The hash rates of the Bitcoin network have been working at very high processing speeds over the past few weeks, as overall hash rates hit a whopping 171.2 exahash per second (EH / s) on Monday. In addition, the network’s mining problems also reached an overall peak (ATH) of 20.61 trillion, the biggest problem the network has experienced in the last twelve years.
One aspect of the Bitcoin (BTC) network that people are looking at to measure the overall health and growth of the protocol is the hashrate. At the time of publication, the BTC hash rate was processing at a speed of approximately 165.38 EH / s and the miner’s collective hashpower reached all the highs. On 30 December 2020, for example, the network rose to a colossal 178.6 EH / s, and 12 days later the hash rate hit 171.2 EH / s.
What surpassed his ATH is BTC’s Network Mining or Difficulty Adjustment (DAA) algorithm. This week, the mining problem is the biggest the problem has been so far in Bitcoin’s lifetime. After the significant price drop on Monday and the accelerated exchange rate the same day, the protocol pushed the mining problem to 20.61T.
Because the hash rate is so high in the second week of January 2021, the problems of the Bitcoin network will increase + 9.98% or 22.66T, another ATH in less than two weeks. This will take place in about nine days from now, depending on the average production of blocks per day.
The BTC hash rate has increased a lot over the course of the year, as the entire network’s hash rate in January 2016 was only one exahash per second. On May 8, 2017, News.Bitcoin.com reported on the BTC network hashrate touching 4,216,797,036 GH / s. or more than 4 EH / s. Since then and through the bear market for 2018 and 2019, the Bitcoin hash rate has grown by more than 3,700%.
Before half the reward in May block, bitcoin miners got 12.5 BTC per block, but nowadays a bitcoin mining pool only gets 6.25 BTC per block reward. The 165 EH / s of today is the total hashrate of all 18 bitcoin mining pools that insert ‘work’ into the SHA256 consensus algorithm ‘proof-of-work’.
With a block reward occurring every ten minutes, the Bitcoin inflation rate per year is only 1.78% during the first month of 2021. So far, miners are still earning a lot with the dedication of hash rates to this week’s BTC price. the chain. Statistics even show $ 0.12 per kilowatt hour (kWh) more than 200 application-specific integrated circuits (ASICs) devices processing the SHA256 algorithm benefit today.
Bitcoin proponents are pretty confident in the overall hashrate and security of the cryptocurrency network. In a thread on BTC confidence, bitcoiner Pierre Rochard explain that if people “have confidence in Bitcoin’s fundamentals, the volatility in the exchange rate is just – a joyful tune.”
Rochard too said:
Confidence in being able to send bitcoin. Bitcoin’s global peer-to-peer network of nodes and the massive mining hashrate ensure that your bitcoin gets to where you are sending it without foreign interference.
Meanwhile, a number of dominant cryptocurrency exchanges are joining the mining industry. On Wednesday, reporter Colin Wu (@Wublockchain) discusses how Huobi is entering the mining economy. “The largest stock exchange in China, Huobi, is about to start selling BTC mining machines,” Wu said. said.
‘Investors can buy machines + supervision services. The lock-in period is two years. Chinese exchanges are entering the mining field more. The Binance mining pool, launched in 2020, was once second in the overall BTC network and surpasses a large number of traditional mining pools, ‘the China financial reporter added.
What do you think of the increased hash rates of Bitcoin and the everyday problems? Let us know what you think of this topic in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, coinwarz.com/mining/bitcoin/hashrate-chart, Btc.com,
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