Bitcoin’s Hashpower Still High, Rising 163% in Five Months
After reaching an all-time high recently, the Bitcoin network’s hashpower has continued to hover above the 180 exahash per second (EH/s) threshold. The hashrate had declined to a low of 69 EH/s five months ago and since then, there has been an increase of 163% in the hashpower in the last 178 days. The hashpower has remained above the 180 EH/s threshold because of the miners who dedicate the SHA256 hashpower to the Bitcoin network. On December 23rd, the hashrate of the pioneer cryptocurrency was hovering near the 186 EH/s mark. These recent highs in the hashrate of the cryptocurrency follow the lifetime high of Bitcoin’s hashrate at the 194.5 EH/s mark, which it had achieved on December 8th.
Metrics indicate that the hashrate has remained below the region since then and the 30-day statistics indicate that it had come close to the high on December 8th a couple of times. As compared to June 28th, 2021, the blockchain’s hashrate is doing a lot better because the processing power had plunged to a low of 69 EH/s back then. On May 9th, the hashpower of the Bitcoin network had been around 191 EH/s, but it had plunged by almost 63.8% because of the crackdown of the Chinese government against crypto mining operations in the country.
Therefore, by the end of June, the hashpower had declined to a low of 69 EH/s. Now, five months later, it appears that the hashrate has once more rebounded and the network is regaining the processing power it had lost during that time. The price of Bitcoin had also been a lot lower at the end of June, as the crypto had been available at $34,000 at that time. In the last week, the cryptocurrency’s price has been hovering between the $46,500 and $49,500 range, which has kept the hashrate strong, even though the mining difficulty of the network increased on December 11th by almost 8.33%.
As a matter of fact, there may be a downward adjustment in the network difficulty for the first time since the drop of 1.49% on November 28th. The difficulty level is expected to fall by 0.23% within 24 hours, which would mean that it would come down to 24.14 trillion from 24.20 trillion, as it stands now. Foundry USA is currently the largest miner of Bitcoin (BTC) in terms of hashrate, as it is contributing around 17.7% of the global hashpower, which is around 29.82 EH/s.
Bitmain’s Antpool stands as the second-largest BTC miner, as its contribution is 25.67 EH/s, which is 14.76% of the global hashpower. 14.57% of the global hashpower comes from Viabtc, whereas 13.26% comes from F2pool. Next is Binance Pool, which has contributed 12.17% to the overall global hashpower. Stealth miners or unknown hashrate are also commanding about 12.17% of the global hashpower of the network and they are the sixth-largest entity to do so globally. As far as unknown hashrate is concerned, it is about 12.14 EH/s, which is undoubtedly impressive and is playing an important role.
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Text source: Coinfrog
