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2020, ASIC, ATH, Bitcoin, BTC, crypto assets, difficulty, unstable hash rate, Hashpower, hash rate, Mempool, mining, mining Hashpower, mining hash rate, mining equipment, network difficulty, unproven
Seven days ago, Bitcoin’s network difficulties fell the most in nine years, as it dropped by more than 16% last week. Similar to the price of encrypted assets, according to statistics, the hash rate has been very unstable. After dropping to 111 exahash per second (EH/s), the network hash rate surged by 45% on Tuesday morning to reach 161 EH/s before falling back to 120 EH/s.
The hash rate of Bitcoin, like the price of Bitcoin (BTC), has been leaping in the past few days. The hash rate of encrypted assets is a measure of the processing power of the network. In 2020, the hash rate soared to an all-time high of approximately 170 EH/sec October 8. At the end of October, the hash rate of BTC dropped by 40%, and many speculators claimed that this was due to the migration of Chinese miners to different places.
On the hourly chart (24h MA) on October 27, 2020, Bitcoin’s hash rate dropped to 90 EH/s. This helped the mining difficulty drop that occurred a week ago. When the difficulty drop occurred on November 3, the network hash rate was about 97 EH/s.
It is estimated that on Tuesday, November 3, the network difficulty will drop again and lose 16%. At the time of publication, this figure has changed because it is estimated to have fallen by 10.4% (15 tons) in five days.
Then, after hovering above the 100 EH/s mark between 110-125 EH/s, a lot of hashing power appeared on November 8. In the following 48 hours, the hash rate increased by 45% until it reached 161 EH/s on Tuesday morning (November 10).
The hash rate on Tuesday, November 10th has dropped to 120 EH/s again, a drop of 25.46% since the high. Today, there are 16 mining pools dedicated to the hash to Bitcoin (BTC) network, and F2pool captures 18% or 22.9 EH/s.
At current BTC prices, mining is much more profitable than a few weeks ago. Electricity costs are about $0.12 per kilowatt hour (kWh). There are 24 ASIC mining equipment making profits. Since the last time the hash rate dropped significantly and the difficulty dropped, the block time has slowed down and transaction fees have increased.
Today, data shows that the next freeze fee for BTC is currently $9.25, and the current intermediate fee is approximately $2.87 per transaction. However, the memory pool (transaction queue) is lighter than at the end of October, falling from 121,000 unconfirmed transactions to 21,000 today.
What do you think of the unstable Bitcoin hash rate recently? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Coinwarz.com,
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