In the past few weeks, the hash rate of the Bitcoin network has been running at a high processing speed, as the overall hash rate on Monday reached an astonishing 171.2 exahash per second (EH/s). In addition, the mining difficulty of the network has also reached a record high (ATH), reaching US$20.61 trillion, which is the highest difficulty the network has encountered in the past 12 years.
One aspect of the Bitcoin (BTC) network that people use to measure the overall health and growth of the protocol is the hash rate. At the time of publication, the processing speed of the BTC hash rate was approximately 165.38 EH/s, and the collective hash power of the miner was once again close to a record high. For example, on December 30, 2020, the network hash rate soared to an astonishing 178.6 EH/s, and 12 days later, the hash rate reached 171.2 EH/s.
BTC’s network mining difficulty or difficulty adjustment algorithm (DAA) exceeds ATH. This week’s mining difficulty is by far the highest difficulty in Bitcoin’s lifetime. After the price dropped sharply on Monday and the hash rate was accelerated on the same day, the agreement increased the mining difficulty to 20.61T.
Since the hashrate entering the second week of January 2021 is so high, the difficulty of the Bitcoin network will increase by + 9.98% or 22.66T in less than two weeks, which is another ATH. Based on the daily average block output, this is approximately nine days from now.
Over the years, the BTC hash rate has increased substantially because the hash rate of the entire network was only 1 exahash per second in January 2016. On May 8, 2017, news.Bitcoin.com reported on the BTC network hash rate to reach 4,216,797,036 GH/s or more than 4 EH/s. Since then, until the bear markets of 2018 and 2019, Bitcoin’s hash rate has increased by more than 3,700%.
Before the block reward halving in May, Bitcoin miners found 12.5 BTC per block, but today, the Bitcoin mining pool only receives 6.25 BTC per block. Today’s 165 EH/s is the total hash rate of all 18 Bitcoin mining pools that put “work” into the SHA256 “Proof of Work” consensus algorithm.
Block rewards are discovered every ten minutes or so. By the first month of 2021, the annual Bitcoin block inflation rate is only 1.78%. So far, even if the price of BTC fell this week, miners still used the hash rate exclusively for chains and chains. Statistics show that more than 200 application-specific integrated circuit (ASIC) devices that process the SHA256 algorithm even started to make a profit today at a price of $0.12 per kilowatt hour (kWh).
Supporters of Bitcoin are very confident in the overall hash rate and security of the cryptocurrency network. On the topic of Bitcoin confidence, Bitcoin issuer Pierre Rochard (Pierre Rochard) Explanation If people are “full of confidence in the fundamentals of Bitcoin, then exchange rate fluctuations are just a happy melody.”
Rochard also Said:
Confidence in being able to send Bitcoin. Bitcoin’s global peer-to-peer network of nodes and huge mining hash rate ensure that your Bitcoin can reach its destination without external interference.
At the same time, many leading cryptocurrency exchanges are joining the mining industry. On Wednesday, reporter Colin Wu (@Wublockchain) Discussed how Huobi entered the mining economy. “Huobi, China’s largest exchange, will start selling BTC mining machines,” Wu Said.
“Investors can purchase machines + custody services. The lock-up period is two years. Chinese exchanges are entering the mining field more. Binance mining pool was launched in 2020 and once ranked second in the entire BTC network, surpassing many traditional mines. Pool.
What do you think of the increase in Bitcoin’s hash rate and difficulty reaching the highest level in history? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, PNG, Wiki Commons, coinwarz.com / mining / bitcoin / hashrate-chart, Btc.com,
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