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- BTC Price at the time of writing – $$19,231.95
- Bitcoin’s difficulty is at an all-time high (ATH) at 35.61 trillion
- The total network hash rate reached a lifetime high at 325.11 EH/s
The network’s total hash rate continues to chug along at close to 300 exahash per second (EH/s) despite the fact that bitcoin miners are only making bare minimum profits per petahash per second (PH/s) and the myriad of headlines showing specific mining operations folding due to the crypto winter.
The current trends have not in the least discouraged bitcoin miners, despite the fact that mining difficulty is at an all-time high and bitcoin prices are falling. In the meantime, the next difficulty retargets, scheduled for around October 23, indicate that another increase will occur.
BTC Hashrate close to 300 exahash per second
With less than two days remaining, it appears that bitcoin (BTC) miners will receive another upward increase in network difficulty. Bitcoin’s hash rate remains high despite current obstacles.
The difficulty of Bitcoin is currently at an all-time high (ATH) of 35.61 trillion, and the next change is expected to occur on or around October 23, 2022, in less than two days.
Even though the difficulty ATH makes it much harder for bitcoin miners to find a block subsidy, miners still have a lot of hash rate dedicated to the network security of the leading cryptocurrency asset.
According to data from coinwarz.com, BTC’s total hash rate over the past hour has ranged from 290 to 315 EH/s today. The metric is just below the block height of 758,138 on October 11, when the total hash rate ATH was recorded.
The total network hash rate then was 325.11 EH/s, which was a lifetime high. A few data points indicate that today’s block times range from 8:30 minutes to 9:35 minutes, which is less than the ten-minute average.
The retarget date is usually less than two weeks when the 2,016 blocks are found faster than the average of ten minutes.
To make it harder for miners to locate a BTC block, the blockchain network’s mining difficulty will rise in this direction. Satoshi designed the system in this manner to ensure that block times would remain consistent at ten minutes.
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Foundry’s hash rate is around 23.86% of the total network’s computational power
BTC’s mining difficulty would rise to 37 trillion dollars due to the anticipated percentage increase. Foundry USA, the largest mining pool right now has spent the last three days dedicating an average of 63.34 EH/s to the BTC chain.
The hash rate of Foundry is about 23.86 percent of the total computational power of the network.
Antpool (48.37 EH/s), F2pool (39.73 EH/s), Binance Pool (35.13 EH/s), and Viabtc (23.03 EH/s) are among the miners in Foundry’s top five hashers below the leading BTC mining pool.
12.09 EH/s, or 4.56 percent of the network, is controlled by unknown miners, and there are currently 13 known mining pools that dedicate hash rate to the BTC chain.
The record-breakingly high hash rate occurs at a time when a few large mining operations have been experiencing financial difficulties and have filed for bankruptcy. Chris Brendler, a market analyst at investment bank DA Davison, downgraded the shares of Argo Blockchain to zero.
A person simply observing Bitcoin’s computational power would not be able to determine that some BTC miners are struggling due to the high hash rate. While a small number of BTC mining operations have failed, larger ones may simply pick up where they left off, purchasing ASICs and facilities at reduced prices.
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.
