• Tue. Jan 11th, 2022

    Bitcoin network hits 185 exahash, hash rate climbs 18,400% since 2016 – Mining Bitcoin News

    ByHazel R. Lang

    Mar 19, 2021

    Over the past week, the Bitcoin network hashrate hit a record 185 exahash per second on March 14, 2021. Hash power has been steadily increasing, reaching a whopping 18,400% in the five years since the 21st. January 2016.

    Bitcoin price jumps over 1,500% in one year, hash rate climbs 18,400% in five years

    The price of bitcoin (BTC) reached an all-time high (ATH) reaching $ 61,782 per BTC on March 13, 2021. This happened roughly a year after the most recent low in the crypto asset market on March 12, 2020. The price had risen over 1,500% since that day, also known as name of “black thursday”, who saw BTC prices slide to $ 3,850 per unit.

    BTC Prices have fallen more than 6% since the recent ATH and the value of the main crypto asset has boosted the profitability of mining. One touch after BTC reaches ATH in value, BTC miners increased the hashrate to 185 exahash per second (EH / s) the day after March 14, 2021.

    BTC Hashpower swells: Bitcoin network hits 185 exahash, hash rate climbs 18,400% since 2016

    Bitcoin mining is extremely competitive and with the hashrate so high, the difficulty of mining the network is also at extreme heights. Currently, mining the main crypto asset has never been more difficult than it is today with charts currently measuring $ 21.7 trillion.

    There are 18 mining pools direct the hashrate to the BTC blockchain and F2pool was the number one miner over the past few months. However, F2pool’s hashrate has declined and Poolin now captures the number one bitcoin miner in terms of hashrate distribution.

    Poolin and F2pool have almost the same speeds as Poolin now commands 26 PHE / s with 17% of hashrate and F2pool captures 24 PHE / s and 15.7% of overall hashrate. The pool operated by crypto firm Binance ranks third with 12% of the BTC hash power.

    185 EH / s is a phenomenal speed and other sites like fork.lol recorded over 189 EH / s that day. To compare that with the speeds of five years ago, the data shows BTCThe hashrate of jumped 18,400% when it hit 1 pe / s that year.

    Since 2016, a single mining platform improved by 1328%, institutions buy tens of thousands of new generation miners

    The price of bitcoin (BTC) surely helped bring hashrate to the number we see today, however, other technological advancements have also fueled the hashing power of Bitcoin. At that time in 2016, when the hashrate was 1 EH / s, machines like Bitmain’s S9 series were the dominant miners in the industry.

    Yet at that time, mining rigs were making between 7 and 15 terahash per second (TH / s). Today, machines made by Bitmain and other competitors like Microbt process hash at around 100 TH / s. This is a 1,328% improvement in efficiency per application-specific integrated circuit (ASIC) mining machine over five years.

    From 2015 to 2016, the 16nm semiconductor was the standard chip at the time for ASIC mining rigs. The Bitfury company had released what was called one of the “fastest” mining chips capable of reaching around 40 gigahash per second, while maintaining energy efficiency around 0.06 joule per gigahash.

    In December 2016, Bitfury’s mining pool captured more than 9% of the total BTC hashrate but today Bitfury mining pool has zero hash. 16nm ASIC mining chips have been replaced with much more efficient 12, 10 and even 7nm semiconductors. In addition, companies are preparing to build even faster models with better chipsets in the future.

    There has also been a massive increase in institutional interest in bitcoin mining, as large orders for mining rigs were ordered in 2020 and 2021. For example, the Marathon Group company broke records by buying 70,000 next-generation bitcoin miners from Bitmain. The publicly traded Canadian bitcoin mining Bitfarms revealed that the company has purchased 48,000 Microbt Whatsminer mining rigs.

    Even with a hefty price tag of $ 0.12 per kilowatt hour (kWh), the best mining rig, the Microbt Whatsminer M30S ++ (112TH / s) captures over $ 32 per day. The Bitmain S19 Pro (110TH / s) series machine also receives $ 32 per day using current exchange rates.

    What do you think of Bitcoin’s hashrate reaching 185 EH / s and mining platform improvements? Let us know what you think of this topic in the comments section below.

    Tags in this story

    185 exahash, Bitcoin mining, BitFury, Bitmain, BTC Mining, Exahash, F2Pool, Gigahash, Hash, Hashpower, Hashrate, Microbt, mining, mining platforms, Petahash, Poolin, PoW, Proof of work, Terahash

    Image credits: Shutterstock, Pixabay, Wiki Commons

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