Over the past week, the hashrate of the bitcoin network has risen to a record 185 exahashes per second on the 14th. March 2021 raised. In the five years following the 21st. In January 2016, Hash’s returns continued to rise, reaching a record high of 18 400%.
Bitcoin price jumps more than 1,500% in one year, hashrat climbs 18,400% in five years
The price of bitcoin (BTC) reached a record high on the 13th. The all-time high for March 2021 is $61,782 per BTC. The move comes nearly a year after the last crypto asset market closed on the 12th. Mars 2020 has reached its nadir. Since that day, the price has risen more than 1,500%, also known as Black Thursday, when the price of BTC dropped to $3,850 per unit.
The price of BTC has fallen more than 6% from the last ATH period, and the value of the main crypto asset has led to higher mining margins. Shortly after BTC reached the ATH level, BTC miners increased the hash rate to 185 exahashes per second (EH/s) the day after the 14th. March 2021.
Bitcoin mining is extremely competitive, and with such a high hash rate, the complexity of mining on the network is also extremely high. Mining a top crypto asset has never been harder, with charts currently showing 21.7 trillion.
There are 18 leading mining pools in terms of hash rate on the BTC blockchain, and F2pool has been the number one miner in recent months. F2pool’s hash rate has dropped a bit, however, and Poolin is capturing the number one bitcoin miner in terms of hash frame distribution.
Poolin and F2pool have almost the same speeds as the 26 EH/s teams, with 17% hashrate and F2pool with 24 EH/s and 15.7% total hashrate. This pool, managed by cryptocurrency firm Binance, is the third largest with 12% of BTC capacity.
185 EH/s is a phenomenal speed and other sites like fork.lol recorded up to 189 EH/s that day. In comparison to rates five years ago, the data shows that the BTC hashrate increased by 18,400% when it reached 1 EH/s this year.
Since 2016, unified mining capacity has improved by 1,328%, companies are procuring tens of thousands of new generation miners.
The price of bitcoin (BTC) has undoubtedly helped bring the hashing craze to its current level, but other technological developments have also fueled bitcoin’s hashing power. At a time in 2016 when the hashrate was 1 EH/s, machines like Bitmain’s S9 series were the dominant miners in the industry.
Nevertheless, the capacity of the extraction plants at the time was between 7 and 15 terahash per second (TL/s). Today, machines from Bitmain and other competitors such as Microbt process hashish at around 100 tl/s. This equates to a 1.328% increase in efficiency per mining machine with an application specific integrated circuit (ASIC) over a five year period.
Between 2015 and 2016, the 16nm semiconductor was the standard chip for mining ASICs at the time. Bitfury says it has released the fastest mining chip, capable of about 40 gigahashes per second, with an energy efficiency of about 0.06 joules per gigahash.
In December 2016, Bitfuri’s mining took over 9% of the total BTC hash rate, but today there is not a single hash left in Bitfuri’s mining pool. The 16 nm ASIC chips have been replaced by much more efficient 12 nm, 10 nm and even 7 nm semiconductors. The companies are also preparing to build even faster models with better chips in the future.
Institutional investor interest in bitcoin mining has also skyrocketed, with orders for large devices for 2020 and 2021. For example, Marathon Group broke records when it acquired 70,000 next-generation bitcoin miners from Bitmain. The publicly traded Canadian bitumen producer announced that it has acquired the assets of 48,000 Whatsminer Microbt.
Even at the high price of $0.12 per kilowatt-hour (kWh), Microbt’s flagship Whatsminer M30S++ (112TH/s) generation unit earns more than $32 per day. The Bitmain S19 Pro series machine (110TH/s) also gets $32 per day at the current exchange rate.
What do you think of bitcoin’s hash rate reaching 185 EH/s and improvements in mining equipment? Let us know what you think in the comments below.
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