Quick wins: Bitcoin Hashrate accelerates as mining difficulty reaches all-time highs

The bitcoin network hash rate has been running at very high processing speeds over the past few weeks, with the overall hash rate reaching 171.2 hours per second on Monday. Moreover, the network’s mining difficulty has also reached an all-time high (ATH) of 20.61 trillion, the highest difficulty the network has ever faced in the last 12 years.

One side of Bitcoin (BTC) The network that people look at to measure the overall health and growth of a protocol is hash ratio. At the time of publication, it was BTC The hash rate is processed at speeds of around 165.38 EH / s and the miner’s collective hash force is nearing all-time highs again. For example, on December 30, 2020, network fragmentation increased to 178.6 EH / s and after 12 days The hash rate was 171.2 EH / s.

What Bypass ATH is BTCDifficulty of network mining or difficulty modulation algorithm (DAA). This week, the mining difficulty is the highest Bitcoin has faced so far. After the big drop in prices on Monday and the acceleration of the hash rate on the same day, the protocol pushed mining difficulty to 20.61 T.

Since the hash rate is so high entering the second week of January 2021, the The difficulty of the Bitcoin network It will increase + 9.98% or 22.66T, another ATH in less than 2 weeks. This will happen approximately nine days from now, either more or less, depending on the average production of blocks per day.

The BTC The hash rate has increased dramatically over the years, with the entire network being fragmented only one miss per second in January 2016. On May 8, 2017, news.Bitcoin.com reported in BTC The network hash ratio is 4,216,797,036 GH / s or more than 4 EH / s. Since then and during the bear market of 2018 and 2019, the bitcoin hash rate has grown by more than 3,700%.

Before the May block reward was halved, Bitcoin miners had a score of 12.5 BTC For every block found but these days, the Bitcoin mining pool only gets 6.25 BTC Each block has a bonus. Today 165 EH / s is the total hash rate of all 18 bitcoin mining pools that operate in the SHA256 “proof of work” consensus algorithm.

With a block reward found every ten minutes or so, the annual Bitcoin blockchain inflation rate is only 1.78% during the first month of 2021. So far, even with this week BTC Lower miners still profit a lot by allocating retail to the chain. Statistics show that, at up to $ 0.12 per kilowatt-hour (kWh), today more than 200 application-specific integrated circuit (ASIC) devices benefit from the SHA256 algorithm.

Bitcoin proponents are completely confident in the hash rate and overall security of the cryptocurrency network. On a topic about BTC Trust, Bitcoiner Pierre Rochard explained That if people are “confident in Bitcoin’s fundamentals, the exchange rate volatility is just that – a pleasant tune.”

Rochard too He said:

Confidence in the ability to send bitcoin. Bitcoin’s global peer-to-peer contract network and massive mining hash ensures that your Bitcoins get to where you send them without foreign interference.

Meanwhile, a number of dominant cryptocurrency exchanges are joining the mining industry. On Wednesday, reporter Colin Wu said (Embed a TweetDiscuss how Huobi entered into the mining economy. “Huobi, the largest exchange in China, is about to start selling BTC Mining Machinery “Wu He said.

Investors can purchase machines + custody services. The lock-up period is two years. Chinese stock exchanges are getting more mining. The Binance mining complex, launched in 2020, is ranked second in total BTC Network, bypassing a large number of traditional mining complexes, “added the financial reporter from China.

What do you think of Bitcoin’s growing hash rate and its highest level ever? Let us know what you think about it in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons, coinwarz.com/mining/bitcoin/hashrate-chart, Btc.com,