Bitcoin

Computing Power of Bitcoin Establishes New Record with 100K+ Miners Online

The aggregate computing power that goes into securing the blockchain of bitcoin has established a fresh record. As per the data released by BTC.com, a mining service operator, the average hash rate for bitcoin mining has hit 71.43 quintillion EH/s (hashes per second) over the period of the past two weeks. On 23rd July, it was recorded at 64.49EH/s. The margin was broken on Monday at 2:52 UTC as Bitcoin went on to adjust its mining drawback at 586,672 block height. Interestingly, it’s a jump of 10.78% or 6.94EH/s since the middle of July. 

The bitcoin mining trouble is a means to ascertain how tough it becomes to contend for the bitcoin mining rewards. Precisely how tough the software of bitcoin makes when it comes to generation of new block adjusts per 2,016 blocks – that is about every fourteen days. That to make sure that the block creation duration stays around 10 min. at the forthcoming cycle. 

Presume that this extra computing power of 6.9EH/s has come from the strong ASIC miners like AntMiner S17 by Bitmain or WhatsMiner M20S by MicroBT. Both these miners are recent market entrants and claim about 55 TH/s mining rate. That also means that over 100 thousand excellent ASIC miners might have been switched on during the last 2 weeks. 

It’s worth noting that such consistent interest in mining the bitcoin has come when the prices of cryptos seem to be nearing their all-time peak. However, as the rains arrive in China, the southwest provinces of the nation would have more economical hydropower electricity cost. This is the same region which is reportedly responsible for 50% of the mining activities globally.   

Earlier in the current year, China’s miners had estimated that bitcoin’s summer hash rate would be crossing the 70EH/s mark. That level was crossed several times in June itself. Around 1st August, it got to 80EH/s.

However, it is first such instance on 5th August that bitcoin’s average computing potential of two weeks has remained over the threshold of 70EH/s. Similarly, bitcoin’s mining trouble has also established a fresh record of approximately 10 trillion.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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