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- The block production rate was cut to 5.93 blocks per hour due to a 4% difficulty modification. The daily transaction volume climbed by 10%, while the average transaction value increased by 7%.
- With a current hash rate of 200 EH/s, the bitcoin hash rate would need to grow at a monthly rate of 5% to reach 300 EH/s by the end of 2022.
- The trend appears to be reversing after at least two weeks of consecutive gains in daily miner income. In the prior week, daily bitcoin miner income declined 0.13 percent to $41,938,620.
The Bitcoin hash rate has come a long way since the China crackdown when it dropped by half in a matter of weeks. It has made a strong, not simply swift, comeback. It has continued to grow at a rapid pace. However, as this statistic grows, so do predictions for where it will be in 2022. Analysts predict bitcoin will hit 300 EH/s by the end of the year, but will it be able to do so in the next eight months?
The Hash Rate Needs To Rise
In comparison to the previous year, the bitcoin hash rate is doing nicely. It was able to achieve 200 EH/s due to its rapid development at the start of the year. However, with momentum waning in the last two months, this number hasn’t risen significantly. This raises the question of how much the hash rate needs to increase monthly to achieve 300 EH/s by the end of 2022.
With a current hash rate of 200 EH/s, the bitcoin hash rate would need to grow at a monthly rate of 5% to reach 300 EH/s by the end of 2022. While this may appear to be a huge undertaking, it is a very real possibility for the digital asset in the future. That is if the hash rate can recover to its pre-stagnation level within the next two months.
However, supply chain worries may be contributing to the stalemate. These issues became more serious during the pandemic of 2020, and supply chain issues are still plaguing the technological sector, particularly mining, two years later. This is because getting the equipment needed to start and expand a mine is becoming increasingly difficult, causing an expansion to slow to a crawl. As a result, mining operations have been unable to meet their hash rate targets.
What Are The Prospects For Cryptocurrency Miners
However, after these supply chain concerns are handled in 2022 and the hash rate resumes its upward trend, bitcoin might very well hit the 300 EH/s targets by the end of the year. In terms of mining, the preceding week was not as fruitful as the ones before it. The trend appears to be reversing after at least two weeks of consecutive gains in daily miner income. In the prior week, daily bitcoin miner income declined 0.13 percent to $41,938,620.
On the other hand, daily fees grew by 34.31 percent to $617,437. Furthermore, from 260,713 the previous week to 268,006 the average number of transactions per day climbed by 2.80%. During the same time span, block output per hour dropped substantially, from 6.21 to 5.93, a -4.60 percent drop. In the previous week, the mining difficulty reached a new all-time high. The block production rate was cut to 5.93 blocks per hour due to a 4% difficulty modification. The daily transaction volume climbed by 10%, while the average transaction value increased by 7%.
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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.
