Bitcoin’s hashrate has increased a great deal, even after the leading crypto asset’s price slipped below the $50K price zone. Eight days ago the network hashrate was coasting along at 168 exahash per second (EH/s), and this past week it increased 7.73% to today’s 181 EH/s.
Bitcoin’s Hashrate Climbs Higher Following Difficulty Decrease
Following the price drop under the $50K zone, Bitcoin’s (BTC) hashrate remains strong and has increased more than 7% higher during the last week. At the time of writing, BTC’s hashrate on Sunday is 181.59 EH/s as the network’s processing power has been reaching daily highs.
Three month statistics indicate BTC’s hashpower tapped 190 EH/s on Friday, December 3. Metrics show that the network’s hashrate reached an all-time high on May 9, 2021 at 191.42 EH/s. One reason the hashrate remains high despite the recent price drop is because the network’s mining difficulty has dropped during the last difficulty change on November 28.
The change that day saw BTC’s first mining difficulty decrease since July 17. BTC mining was made 1.49% simpler seven days ago when the difficulty decreased. Current difficulty is at 22.34 trillion. At current processing power, it is expected that the next difficulty could rise 1.17% up to possible 22.6 trillion.
For 50 consecutive days, close to 20 Exahash Stealth Miners consume an enormous amount of blocks
There are only 13 known pools dedicating SHA256 hashpower to the Bitcoin blockchain and unknown hashrate otherwise known as stealth miners command 11.75% (19.84 EH/s) of the network’s hashpower.
Bitmain’s Antpool is the largest miner in terms of network hashpower today with 17.94% (30.28 EH/s) of the hashrate. Foundry USA is second with 16.49%, or 27.84 EH/s hashpower. F2pool is just above Foundry USA with 13.20% hashrate and 22.27 EH/s.
From mid-October to now, the network has seen a large amount of stealth miners or unknown hashrate. The unknown hashrate has been consuming a large number of BTC block for 50 consecutive days.
Since 2009, stealth miners discovered 226,000 BTC blocks rewards. During the last six month 1,957 block were discovered by unknown havehrate.
Hashpower, which is a result of many regions around the world, comes mainly from the United States and Canada.
What do you think about Bitcoin’s hashpower increasing after the difficulty decrease and despite the recent price drop? Please share your thoughts on this topic in the comment section.
Credits for the image: Shutterstock, Pixabay, Wiki Commons, Btc.com, Coinwarz.com,
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