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Bitcoin’s Sinking Price Pushes Hashrate Below 200 Exahash, Mining Difficulty Expected To Slide 2.8% Lower

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Bitcoin’s Sinking Price Pushes Hashrate Below 200 Exahash, Mining Difficulty Expected To Slide 2.8% Lower

While bitcoin’s price dropped below the $20K region, the network’s hashrate slipped under the 200 exahash per second (EH/s) region to 167 EH/s on June 18. At the time of writing, the hashrate is coasting along at 184 EH/s after a slight rebound following the drop. With the price per bitcoin lower this week and the hashrate dropping, bitcoin miners may get a break in four days as the network’s difficulty adjustment algorithm (DAA) is expected to slide 2.8% lower than today’s current mining difficulty metric.

Bitcoin’s Hashrate Slides Lower Amid Price Drop, DAA Expected to Shift Downward in 4 Days

It is becoming less profitable for bitcoin miners this week as the price of bitcoin (BTC) slid to a low of $18,732 per unit on June 18, 2022. The price of bitcoin has not been this low since December 2020 and the exchange rate has caused the hashrate to slide roughly 15% during the past 24 hours.

The hashrate has not tapped a low of 167 EH/s since the first week of March 2022, as a great majority of the time it remained well above the 200 EH/s zone. At the time of writing, the hashrate is around 184 EH/s or 8% lower than the 200 EH/s region.

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Bitcoin’s hashrate has not dropped this low since March 2022.

Bitcoin’s fiat exchange rate has made it so a great number of application-specific integrated circuit (ASIC) mining rigs are currently unprofitable. With electricity costs at $0.12 per kilowatt-hour (kWh), only three ASIC devices are profitable today.

Bitmain’s Antminer S19 XP with 140 terahash per second (TH/s) gets an estimated $2.91 in BTC profits per day, while Microbt’s Whatsminer M50S with 126 TH/s gets an estimated $0.99 per day in profit. However, if electrical costs are $0.05 per kWh, then a few dozen ASIC mining rigs that produce 30 TH/s or more can profit.

Eight days ago, bitcoin miners also saw the mining difficulty increase, which makes it harder for miners to find block rewards. The DAA increase combined with the price decline has made it even harder for bitcoin miners to secure profits.

However, with just under 600 blocks left until the next DAA shift on June 22, the difficulty is expected to decrease by 2.8%, which will alleviate some of the pressure miners are facing. Block times on average have been about 10 – 17 minutes and a block reward without fees is around $119,838 at the time of writing.

SHA256-Based Crypto Networks Bitcoin Cash and Bitcoinsv Hashrates Drop

Today, the top five mining pools include Foundry USA, F2pool, Antpool, Binance Pool, and Viabtc, respectively. Foundry is the top mining pool at the time of writing, with 20.91% of the global hashrate or 42.05 EH/s.

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F2pool commands 15.82% of the global hashrate with 31.81 EH/s on Saturday morning (ET). While Foundry found 78 blocks out of the 373 mined in three days, F2pool discovered 59 blocks. There are 13 known mining pools today and stealth miners or “unknown” hashrate commands 2.14% of the global hashrate, or 4.31 EH/s.

Additionally, while BTC’s hashrate has dropped in recent times, other crypto assets that leverage the SHA256 consensus algorithm have seen hashrate drops as well. The hashpower behind the Bitcoin Cash (BCH) network is roughly 1.21 EH/s on Saturday and the Bitcoinsv (BSV) network’s hashpower is 0.57 EH/s.

Statistics show that BCH has lost 77.83% of its computational processing power since May 14, 2021, and BSV has shed 88.53% of its hashpower since January 15, 2020. Interestingly, the SHA256-based crypto namecoin (NMC), has 131 EH/s due to its merge mining capabilities.

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1600 blocks, 292.02 exahash, Antpool, bitcoin block rewards, bitcoin blocks, Bitcoins, block rewards, Blocks, BTC Hashrate, computational power, difficulty, difficulty retarget, Exahash, Foundry USA, Hashpower, Hashrate, hashrate ATH, mining, mining bitcoin, Mining BTC, Proof-of-Work (PoW)

What do you think about bitcoin’s hashrate sliding below 200 EH/s and the state of other SHA256-based crypto networks? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

$0.12 per kWh

BTC’s Lower Price Shrinks Bitcoin Mining Profits, Hashrate Remains Unaffected

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BTC’s Lower Price Shrinks Bitcoin Mining Profits, Hashrate Remains Unaffected

While bitcoin’s fiat value has dropped more than 70% below the all-time high recorded in November 2021, the price reduction has made it so miners are making fewer profits depending on the devices they operate. Despite miner profits sliding, Bitcoin’s hashrate has remained high coasting along at 180 exahash per second (EH/s) to 261 EH/s. In three days or more than 600 blocks away, Bitcoin’s next difficulty adjustment is also estimated to increase by 0.3%.

