Bitcoin’s price may have been reduced but surprisingly its hashrate is up and continues to increase. Only a week ago, Bitcoin’s hashrate was seen running at the average of 168 exahash per second and now it has increased by at least 7.73 % and is working @ 181 EH/s. It is the reduction in mining difficulty which has ultimately increased hashrate for Bitcoin, argue crypto experts.
Bitcoin’s value was forcefully brought down under the US$ 50,000 range which was the result of the crypto crash. Though the value of Bitcoin is looking weak, yet its hashrate is showing phenomenal strength. Within the past 8 days, Bitcoin has been able to see an increase of 7% at least in its hashrate. For example, on 5th December (Sunday), 2021, Bitcoin’s hashrate was seen @ 181.59 EH/s. The present hashrate of Bitcoin is also higher than its normal day-to-day hashrate.
The highest hashrate for Bitcoin in this month was seen on Friday, the 3rd December 2021, when it was seen as high as 190 EH/s. This was the second-best rate for Bitcoin during this year. The highest was however seen in the month of May when the hashrate increased to 191.42 EH/s, which was Bitcoin’s all-time high hashrate ever. It is surprising however that though the crash hasn’t been over yet still Bitcoin is making some progress. Bitcoin’s value lost about US$ 9,000 within this month and has been now under the price range of US$ 51,000.
According to crypto experts, there is a genuine reason for Bitcoin’s increased hashrate. They suggested that currently, the mining process has become difficult less. The difficulty was there until 27th November, however, the difficulty was modified last Sunday i.e. 28th November 2021.
This change too has come after an interval of at least 4 four months. Lastly, the change was seen in July when the difficulty was reduced considerably. The recent change started to occur initially on Monday, the 29th November 2021 when at least 1.49% difficulty was removed.
Bitcoin blockchain network has been deriving SHA256 hash power from multiple pools which are approximately 13 in numbers. At least 19.35 EH/s power is being acquired by Bitcoin from stealth miners. These stealth miners are currently controlling more than 11.75% of hashrate belonging to the Bitcoin network.
Antpool of Bitmain is by far the biggest miner of the Bitcoin network. The miner has been working with a hashrate of 30.28 EH/s and commanding 18% of the entire network’s hash power. Similarly, Foundry US, which is the second-largest Bitcoin miner, too has been working with a hashrate of 28%. Other notable Bitcoin miners are F2Pool, ViaBTC, Binance Pool, etc.
So if the difficulty is further decreased then the decrease in difficulty will allow Bitcoin to have more exahash power.