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. Further, for the next three months, mining bitcoin will be 50 percent more challenging than ever after nine successive difficulty changes.
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 Mining is now 50% harder than 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. These nine adjustments mean that it is now more challenging to mine Bitcoin (BTC), than ever before July 17th, 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. Antpool has 26% and F2pool 28.51% respectively. Foundry USA holds 12.69%, making it the third-largest global mining pool. Foundry’s pool commands roughly 20.32 EH/s at the time of writing.
Viabtc, which accounts for 11.8% of global hashrate and 18.89 EH/s is fifth-largest mining pool. The fifth-largest hashrate today belongs to stealth miners known as “unknown” with 16.39 EH/s. Another ten hashrate-focused mining pool is below this pie.
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. At current BTC exchange rate, the Microbt WhatsminerM30S++ (112 TH/s), will earn 44.77 USD per day and Bitmain Antminer Pro (110TH/s), pulls in $44.24.
Canaan’s top model, the Avalonminer 1246 (90 TH/s) can get around $34.92 every 24 hours using current exchange rates. With its 140 TH/s hashpower, the Bitmain Antminer S19 XP would make $58.20 a days if it was out in the wild. The unit will not be available for sale until July 2022.
What do you think about the recent mining action and Bitcoin’s hashrate climbing 42% higher in three months? Please comment below to let us know your thoughts on this topic.
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