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On Friday, April 2, 2021, the mining difficulty of Bitcoin was the highest ever, but Bitcoin miners still set record revenue last month, receiving 1.5 billion dollars in coin-based rewards and transaction fees. Today, the hash rate of the blockchain is about 160 exahash per second (EH/s), of which 17 pools are dedicated to the hash power of the network.
The price of Bitcoin has stabilized in an area slightly below $60,000. At 10:30 on April 1 (Eastern Standard Time), BTC exceeded $60,000, reaching $60,103 per unit. As miners use a lot of resources to find Bitcoin blocks, the price has been pushing the hash rate up.
On March 27, 2021, Bitcoin’s hash rate soared to 195 EH/s for the first time, which was completely close to the 200 EH/s area. The continuous increase in the hash rate has also pushed up the difficulty of mining on the encrypted network, which is currently at 23.14 trillion US dollars.
Mining difficulty is essentially the difficulty of mining BTC blocks and obtaining coin library rewards and transaction fees. The hash power dedicated to the network can change the difficulty, the higher the hash rate, the higher the difficulty, and vice versa.
Currently, Bitcoin’s hash rate is sliding at a rate of 160 exahash per second. The difficulty changes every two weeks or every 2,016 blocks found, and may increase by more than 5% within 13 days. Of course, this change in mining difficulty will depend on the hash rate generated at that time.
Just recently, Arcane Research, a blockchain research company, released a report explaining that BTC miners captured more than $1.5 billion in fees and rewards in March. BTC miners discover about 144 blocks every day, and each block contains 6.25 BTC and all fees associated with the transaction.
Statistics show that the next BTC transaction block transaction fee is 11.75 US dollars per transaction, and the current median fee is 8.27 US dollars. This means that approximately 900 BTC are generated every day, and its issuance rate is approximately 1.77% per year.
Although there are 17 hashrate pools dedicated to the BTC chain, major institutions such as Marathon, Foundry, Blockcap, and Hut 8 have been operating in North America in the past six months. The company’s procurement has pushed demand to the edge, and most importantly, there is also a shortage of global semiconductors.
Today’s 17 known mining pools show the majority of the top five mining pools for BTC mining from China. This includes the top mining pools F2pool, Poolin, Antpool, Btc.com and Binance pools. Although the pool fights Poolin from time to time, F2pool has been the number one BTC miner for several weeks.
What do you think of this week’s Bitcoin mining statistics and the rapid increase in the difficulty of mining on the network? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, charts.bitcoin.com/btc/press, coinwarz.com/mining/bitcoin/hashrate-chart,
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