Hash Rate
Bitcoin network difficulty reaches all-time high as miners pursue 2M BTC
Just when the Bitcoin (BTC) miners helped release the 19th millionth BTC in circulation on Friday, the BTC network’s mining difficulty reciprocated by reaching an all-time high of 28.587 trillion. Bitcoin’s network difficulty correlates to the computational power required to mine BTC blocks, which currently demands an estimated hash rate of 201.84 exahash per second (EH/s), according to data from Blockchain.com. Bitcoin network difficulty. Source: Blockchain.com Supporting the spike in the network difficulty, Bitcoin’s hash rate maintained a stronghold throughout the year while breaking into an all-time high of 248.11 EH/s on Feb. 13. Bitcoin hash rate over the past three years. Source: Blockchain.com A higher hash rate ensures resilience against double-spending attacks, which is the...
Miners that hodl the most Bitcoin are ‘relentlessly expanding’
Bitcoin (BTC) miners are holding more and more Bitcoin while “relentlessly expanding” their operations in 2022. A report by Arcane Research indicates that publicly listed Bitcoin miners are “constantly looking for expansion opportunities,” as they “plan to increase hashrate faster than the whole network in 2022.” Publicly listed Bitcoin miners projected hashrates. Source: Arcane Research 44.95% of the global hash rate derives from North American miners, according to the latest figures from the Cambridge Bitcoin electricity consumption index. With the massive projected increases in target hash rate among the publicly traded Bitcoin miners, it‘s “likely to increase.” Jaran Mellerud, an analyst for Arcane Research, told Cointelegraph that “most publicly listed miners pursue a hodl strat...
Bitcoin mining difficulty drops for the first time this year
For the first time since November 2021, the Bitcoin (BTC) mining difficulty adjustment has dropped, correcting 1.49%. The move follows a succession of six consecutive positive difficulty adjustments, in which the mining difficulty and hash rate hit all-time highs. The average hash rate over the past two weeks fell to 197.19 exahashes per second (EH/s), making the average block time exceed the 10-minute target at 10 minutes 9 seconds. As a result of the difficulty adjustment, miners competing to solve the next valid block found it marginally easier. Bitcoin mining difficulty marginally dropping after an 8 month climb. Source: Glassnode The difficulty adjustment is one of the Bitcoin protocol’s most prominent features. Every two weeks or 2,016 confirmed blocks, the difficulty for mining a ne...
Monero community concerned as leading mining pool nears 51% of ecosystem’s total hash rate
On Tuesday, privacy coin Monero (XMR) mining pool MineXMR’s hash rate surpassed over 1.4 GH/s, accounting for 44% of the hash rate of the XMR network. MineXMR has about 13,000 miners and charges a 1% pool fee. According to a screenshot from Archive.org last August, the pool only contributed to 34% of the hash rate of the XMR network. The rapid rise in the network’s hash rate has spooked some XMR enthusiasts, with Reddit user u/vscmm writing: “We need to talk with MineXMR to take some action right now! Please send an email for support@minexmr.com to MineXMR admins to take action; a 51% pool is not in the best interest of the community or the pool.” If a 51% attack were to occur, the bad actors involved could potentially overturn network transactions to double-sp...
Bitcoin network hash rate explodes to a new all-time high of 248.11 EH/s
The Bitcoin (BTC) network has recorded a new hash rate all-time high of 248.11M TH/s as of Feb. 12, 2022, further securing the decentralized ecosystem through a growing network of global BTC miners. The hash rate correlates to the computing power required by a miner’s computer equipment to confirm a transaction. The recent spike in BTC’s network hash rate ensures further security against attacks by deterring bad actors from confirming fraudulent transactions. Bitcoin hash rate over the past year. Source: YCharts As evidenced by the above screenshot, the network hash rate jumped 31.69% — from 188.40 EH/s to 248.11 EH/s — in just one day. Moreover, the Bitcoin network’s hash rate levels rose 54.33% over the past year. Bitcoin hash rate over the past one month. Source: YCharts Pre...
Bitcoin miners believe global hash rate to grow ‘aggressively’
Bitcoin (BTC) seems to be on everyone’s mind lately as the world recently witnessed the price of BTC take a rather unexpected bearish turn this month. On January 21, 2022, Bitcoin reached six-month lows, sinking below $40,000 for the first time in months. While some panicked, other industry experts pointed out that the Bitcoin network has become verifiably stronger than ever before. The growth of the Bitcoin network has become apparent, as hash rate figures for BTC continue to set new highs this month. For example, on Jan. 22, the BTC network recorded an all-time high of 26.643 trillion with an average hash rate of 190.71 exahash per second (EH/s). The hash rate will continue to grow, which is a good thing Samir Tabar, chief strategy officer at Bit Digital — a publicly listed Bitcoin...
Bitcoin records all-time high network difficulty amid price fluctuations
The Bitcoin (BTC) network has recorded a new all-time high mining difficulty of 26.643 trillion with an average hash rate of 190.71 exahash per second (EH/s) — signaling strong community support despite an ongoing bear market. The Bitcoin network difficulty is determined by the overall computational power, which co-relates to the difficulty in confirming transactions and mining BTC. As evidenced by the blockchain.com data, the network difficulty saw a downfall between May and July 2021 due to various reasons including a blanket ban on crypto mining from China. BTC network difficulty. Source: Blockchain.com. As the displaced miners resumed operations from other countries, however, the network difficulty saw a drastic recovery since August 2021. As a result, on Saturday, the BTC network reco...
Bitcoin mining manufacturer Canaan expands footprint in Kazakhstan
Bitcoin (BTC) mining hardware manufacturer Canaan Inc is expanding its footprint in Kazakhstan after signing new strategic partnerships with multiple crypto mining firms in the country. The Nasdaq-listed company announced Tuesday that it had deployed 10,300 AvalonMiner units in Kazakhstan as of Dec. 31, 2021, finalizing phase one of its deployment in the central Asian country. Canaan is partnering with local firms as part of its business expansion plans outside of China. However, the company declined to list any of its local partners. Although Canaan is based in Hangzhou, China, the company is eyeing expansion outside of its home country following Beijing’s wholesale crackdown on crypto mining in 2021. Zhang Nangeng, Canaan’s CEO, spoke out against the mining ban during an earnings c...
