While bitcoin has been hovering above the $60K handle for a great majority of the last 28 days, the network’s hashrate has jumped considerably during that time as well. Since August 13, Bitcoin’s hashrate has climbed 42% from 110 exahash per second (EH/s) to today’s 157 EH/s. Moreover, after nine consecutive difficulty changes, going forward, it will be 50% more difficult to mine bitcoin than it was three months ago for the next two weeks.
Bitcoin’s Hashrate Soars 42% Higher Over the Last 3 Months Following Crypto Asset’s 36% Price Increase
This article was published more than a year ago. Some information may no longer be current.
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Bitcoin’s Hashrate Follows the Price Rise
At the time of writing, Bitcoin’s hashrate is coasting along at 157 EH/s and approximately 14 known mining pools are dedicating hashpower to the network. 16.39 exahash or 10.24% of the network is being mined by stealth miners and the hashrate is classified as “unknown.”
The unknown hashrate represents the fifth-largest mining ‘pool’ dedicating hash toward the network. Meanwhile, during the last three months, Bitcoin’s hashrate has followed the price moving northbound. The overall hashrate is 42% higher than it was three months ago and that was roughly a month after China’s crackdown on bitcoin miners.
Bitcoin Is 50% More Difficult to Mine Than It Was 3 Months Ago
In the last three months, hashrate averages show that at some points during the last three months, Bitcoin’s hashrate ran as high as 180 EH/s. Bitcoin’s hashrate has climbed above the 180 EH/s region three times since October 25.
Bitcoin’s price has hovered above the $60K price range since October 15 and dipped under $60K on one occasion during that time. Because the hashrate has been gradually rising, Bitcoin’s network difficulty as of this weekend, will have adjusted upward nine times in a row. The nine adjustments equates to being over 50% more difficult to mine bitcoin ( BTC) since July 17, 2021.
4 Pools Command 58% of Network’s Processing Power
Today, the top four mining pools command 58.6% of the network’s hashrate during the last three days. F2pool is the largest mining pool with 28.51% EH/s and Antpool commands 26%. Foundry USA captures 12.69% of the global hashrate as the third-largest mining pool today. Foundry’s pool commands roughly 20.32 EH/s at the time of writing.
Viabtc is the fifth largest mining pool with 11.8% of the global hashrate translating to 18.89 EH/s. The fifth-largest hashrate today belongs to stealth miners known as “unknown” with 16.39 EH/s. Below this portion of the hashrate pie is another ten mining pools dedicating hashrate to the BTC chain.
Market’s Most Profitable Miners Are Raking in $34 to $45 per Day
The most profitable miners on the market are making decent profits between $34 to close to $45 per day with today’s exchange rates, the current mining difficulty, and $0.07 per kilowatt-hour (kWh) in electricity costs. The Microbt Whatsminer M30S++ (112 TH/s) will bring in 44.77 per day at current BTC exchange rates and the Bitmain Antminer S19 Pro (110 TH/s) pulls in $44.24 per day.
Canaan’s top model, the Avalonminer 1246 (90 TH/s) can get around $34.92 every 24 hours using current exchange rates. If the new Bitmain Antminer S19 XP was in the wild today, it could pull in around $58.20 a day with its 140 TH/s hashpower. However, the unit is not expected to be sold until July 2022.
What do you think about the recent mining action and Bitcoin’s hashrate climbing 42% higher in three months? Let us know what you think about this subject in the comments section below.
