Home Bitcoin News Bitcoin Bitcoin Mining Speed Achieved An All-Time High Of 147.88 EH/s

Bitcoin Mining Speed Achieved An All-Time High Of 147.88 EH/s

  • The hash rate or the speed of mining one bitcoin reached an all-time high of 147.88 EH/s on 13th July 2020.
  • American billion-dollar fund manager Fidelity International doubled its stake in bitcoin mining firm Hut 8 yesterday.

After a drop to $3,600 in February this year, Bitcoin is only gaining pace to reach newer heights. The hashrate or the speed of mining one bitcoin reached an all-time high of 147.88 EH/s on 13th July 2020. The use of the latest ASIC machines combined with a huge investment in mining firms has kicked in positive growth. 

The major role played by Chinese firms in Bitcoin Mining

Chinese firm Bitmain agreed with Core Scientific to purchase 17,000 mining machines with the latest technology. Additionally, in 2019, Bitmain announced that operations would soon begin in Rockdale, Texas, with 25MW. Another mining firm Layer1 raised approximately $50 million from various investors to expand operations in different cities. 

American billion-dollar fund manager Fidelity International doubled its stake in bitcoin mining firm Hut 8 yesterday. It now holds a 10% stake in the Toronto-listed crypto mining company. The mining firm under question here raised a total of C$8.3 million this year itself. 

Development of ASIC machines specifically for crypto mining 

The machines enabled with Application-Specific Integrated Circuits (ASICs) were first introduced by another Chinese based company Canaan Creative. The evolution of Bitcoin hardware has raised a lot of hopes among various classes of investors. Bitmain and Halong mining are dominating the hardware industry to unearth digital currency. Increased efficiency of 27% noted with Antminer S19 Pro developed by Bitmain and launched in May 2020. 

International interests have led to a hash rate war 

Countries like Venezuela plan to regulate the mining business with the utmost strictness and regulation. As they are only plans as of now, companies have started to increase the speed of mining bitcoin. It has helped in an increase in hash rate on an average basis. The halving event this year has not had a major impact on the mining business. It requires cheap electricity costs for the project to be viable in all aspects. Moreover, continuous investment in the sector has improved the mining efficiency day by day.      

Download our App for getting faster updates at your fingertips.

en badge web generic.b07819ff

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners

Must Read

XRPL labs soon to release the productive version of XUMM

The last beta version of the XUMM application has been releasedDevelopers have fixed all the bugs in the XUMM applicationXUMM can build...

EagleFX Review

EagleFX is an online forex and cryptocurrency broker. It is headquartered at the Commonwealth of Dominica and was formed in 2019 with...

Ethereum Enters Critical Resistance Zone With Bullish Move Needs to Show Sustainability

Ethereum is finally into resting the critical resistance zone lying around $480.00 to $490.00 with a weekly gain of 4.00%However, the ETH/BTC...

Is Bitcoin Heading for New All-time High in 2020?

Bitcoin price trading above the price levels of January 2018, after breaking multiple resistance over a yearly chartBitcoin Dominance is currently at...

Will Curve DAO Token Be Able to Have a Bullish Run By Forming Parabolic Curve on Chart?

Curve DAO Token has faced significant price corrections activity from the past couple of months resulting in the price levels to reach...

Is OMG Network Signalling For Consolidation After Retracing and Moving Within Symmetric Triangle

After testing the major resistance level of $3.80, OMG Network faced strong retracement and looking to touch the support level of $3.20...

Related News

Billionaire Boss of World’s Largest Hedge Fund Warns Bitcoin Will Be ‘Banned’

The bitcoin cost has taken off as its standing as a possible fence against swelling has developed.  Bitcoin has somewhat broken out of...

Is Bitcoin Heading for New All-time High in 2020?

Bitcoin price trading above the price levels of January 2018, after breaking multiple resistance over a yearly chartBitcoin Dominance is currently at...

Bitcoin’s Options Market Showing Bullish Sentiments

According to Skew's data it is overtaking the net demand for put options known as bearish betsIf we observe the negative one-month...

Top Banking Regulator describes Benefits of Bitcoin and Cryptocurrency to US Senate

The cryptocurrency has become a famous instrument for sending and accepting installments for merchandise and ventures since exchanges post progressively and give...

3.5 Billion Yen Bitcoin Seized by Dutch Police

Dutch Police have seized 2,500 Bitcoin, which is about 3.5 billion Yen involved in money launderingTwo men and women have been arrested...