Bitcoin (BTC) hashrate rose by over 30% since July. Here’s what it means. |
Bitcoin (BTC) hashrate rose by over 30% since July. Here’s what it means for the future of Bitcoin and other cryptocurrencies.
Bitcoin’s hashrate has risen by over 30% since July, which means miners are spending more power to mine Bitcoin. This is positive for the price of Bitcoin overall because it will cause less transaction fees and increase the speed at which transactions can be confirmed.The “Bitcoin (BTC) hashrate rose by over 30% since July. Here’s what it means.” is a post that talks about how the Bitcoin (BTC) hashrate has risen by over 30% since July. This rise in the hashrate can be attributed to miners switching from SHA-256 to Equihash, which is a new algorithm for mining Bitcoins. Read more in detail here: how long to mine 1 bitcoin.
Despite China’s antagonism to Bitcoin mining early this year, the digital asset’s hashrate has surged by over 30% in the previous three months.
The hashrate of Bitcoin is increasing.
Bitcoin’s hashrate was as low as 103 exahash per second (EH/s) in July, but it has since climbed by roughly 32% to 137 EH/s as of press time. Notably, the hashrate of the digital asset increased to 189 EH/s between July and now.
The Bitcoin hashrate was thus severely harmed as a result of China’s legislation, which pushed numerous data centers to relocate outside of the Asian nation. Many Chinese miners, however, have subsequently relocated to nations with cleaner energy sources, resulting in the decentralization of Bitcoin mining away from Xi Jinping’s homeland.
As we previously reported, Russia, Kazakhstan, and the United States are currently the most popular destinations for crypto miners who have fled China.
With many of the previously offline miners now back online, Bitcoin mining hash power has surpassed 160 EH/s nine times, and it has also surpassed 180 EH/s once.
Aside from that, with the value of BTC skyrocketing in the previous 30 days, miners are once again raking in profits.
The F2pool remains the industry’s largest Bitcoin mining pool, with 17.56 percent of the asset’s mining capacity. Antpool comes in second with 17.11 percent of the vote. Viabtc, with a 12 percent stake, and “stealth miners,” with a 12 percent stake, are two other significant miners in the field.
Meanwhile, the difficulty of mining Bitcoin is predicted to rise by 2.20 percent in the following seven days. The mining difficulty of BTC is 20.08 trillion as of press time, and it is predicted to grow to 20.52 trillion.
If this occurs, the mining difficulty of digital gold will have grown by over 40% during the past seven difficulty increases.
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