• Bitcoin’s hashrate has increased 42 percent in the last three months, following a 36 percent increase in the price of the crypto asset

  • While bitcoin has been trading above the $60K mark for the majority of the last 28 days, the network’s hashrate has increased significantly as well. Bitcoin’s hashrate has increased 42 percent since August 13, from 110 exahash per second (EH/s) to today’s 157 EH/s. Furthermore, after nine consecutive difficulty changes, mining bitcoin will be 50% more difficult than it was three months ago for the next two weeks.

    Bitcoin’s hashrate rises in tandem with its price.

    At the time of writing, Bitcoin’s hashrate is 157 EH/s, with approximately 14 known mining pools dedicating hashpower to the network. Stealth miners mine 16.39 exahash, or 10.24 percent of the network, and the hashrate is classified as “unknown.”

    The unknown hashrate is the fifth-largest mining ‘pool’ dedicated to the network. Meanwhile, Bitcoin’s hashrate has risen in lockstep with the price over the last three months. The overall hashrate is 42% higher than it was three months ago, about a month after China cracked down on bitcoin miners.

    Bitcoin is now 50% more difficult to mine than it was three months ago.

    Hashrate averages over the last three months show that Bitcoin’s hashrate reached as high as 180 EH/s at times during the last three months. Since October 25, Bitcoin’s hashrate has risen three times above the 180 EH/s mark.

    Since October 15, Bitcoin’s price has remained above the $60K mark, only falling below it on one occasion. Because the hashrate has been gradually increasing, Bitcoin’s network difficulty will have risen nine times in a row as of this weekend. Since July 17, 2021, the nine changes have made mining bitcoin (BTC) more difficult by more than half.

    Command of 4 Pools 58% of the Network’s Processing Power

    The top four mining pools now control 58.6 percent of the network’s hashrate over the last three days. With 28.51 percent EH/s, F2pool is the largest mining pool, while Antpool commands 26 percent. As the third-largest mining pool today, Foundry USA controls 12.69 percent of the global hashrate. At the time of writing, Foundry’s pool commands approximately 20.32 EH/s.

    Viabtc is the fifth largest mining pool, accounting for 11.8 percent of global hashrate, or 18.89 EH/s. With 16.39 EH/s, stealth miners known as “unknown” currently have the fifth-highest hashrate. Another ten mining pools dedicate hashrate to the BTC chain below this portion of the hashrate pie.

    The market’s most profitable miners earn $34 to $45 per day.

    With today’s exchange rates, the current mining difficulty, and $0.07 per kilowatt-hour (kWh) in electricity costs, the most profitable miners on the market are making decent profits ranging from $34 to close to $45 per day. At current BTC exchange rates, the Microbt Whatsminer M30S++ (112 TH/s) will earn $44.77 per day, while the Bitmain Antminer S19 Pro (110 TH/s) will earn $44.24 per day.

    Using current exchange rates, Canaan’s top model, the Avalonminer 1246 (90 TH/s), can earn around $34.92 every 24 hours. With its 140 TH/s hashpower, the new Bitmain Antminer S19 XP could earn around $58.20 per day if it was released today. The unit, however, is not expected to be sold until July 2022.

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