Bitcoin network hashrate has been operating at very high processing speeds over the last few weeks as the total hashrate touched as much as 171.2 exahash per second (EH / s) on Monday. In addition, network mining problems have also touched an all-time high (ATH) of 20.61 trillion, the biggest problem the network has ever experienced in the last 12 years.
One aspect of the Bitcoin (BTC) network that people are looking at to measure the overall health and growth of the protocol is hashrate. At the time of publication, the BTC hash rate is being processed at speeds of around 165.38 EH / s, and the miner’s collective hash power has been close to all-time highs again. For example, on December 30, 2020, the network peaked at a colossal 178.6 EH / s, and 12 days later, the hash rate hit 171.2 EH / s.
What has surpassed its ATH is BTC’s Network Mining or Difficulty Adjustment Algorithm (DAA). This week, the difficulty of mining is the highest that the difficulty has ever been in the lifetime of Bitcoin to date. After the significant price drop on Monday and the accelerated hash rate the same day, the protocol pushed mining difficulties to 20.61T.
Because the hash rate is so high into the second week of January 2021, Bitcoin network difficulties will increase + 9.98% or 22.66T, another ATH in less than two weeks. This takes place in about nine days from now, give or take depending on the average production of blocks per. Day.
The BTC hashrate has increased greatly over the years, as the entire network hashrate was only an exam per second back in January 2016. On May 8, 2017, news.Bitcoin.com reported on the BTC network hashrate by touching 4,216,797,036 GH / s or over 4 EH / s. Since then and through the bear market 2018 and 2019, Bitcoin hashrate has grown by over 3,700%.
Before halving the reward amount in May, bitcoin miners received 12.5 BTC per. Block, but these days a bitcoin mine gets only 6.25 BTC per. Block reward. Today’s 165 EH / s is the total hash rate for all 18 bitcoin mines that put “work” into the SHA256 “proof-of-work” consensus algorithm.
With a block reward found every ten minutes or so, the Bitcoin block inflation rate per year is only 1.78% in the first month of 2021. So far, even with this week’s BTC price drop, miners are still earning a lot by allocating hash rates to the chain. Statistics show more than 200 application-specific integrated circuit (ASIC) devices processing the SHA256 algorithm are currently profiting at as much as $ 0.12 per second. Kilowatt-hour (kWh).
Bitcoin advocates are pretty confident in the overall hashrate and security of the cryptocurrency network. In a thread on BTC confidence, bitcoiner Pierre Rochard explained that if people are “sure of Bitcoin’s fundamentals, then exchange rate volatility is just – a happy tune.”
Rochard also said:
Confidence in being able to send bitcoin. Bitcoin’s global peer-to-peer network of nodes and the massive mining hashrate ensure that your bitcoin gets to where you send it without foreign interference.
Meanwhile, a number of dominant cryptocurrency exchanges are joining the mining sector. On Wednesday, reporter Colin Wu (@Wublockchain) discussed how Huobi is entering the mining economy. “China’s largest exchange, Huobi, is about to start selling BTC mining,” Wu said.
“Investors can buy machines + custody services. The lock-in period is two years. Chinese stock exchanges are getting more involved in mining. The Binance mining pool, launched in 2020, once became number two in the overall BTC network and surpassed a large number of traditional mining pools, ”added the financial reporter from China.
What do you think about Bitcoin’s increased hashrate and difficulty? Tell us what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, coinwarz.com/mining/bitcoin/hashrate-chart, Btc.com,
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