The processing power behind the Bitcoin network has dropped by 30% since its all-time high (ATH) on February 15, from 249 exahash per second (EH/s) to 169 EH/s. Also, four days from now, with the 4.78% epoch change on February 17, the mining difficulty of the network is expected to increase.
Bitcoin hash rate drops from 249 Exahash per second to 169 EH/S in 12 days
From Jan. 13 to Feb. 15, Bitcoin’s hash rate hit an all-time high for about 33 consecutive days. This weekend, Sunday, February 27, 2022, saw a 30% drop in hash rate from the 249 EH/s ATH captured on February 15. At the time of writing, the Bitcoin (BTC) network hash rate is approximately 168.14 EH/s or 168,144,793,932,750,200,000 hashes per second (H/s).
Meanwhile, the price of Bitcoin has been lower than usual, but the 30-day statistic shows that the price per BTC has risen by 4.4%. Although, according to on-chain metrics, Bitcoin mining monthly revenue and 7DMA revenue mining statistics have declined. The drop in processing power speed may help reduce the next difficulty change, as it is expected to increase by 1.18% to 27.64 teraflops in four days. If the difficulty does increase over four days, it would be the seventh consecutive increase since November 28, 2021.
Currently, the #1 Bitcoin mining pool for the past three days is Foundry USA with 20.52% of the global hashrate (38.85 EH/s) and found 79 block rewards in that time frame. Foundry USA is closely followed by Antpool with 30.49 EH/s or 16.10% of the global hash rate. At the time of writing, the three-day indicator indicates that there are 11 known Bitcoin mining pools today. Unknown or invisible miners control 1.3% of global computing power or 2.46 EH/s and receive five block rewards within three days.
Currently, the most profitable SHA256-based Application Specific Integrated Circuit (ASIC) Bitcoin mining rig is the Bitmain Antminer S19 Pro 110 terahash/s (TH/s) machine. Using today’s BTC exchange rate and $0.12 per kilowatt-hour (kWh), the Antminer S19 Pro makes a little over $10 per day. Microbt Whatsminer M30S++ (112 TH/s) earns $9.82 in Bitcoin profits per day.
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11 Known Pools, 169 EH/s, 249 EH/s, Antpool, ASIC, ASIC Miner, ATH, Bitcoin Mining, Bitmain Antminer, BTC Exchange Rate, BTC Mining, Difficulty, Difficulty Increase, Foundry USA, Hashrate ATH, hashrate drop, Microbt Whatsminer, mining, mining pool, based on SHA256, unknown hash
What do you think of the hash rate drop after reaching ATH on February 15th? What do you think of the next difficulty drop expected in four days? Let us know what you think about this topic in the comments section below.
Jamie Redman is Head of News at Bitcoin.com News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.