Amid the Terra blockchain crash, the Bitcoin hash rate was well above 200 exahs per second, at 212 EH/s at the time of writing. Bitcoin’s hash power remained high after hitting an all-time high on May 02, at block high 734,577. Moreover, as Bitcoin miners continue to hunt for blocks, the network registered another increase in difficulty after the last rally on May 10, at block height of 735,840.
Bitcoin security has never been stronger – difficulty reached 31.25 trillion
Over the past 12 months, the Bitcoin hash rate has continued to spread, reaching a number of all-time highs last year. The most recent rise on record occurred on May 02, 2022, at block height of 734,577, which saw the hash faucet 275.01 EH/s.
Currently, the hash rate remains high at 212 EH/s, despite the fact that $350 billion has been wiped out of the crypto economy in seven days according to Blockchain’s weekly key metrics. While the price of BTC declined, the network also saw a 4.89% increase in difficulty at block height of 735,840.
Over the course of the last change in the Difficulty Adjustment Algorithm (DAA), the network difficulty increased by 10.45% within four weeks. With a difficulty of 31.25 trillion, it is absolutely the hardest to mine Bitcoin (BTC). Within nine days, the DAA is expected to rise again by an estimated 0.72%. With the price dropping, bitcoin miners are seeing much lower profits than they were two weeks ago.
For example, Bitmain Antminer S19 Pro + Hyd gets. , which produces 198 terahashes per second (TH/s) at just $9.29 per day at current prices. That is if the bitcoin miner is paying $0.12 per kilowatt-hour. Machines producing less than 30 TH/s may not make a profit if you pay $0.12 per kWh in electrical costs. Innosilicon’s Terminator 3, a 52 TH/s miner, gets roughly $0.22 a day in BTC if he pays $0.12 per kWh in electrical costs.
Over the past seven days, 1,035 blocks have been mined on the Bitcoin blockchain and three blocks are empty. Foundry USA is the biggest miner this week with the pool finding 211 blocks out of 1,035. The foundry requires 20.39% of the global hash rate or 45.75 EH/s in terms of hash strength. Foundry is followed by F2pool, a mining operation that currently accounts for 14.49% of the global processing power allocated to the Bitcoin network.
F2pool contains 32.52 EH/s of hash power assigned to the network and the pool found 150 blocks out of the 1035 found in the past week. There are 15 known groups today that allocate SHA256 hash power towards the BTC chain and about 1.16% of the global hash rate is owned by unknown miners. Unknown mining entities or undercover miners control 2.6 EH/s and have seized 12 of the 1,035 blocks found this week.
Although it has been a crazy week in the crypto space, bitcoin miners continue to do what they do best, which is constantly working to find as many blocks as possible. Today, the price of BTC is much lower than it was two weeks ago, and the increasing difficulty is making finding a block of BTC more difficult than ever. In the face of these factors, network hash rate remains high and BTC is much safer than it has ever been in the past 13 years.
What do you think about the hash rate remaining high while the bitcoin price is lower, and the difficulty of reaching an all-time high? Tell us what you think about these topics in the comments section below.
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