Bitcoin Mining Revenue Keeps Getting Smaller — Fewer Machines Profit

Miners continue to keep the hashrate going strong even though profits are much less than they were last month. During the past seven days, the network’s hashrate has been between 180 EH/s to 261 EH/s and a weekly average of around 212.6 EH/s.

On June 18, 2022, BTC’s U.S. dollar value briefly hit a 2022 low of around $17,593 per unit and managed to climb back toward the $19K to $21K per unit range. On May 27, 2022, bitcoin miners leveraging Bitmain Antminer Pro devices with up to 110 terahash per second (TH/s) and paying $0.12 per kilowatt-hour (kWh) could get around $4.63 per day.

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Today, at $0.12 per kWh, the same Antminer Pro machines lose $0.23 per day in operational costs. Of course, most bitcoin miners seeking profits in today’s market are likely paying far less for electrical costs than $0.12 per kWh which would make revenues increase.

Around that same time on May 30, 2022, the network was coasting along at 212.98 EH/s and 448 blocks were discovered in a three-day period. During the last three days leading up to July 1, 2022, 455 blocks have been found by miners.

Number of Bitcoin Mining Pools Drop During the Past 30 Days

A month ago, Foundry USA was the leading mining pool during the three-day span with 42.79 EH/s dedicated to the Bitcoin chain. 30 days later, Foundry commands 44.28 EH/s after capturing 94 out of the 455 blocks found.

While Foundry is still the top mining pool, it is followed by Antpool’s 33.92 EH/s and F2pool’s 29.68 EH/s. Last month, unknown or stealth miners dedicated 3.33 EH/s to the BTC chain and currently, the unknown hashrate is around 3.30 EH/s.

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On May 30, 2022, there were 14 known mining pools and stealth miners but today there are only 11 known mining pools plus the unknown hash dedicating hashpower to the BTC blockchain. The Bitcoin network is expected to see a difficulty adjustment algorithm (DAA) increase in three days.

It is currently estimated to be 0.3% higher than today’s 29.57 trillion difficulty metric. A higher DAA shift will make miners feel a touch more pressure, unless BTC prices rise higher. Currently, at $0.12 per kWh, most bitcoin ming rigs with lower hashrate ratings are not profitable with the electricity they pull from the wall.

What do you think about the current state of bitcoin mining, the network hashrate and the next DAA shift? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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1600 blocks

Bitcoin Hashrate Briefly Slips Below 200 EH/S During Market Rout, Less Than 100K Blocks Left Until The Halving

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Bitcoin Hashrate Briefly Slips Below 200 EH/S During Market Rout, Less Than 100K Blocks Left Until The Halving

After reaching an all-time high on June 8, Bitcoin’s hashrate dropped during the recent bitcoin price drop on June 12-13 to a low of 182 exahash per second (EH/s). While bitcoin’s USD value remains under the $23K zone, Bitcoin’s hashrate has managed to climb back above the 200 EH/s region.

Hashrate Drops to 182 EH/s and Bounces Back Above 200 EH/s, Over 741 Million Bitcoin Transactions Confirmed

Close to a week ago, Bitcoin’s hashrate tapped an all-time high at 292.02 EH/s at block height 739,928 and since then, it has dropped down to just above the 200 EH/s zone. Currently, the hashrate is coasting along at 232.63 EH/s on Tuesday, June 14, 2022.

For a brief moment during the crypto market carnage on June 12-13, the network’s computational power slipped down to 182 EH/s from 231 EH/s. The network saw a 21% loss in hashrate during that period of time but quickly rebounded.

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At current speeds, the network’s mining difficulty is expected to increase by 0.67% to 30.49 trillion. There’s still a whole week left until the difficulty adjustment algorithm (DAA) changes, which means current estimates could shift. The DAA change is expected to happen on or around ​​June 22, 2022, or 1,050 block rewards to go until the shift.

Furthermore, there’s now less than 100K block rewards left to be found until the next halving or approximately 99,214 blocks at the time of writing. The block subsidy will change after those blocks are mined from 6.25 bitcoins per block to 3.125 bitcoins per block post halving.

