The Bitcoin network’s hashrate has been operating at very high processing speeds for the past few weeks as the total hashrate hit a whopping 171.2 exahashes per second (EH / s) on Monday. In addition, the network’s mining difficulty has hit an all-time high (ATH) of 20.61 trillion, the highest difficulty the network has ever had in the past 12 years.
One aspect of Bitcoin (BTC) Network that people look at to measure the overall health and growth of the log is the hashrate. At the time of publication, the BTC The hash rate is processed at around 165.38 EH / s, and the miner’s collective hash performance has hit an all-time high again. For example, the network hashrate rose to a whopping 178.6 EH / s on December 30, 2020 and 12 days later Hashrate hit 171.2 EH / s.
What has surpassed its ATH is BTCNetwork Mining Difficulty or Difficulty Adjustment Algorithm (DAA). This week, the mining difficulty level is the highest Bitcoin has ever had in Bitcoin’s lifetime. After the sharp drop in prices on Monday and the accelerated hashrate on the same day, the protocol forced the difficulty of the mining industry 20.61T.
Because the hashrate is so high in the second week of January 2021, the Bitcoin network difficulty increases by + 9.98% or 22.66 T, another ATH in less than two weeks. This will be done in about nine days, depending on the average output of blocks per day.
The BTC The hashrate has increased significantly over the years, as the hashrate of the entire network was only one exahash per second in January 2016. On May 8, 2017 news.Bitcoin.com reported on the BTC Network hash rate of 4,216,797,036 GH / s or more than 4 EH / s.Since then and until the 2018 and 2019 bear market, the Bitcoin hashrate has grown by over 3,700%.
Before the block reward halved in May, the Bitcoin miners received 12.5 BTC However, these days, a Bitcoin mining pool only receives 6.25 per block found BTC Reward per block. Today’s 165 EH / s are the aggregated hashrate of all 18 Bitcoin mining pools that do “work” in the SHA256 consensus algorithm “Proof-of-Work”.
With a block reward determined roughly every ten minutes, the annual Bitcoin block inflation rate is only 1.78% in the first month of 2021. So far even this week BTC Price-lowering miners still benefit greatly from dedicating hashrat to the chain. Statistics show that as much as $ 0.12 per kilowatt hour (kWh) is benefiting more than 200 application specific integrated circuit (ASIC) devices that process the SHA256 algorithm today.
Bitcoin proponents are pretty confident about the general hashrate and security of the cryptocurrency network. In a thread about BTC Trust, the bitcoiner Pierre Rochard explained If people “are convinced of the fundamentals of Bitcoin, then the volatility of exchange rates is just – a joyous tune”.
Rochard too said::
Confidence in the ability to send Bitcoin. The global peer-to-peer network of bitcoin nodes and massive mining hashrate ensure that your bitcoin gets where you send it without outside interference.
A number of dominant cryptocurrency exchanges are now joining the mining industry. On Wednesday, reporter Colin Wu (@Wublockchain) discussed how Huobi is entering the mining industry. “China’s largest exchange, Huobi, is about to sell BTC Mining Machines “, Wu said.
“Investors can buy machines + custody services. The blocking period is two years. Chinese exchanges are entering the mining area more. The Binance mining pool, launched in 2020, once took second place BTC Network that surpasses a large number of traditional mining pools, ”added the financial reporter from China.
What do you think of Bitcoin’s increased hashrate and the all-time high of difficulty? Let us know what you think on this matter in the comments section below.
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