The Bitcoin network hashrate has been operating at a very high speed of execution over the past few weeks, as its overall hash rate hit 171.2 exahash per second (EH / s) on Monday. The network’s mining difficulties also hit an all-time high (ATH) of 20.61 trillion, the highest problem the network has experienced in the past 12 years.
One aspect of the Bitcoin (BTC) network that people use to measure the overall health and growth of the protocol is the hashrate. At the time of publication, the BTC hashrate was being processed at approximately 165.38 EH / s, and the miner’s total hash power was again close to hitting the all-time highest. For example, on December 30th, 2020, the hashrate reached a massive 178.6 EH / s, and 12 days later the hashrate reached 171.2 EH / s.
Beyond ATH is the Bitcoin Network Mining Difficulty or Alignment Difficulty Algorithm (DAA) this week.Hashing difficulty is the highest ever in Bitcoin’s life to date. After Monday’s significant price drop and same-day acceleration, the protocol pushed the mining difficulty to 20.61T.
As the hashrate is so high, by entering the second week of January 2021, the Bitcoin network’s difficulty will increase by + 9.98%, or 22.66T and ATH again in less than two weeks. This will happen in approximately nine days from now, give or receive, depending on the average blog yield per day.
BTC hashing has increased significantly over the years as the entire network’s hashrate was only once per second in January 2016, on May 8, 2017 news.Bitcoin.com. The report on the BTC network hash hit 4,216,797,036 GH / s, or more than 4 EH / s.Since then to the bear market in 2018 and 2019, Bitcoin’s hash rate has grown by more than 3,700%.
Before May, the reward blocks were halved, bitcoin miners received 12.5 BTC per block it found. Today, bitcoin mining groups receive only 6.25 BTC per reward of 165 EH / s. Today, this is the total hash rate of all 18 bitcoin mining groups that have “worked” in the SHA256 consensus algorithm. work”
With the block reward found every ten minutes, the annual Bitcoin block inflation was 1.78% in the first month of 2021, despite the BTC price cut this week still being highly profitable by dedication. For hashing, statistics show that at $ 0.12 per kilowatt-hour (kWh), more than 200 application-specific integrated circuit (ASIC) devices that process the SHA256 algorithm are currently profitable.
Proponents of Bitcoin are quite confident with the hashrate and the overall security of the cryptocurrency network. On the topic of BTC confidence, Pierre Rochard bitcoiner explains that if people are “confident about the fundamentals of Bitcoin, exchange rate fluctuations are just fun.”
Rochard also said:
Bitcoin transmission confidence, Bitcoin’s global peer-to-peer network of nodes, and large-scale mining ensure your bitcoin gets where you send it without any foreign interference. country
At the same time, a number of prominent cryptocurrency exchanges are joining the mining industry. On Wednesday, reporter Colin Wu (@Wublockchain) spoke of Huobi’s entry into the mining economy. “China’s largest exchange, Huobi, is about to start selling BTC mining machines,” Wu said.
“Investors can purchase machines + maintenance services. The login period is two years. Chinese exchanges are entering more mining niches, the Binance mining group, launched in 2020, was once ranked second in the entire BTC network, surpassing many traditional mining pools, ”the reporter said. Finance from China added.
What do you think about Bitcoin’s rising hash rate and its all-time high difficulty? Let us know what you think about it in the comments section below.
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