Bitcoin mining difficulty is soaring to achieve new highs

Bitcoin miners have generated $1.5 billion in revenues in March
  • Bitcoin mining difficulty has been observed increasing by 5% every couple of weeks
  • Bitcoin miners are generating huge rewards, although the hash rate is skyrocketing
  • Among the seventeen mining pools globally, Chinese mining pools are dominating the blockchain network

Bitcoin mining difficulty has again achieved a new all-time high record on Friday. Although the difficulty in mining is soaring tremendously, the miners have generated record revenues. Over March 2021, it was observed that miners ranked $1.5 billion in coinbase rewards and transaction costs. According to the data from BitInfoCharts, it is found that at press time, Bitcoin’s blockchain hash rate was approximately 157 EH/s with 17 pools dedicating hash power to the network.

Bitcoin mining difficulty has ramped with a 5% increase

The price of the world’s most crypto asset is consolidating just around the level of $60,000. With the soaring price, the hash rate is also driving towards the sky, which is dedicating a lot of resources towards finding BTC blocks. Late last month, Bitcoin’s hash rate was observed soaring to 195 EH/s which came too close to the 200 EH/s. Indeed, such a continuous rise in the hash rate is one of the main reasons for increasing the token’s mining difficulty. However, currently, the difficulty has ramped at 23.14 trillion with an increment of 5%.

BTC miners are capturing huge monthly rewards

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In the current scenario, it is observed that after every couple of weeks or after 2,016 blocks are getting mined, the difficulty in Bitcoin mining is increasing. After every such time period, the difficulty is approximately surging by 5%. According to a report from Arcane Research, the miners of the BTC blocks have captured an attractive figure of more than $1.5 billion. It is also found that the BTC miners find roughly 144 blocks on a day-to-day basis whereas, each of the blocks consists of around 6.25 tokens with fees.

Chinese mining pools are dominating the blockchain network

Following the transactions’ stats, it seems like the following fees for each transaction would be $11.75. However, the current median fee is $8.27 per transaction. Following such facts, we can conclude that a rough amount of 900 Bitcoin tokens are being generated daily. On the other side, there are seventeen pools dedicated to hash rate to the blockchain. 

Several major mining firms were observed competing in the North American Region over the last six months. However, the top five mining pools among the seventeen pools were kept holding the majority of the operations. Moreover, all the five significant pools are located in China, among which F2pool was found at the top of the list for weeks in terms of performance.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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