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- Bitcoin hash rate soars although the price of the asset sheds blood
- As the blockchain’s processing power is achieving new highs, the hash rate has crossed 200 EH/s
- As the mining difficulty has dropped during the last difficulty change, the hash power managed to stay high
Bitcoin price has shed a lot of blood this weekend. Over just 24-hours, BTC lost more than $10,000. Following BTC’s correction the entire altcoin market witnessed a dip. Moreover, total TVL in the decentralized finance (DeFi) sector also plunged by more than 5%. However, although the market faced some dips, it has been observed that there is no impact on the BTC hash rate. Notably, last week the network hashrate of the flagship crypto asset was coasting along at 168 Exahash per second (EH/s). Over the last seven days the hash rate has surged by more than 8%. At press time the total hashrate is 203.74 EH/s.
Bitcoin hashrate hits new highs
Although the Bitcoin price dropped drastically, its hashrate managed to stay strong. Moreover, it increased by more than 8% during the past week. As the blockchain’s processing power is achieving new highs, the hash rate has crossed 200 EH/s.
Following the three months data of hash rate, it has been observed that the power tapped 190 EH/s. Notably, in May the power hit an all-time high at 191.42 EH/s. And on Monday, the hashing power achieved a new ATH above 200 EH/s.
According to researchers, as the mining difficulty has dropped during the last difficulty change, the hash power managed to stay high. Indeed, the drop in difficulty has helped the Bitcoin hash rate continue its uptrend despite the recent price carnage.
BTC mining is less difficult by 1.49%
Since mid-July, Bitcoin saw its first mining difficulty decrease this weekend. According to data from Blockchain.com, the drop in difficulty made it 1.49% easier to mine the coin. In the currency scenario, the difficulty is 22.33 trillion and . According to on-chain analysts, the next difficulty surge is estimated to add 1.17% to the possible 22.6 trillion.
Antpool is the largest BTC miner
In the current scenario there are only 13 known pools which are dedicated to mine Bitcoin with SHA256 algorithm. Otherwise the rest are unknown pools known as the stealth miners. Indeed, the stealth miners of BTC are commanding more than 11.5% of the network’s total hash power.
Indeed, Antpool is the largest miner in terms of network hash rate. The pool is followed by Foundry USA and F2Pool that command more than 16% and 13% respectively. Indeed, since mid-October a huge count of unknown hashrate or stealth miners have been very prominent on the network.
