Home Uncategorized Bitcoins Hashrate Crosses late-2017 Bull Run Numbers

Bitcoins Hashrate Crosses late-2017 Bull Run Numbers

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Highlights

  • Bitcoin’s hash rate reached another all
    time high yet gain
  • This can be correlated with the release of
    new S17 Antminers with increased efficiency

The computing power dedicated to mining bitcoin has hit yet
another new high, suggesting that more than 600,000 powerful new machines may
have come online in the last three months. This could be accounted for by the
new S17 series of enhanced ASICs

According to data from crypto mining pool BTC.com, bitcoin’s
two-week average hash rate has crossed another major threshold, reaching 85
exahashes per second (EH/s) (1 EH/s = 1 million TH/s. )Meanwhile, mining
difficulty also adjusted to a new record of nearly 12 trillion.

Notably, both figures have jumped 60 percent since June 14,
2019.

Increases in the network’s hash rate also often mean that its
energy consumption increases. Still, cryptocurrency investment products and
research firm CoinShares recently estimated that 74.1%
of bitcoin mining is powered by
renewable energy.

Bitcoin’s mining difficulty – a measure of how hard it is to
create a block of transactions – adjusts after 2,016 blocks, or roughly every
two weeks. This is to ensure the time to produce a block remains around 10
minutes, even as the amount of hashing power, deployed by machines around the
globe competing to win freshly minted bitcoins, fluctuates.

Bitcoin’s spiking hash rate and difficulty are in line with
the soaring price since earlier this year, which led to increasing demand for
mining equipment that has significantly outstripped supply.

The post Bitcoins Hashrate Crosses late-2017 Bull Run Numbers appeared first on Cryptoverze.

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