Despite the Low Price, Bitcoin’s Hashrate Remains Elevated as Difficulty Taps an All-Time High – Mining Bitcoin News

Amid the Terra blockchain meltdown, Bitcoin’s hashrate has been well above the 200 exahash per second range, at 212 EH/s at the time of writing. Bitcoin’s hashpower has remained high after reaching an all-time high on May 02, at block height 734,577. The network also experienced another difficulty rise following its last increase on May 10 at block height 735.840.

Bitcoin’s Security Has Never Been Stronger — Difficulty Reaches 31.25 Trillion

Over the last 12 months, Bitcoin’s hashrate has continued to proliferate, reaching a number of all-time highs this past year. At block height 734,577 on May 2, 2022, the Bitcoin hashrate reached an all-time record. The hashrate tapped 275.01 EH/s.

Currently, the hashrate continues to remain elevated at 212 EH/s, despite the fact that $350 billion was erased from the crypto economy in seven days according to Into the Block’s weekly key metrics. While BTC’s price is down, the network also saw a 4.89% difficulty increase at block height 735,840.

Over the last two difficulty adjustment algorithm (DAA) changes, the network’s difficulty has increased by 10.45% in four weeks’ time. The difficulty of mining bitcoin (BTC), at 31.25 Trillion, is unprecedented. The DAA will increase by an average 0.72% in nine days. BTC miners have seen a decrease in profits over the past two weeks due to the falling price.

At current prices, however, the Bitmain Antminer S19 Pro+ Hd. produces 198 Terahash per Second (TH/s), and only receives $9.29 per Day. That’s if the bitcoin miner is paying $0.12 per kilowatt-hour (kWh). If they charge $0.12 per kWh for electricity, machines producing less than 30 THP may not see profits. Innosilicon’s Terminator 3, a miner that produces 52 TH/s, gets roughly $0.22 per day in BTC if they pay $0.12 per kWh in electrical costs.

In the seven-day period, 1 035 blocks on Bitcoin were mined. Only three blocks were left unmined. Foundry USA is this week’s top miner as the pool found 211 blocks out of the 1,035. Foundry controls 20.39% global hashrate or 45.75EH/s for hashpower. F2pool is next, which currently controls 14.49% global processing power for the Bitcoin network.

F2pool currently has 32.52 EH/s dedicated hashpower to the network. The pool discovered 150 blocks of 1,035 that were found over the past week. There are currently 15 pools dedicated to SHA256 havehpower towards the BTC chain, and around 1.6% of global hashrate belongs to unknown miners. Unidentified mining organizations or stealth miner command 2.6 EH/s. They have captured 12 of the 1,035 blocks this week.

While it’s been a crazy week in crypto, Bitcoin miners continue to do what they do best, which is continuously working to find as many blocks as possible. BTC prices today are lower than two weeks ago and it is becoming more difficult to locate a BTC-block. These factors have not affected the network’s hashrate and BTC has never been more secure in the past 13 years.

What do you think about the hashrate remaining high while bitcoin’s price is lower, and the difficulty reaching an all-time high? Comment below and let us know how you feel about this topic.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been active since then. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.