Currently, Foundry USA is the top bitcoin mining pool today with 22.52% of the global hashrate after it found 93 of the 413 blocks discovered during the last three days. Poolin is the second-largest mining pool with 13.80% of the global hashrate.

12 known mining pools are currently mining BTC while 0.73% of the global hashrate or 1.62 EH/s is operated by stealth miners. Unknown miners have found three blocks out of the 413 over the last three days.

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Over the last 30 days, miners confirmed 7,692,044 BTC transactions and BTC has seen 741,438,457 confirmed transactions over the course of its lifetime. There’s currently 15,679 reachable nodes and 8,290 Tor nodes.

Miners and non-mining nodes that are securing the BTC blockchain have to store 467.6 GB of data at the time of writing. At the time of writing, there’s been 19,067,210.93 BTC minted into circulation and there’s 1,932,574.98 that remains left to be discovered by miners.

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1600 blocks, 292.02 exahash, Antpool, bitcoin block rewards, bitcoin blocks, Bitcoins, block rewards, Blocks, BTC Hashrate, computational power, difficulty, difficulty retarget, Exahash, Foundry USA, Hashpower, Hashrate, hashrate ATH, mining, mining bitcoin, Mining BTC, Proof-of-Work (PoW)

What do you think about the current state of the Bitcoin network’s hashrate and mining pools? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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1600 blocks

Bitcoin’s Hashrate Hits An All-Time High Nearing 300 Exahash Per Second

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Bitcoin’s Hashrate Hits An All-Time High Nearing 300 Exahash Per Second

While Bitcoin’s mining difficulty was expected to decrease two days ago on June 8, instead the difficulty increased by 1.29% on Wednesday. On the same day, at block height 739,928, Bitcoin’s hashrate tapped an all-time high (ATH) reaching 292.02 exahash per second (EH/s).

Bitcoin’s Blockchain Secured by Close to Three Hundred Quintillion Hashes per Second

This week, the Bitcoin network has never been more powerful as the protocol’s computational processing power reached a lifetime high on Wednesday. In fact, at 292.02 EH/s the network neared the 300 EH/s region for the first time.

The last hashrate ATH took place on May 2, 2022, at Bitcoin block height 734,577, when it reached 275.01 EH/s. The jump to 292.02 EH/s 37 days later, was approximately 6.18% higher than the ATH on May 2. The ATH on Wednesday was only 2.73% away from reaching 300 EH/s or 0.3 zettahash per second (ZH/s) range.

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The hashrate has been running so high that the difficulty adjustment algorithm (DAA) that was expected to decrease, increased by 1.29% instead. Three days ago on June 7, the difficulty was expected to see a reduction of 0.51%.

Despite the 1.29% increase, the difficulty is still lower than the ATH of 31.25 trillion recorded on May 10, 2022. The network’s difficulty is currently at 30.28 trillion and it is expected to remain at that metric until the retarget date on June 21. That’s roughly ten days from now or around 1,600 blocks away until the next DAA change.

At 292 exahash per second, two hundred ninety-two quintillion hashes per second (H/s) were dedicated to the Bitcoin blockchain’s security on Wednesday. Three-day statistics show that Foundry USA has been the top mining pool, with fifty-two quintillion four hundred twenty quadrillion H/s or 52.42 EH/s.

Foundry has discovered 109 Bitcoin block rewards out of the 475 blocks mined during the last 72 hours. Antpool’s hashrate has hovered around 35.11 EH/s or thirty-five quintillion one hundred ten quadrillion H/s. Antpool found 73 blocks out of the 475 blocks found and F2pool captured 32.EH/s and discovered 67 blocks over the last three days.

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Current hashrate speeds and the rate it takes to mine the next 1,600 blocks will determine the next difficulty change. Currently, using today’s metrics, the difficulty is expected to increase by 1.52% from the current position, but that estimate is likely to change.

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1600 blocks, 292.02 exahash, Antpool, bitcoin block rewards, bitcoin blocks, Bitcoins, block rewards, Blocks, BTC Hashrate, computational power, difficulty, difficulty retarget, Exahash, Foundry USA, Hashpower, Hashrate, hashrate ATH, mining, mining bitcoin, Mining BTC, Proof-of-Work (PoW), zettahash

What do you think about Bitcoin’s hashrate hitting an all-time high at 292 exahash per second? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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