While bitcoin has hovered above the $ 60,000 grip for the vast majority of the past 28 days, the network’s hashrate has also increased significantly during that time. Since August 13, Bitcoin’s hashrate has climbed 42% from 110 exahash per second (EH / s) to 157 EH / s today. Additionally, after nine consecutive difficulty changes, it will be 50% harder to mine bitcoin than it was three months ago for the next two weeks.
Bitcoin’s hashrate tracks rising prices
At the time of writing, Bitcoin’s hashrate is running at 157 EH / s and around 14 known mining pools are dedicating hash power to the network. 16.39 exahash or 10.24% of the network is operated by stealth miners and the hashrate is classified as “unknown”.
The unknown hashrate represents the fifth largest mining “pool” dedicated to hash in the network. Meanwhile, over the past three months, Bitcoin’s hashrate has trended north. The overall hash rate is 42% higher than it was three months ago and that was about a month after China’s crackdown on bitcoin miners.
Bitcoin is 50% harder to mine than 3 months ago
Over the past three months, hashrate averages show that at certain times over the past three months Bitcoin’s hashrate has reached 180 EH / s. Bitcoin’s hashrate has crossed the 180 EH / s region three times since October 25.
The price of Bitcoin has hovered above the $ 60,000 price range since October 15 and fell below $ 60,000 on one occasion during that time. Because the hashrate has gradually increased, Bitcoin’s network difficulty from this weekend will have adjusted up nine times in a row. The nine adjustments amount to more than 50% difficulty in mining bitcoin (BTC) since July 17, 2021.
4 pools control 58% of network processing power
Today, the top four mining pools control 58.6% of the network’s hashrate in the past three days. F2pool is the largest mining pool with 28.51% EH / s and Antpool controls 26%. Foundry USA captures 12.69% of the world’s hashrate as the third largest mining pool today. Foundry’s pool orders around 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 so-called “unknown” stealth miners with 16.39 EH / s. Below that part of the hashrate pie are ten more dedicated BTC hashrate mining pools.
The most profitable miners on the market make $ 34-45 a day
The most profitable miners in the market make decent profits between $ 34 and almost $ 45 per day with today’s exchange rates, current mining difficulty, and $ 0.07 per kilowatt hour (kWh) of mining costs. electricity. The Microbt Whatsminer M30S ++ (112 TH / s) will net 44.77 per day at current BTC exchange rates and the Bitmain Antminer S19 Pro (110 TH / s) brings in $ 44.24 per day.
Canaan’s top-of-the-line model, the Avalonminer 1246 (90 TH / s) can fetch around $ 34.92 every 24 hours using current exchange rates. If the new Bitmain Antminer S19 XP were in the wild today, it could fetch around $ 58.20 per day with its 140 TH / s hash power. However, the unit is not expected to be sold until July 2022.
What do you think of recent mining action and Bitcoin’s hashrate which rose 42% in three months? Let us know what you think of this topic in the comments section below.
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