiency of Crypto Mining, https://medium.com/the-capital/the-brutal-
efficiency-of-crypto-mining-far-beyond-moores-law-92fa90e617e0
✦ Bitcoin’s Long Term Value, An Adoption S-Curve for a New Monetary Technology https://
medium.com/the-capital/bitcoins-long-term-value-e077e212264d