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In the past week, the hash rate of the Bitcoin network jumped to a record 185 exahash per second on March 14, 2021. Hash power continues to increase, climbing by 18,400% in the five years since January 21, 2016.
The price of Bitcoin (BTC) hit an all-time high (ATH) on March 13, 2021, reaching $61782 per BTC. It happened on March 12, 2020, about a year after the latest market bottom for this cryptocurrency asset. The price has gone up. Since that day, the price has risen by more than 1,500%, known as “Black Thursday,” which caused the BTC price to fall to $3,850 per unit.
Since the recent ATH, BTC prices have fallen by more than 6%, and the value of leading crypto assets has driven the profitability of the mining industry. After the value of BTC touched ATH, BTC miners increased the hash rate to 185 exahash per second (EH/s) the day after March 14, 2021.
Bitcoin mining is extremely competitive, and due to the high hash rate, the mining difficulty of the network is also very high. At present, mining leading crypto assets has never been more difficult, and its chart is currently 21.7 trillion.
There are 18 mining pools leading the hash rate to the BTC blockchain, and F2pool has been the number one miner in the past few months. However, F2pool’s hash rate has dropped a bit, and Poolin is now the #1 Bitcoin miner in terms of hash rate distribution.
The speed of Poolin and F2pool is almost the same as Poolin’s current speed of 26% EH/s (17% of the hash rate) and F2pool’s capture of 24 EH/s and 15.7% of the overall hash rate. The pool operated by cryptocurrency company Binance ranks third with 12% of BTC hash power.
185 EH/s is an amazing speed, and other sites (such as fork.lol) recorded speeds as high as 189 EH/s that day. Comparing this with the speed five years ago, the data shows that the hash rate of BTC jumped by 18,400% when it reached 1 EH/s that year.
The price of Bitcoin (BTC) has undoubtedly helped push the hash rate to the numbers we see today, but other technological advancements have also promoted Bitcoin’s hashing power. When the hash rate in 2016 was 1 EH/s, machines like Bitmain’s S9 series were the main miners in the industry.
At that time, the speed of mining equipment was between 7 and 15 teraherash (TH/s) per second. Today, machines made by Bitmain and other competitors (such as Microbt) process hashes at a speed of about 100 TH/s. Within five years, the efficiency of each ASIC mining machine has increased by 1,328%.
From 2015 to 2016, 16nm semiconductors were the standard chips for ASIC mining equipment. Bitfury has released one of the so-called “fastest” mining chips that can reach speeds of about 40 gigahertz per second, while maintaining power efficiency at around 0.06 joules per gigahertz.
In December 2016, Bitfury’s mining pool captured more than 9% of the entire BTC hashrate, but now Bitfury’s mining pool has zero hashrate. 16nm ASIC mining chips have been replaced by more efficient 12, 10 and even 7nm semiconductors. Moreover, the company plans to use better chipsets to build faster models in the future.
Institutional interest in Bitcoin mining has surged because a large number of mining equipment has been ordered in 2020 and 2021. For example, the Marathon Group broke the record when it purchased 70,000 next-generation Bitcoin mining machines from Bitmain. Bitfarms, a Bitcoin mining business listed in Canada, revealed that the company purchased 48,000 Microbt Whatsminer mining equipment.
Even at the high price of US$0.12 per kilowatt hour (kWh), Microbt Whatsminer M30S++ (112TH/s) can still capture the top rigs of more than US$32 per day. Using the current exchange rate, Bitmain S19 Pro (110TH/s) series machines can get $32 per day.
What do you think of Bitcoin’s hash rate reaching 185 EH/s and the improvement of mining equipment? Let us know your thoughts on this topic in the comments section below.
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