The power of bitcoin mining

The power of bitcoin mining

Bitcoin’s hash rate hit a record high this week amid rising prices and predicting a rise in miner’s rewards later this year.

According to the seven-day moving average, hash rates have risen sharply from about 93 discharges per second (EH / s) on December 30 to more than 106 EH / s on January 5. As Hashing’s power exceeded 119 EH / s, it surpassed the previous record of 114 EH / s in October.

Bitcoin hash rate (average seven days)

Bitcoin hash rates have risen sharply since 2019, rising from an average of 40 EH / s per week at the beginning of the year to 80 EH / s by September.

The change coincided with an increase in the price of Bitcoin from about $ 4,000 to more than $ 10,000 over the same period. The hash rate first crossed the 100 EH / s milestone on September 26, but it wasn’t until late October that more than 100 EH / s remained for more than a day.

The EH / 100 has also become an increasingly promising prospect, with only one day to go this year under a new standard.

The hash rate is a measure of the processing power assigned to a blockchain. The high hash rate means that more miners are working on the Bitcoin network, and this shows that it can be used economically as well as economically at the current price of Bitcoin and at a difficult level. A report released in September predicts that Bitcoin’s average two-week hash will exceed 100 EH / s by the end of 2019.

Bitcoin’s difficulty level is set automatically to ensure that the duration of the block remains widely within the 10-minute mark, regardless of the number of miners on the network, these settings are made every two weeks, the last in January 1 is the largest since September, when it rose 6.75 percent.

The fall in cryptocurrency prices in 2018 forced many miners to close their stores, with only the largest being able to make a profit. The industry recently emerged last April when a government agency in China – home to more than two-thirds of all bitcoin mining operations – faced “undesirable” mines.

However, last year, with the market collapsing, the situation seemed clearer to miners. It is estimated that more than half of the new equipment of the new Special Complex Program Circuit (ASIC) in Q3 2019 is looking for a summer in which the price of Bitcoin has more than doubled.

In recent days, the price of bitcoin has been on the rise, rising nearly 10 percent from its lowest level at around $ 6,850 on Friday. The graphs show that this increase may adjust the cryptocurrency to change the upward trend, encourage equations.

For many miners looking to increase their capacity, 2020 will be an important year. Bitcoin block bonuses are expected to halve to 6.25 BTC in the coming months. While Bitmain is expected to reduce its job forecasts in anticipation of revenue cuts, other companies are reportedly significantly declining, according to Chinese media.

The British mining company Argo Blockchain announced on Thursday that it had acquired more than 3,600 new ASIC bitcoins, more than quadrupling its total mining capacity, raising the company’s share price on the London Stock Exchange by 6 percent.

Related Post