The Terra blockchain meltdown has seen Bitcoin’s hashrate rise to 212 EH/s, well above the 200 exahash/second range. After reaching an all-time high of block height 734 577 on May 02th, Bitcoin’s hashpower remains high. The network also experienced another difficulty increase after the block height 735.840 hike on May 10.
Bitcoin Security has Never been stronger — The Difficulty of Bitcoin’s Security Reaches 31.25 Trillion
Bitcoin’s hashrate continued to grow over the past 12 months and reached a number all-time highs in the last year. Block height 734,577 was the most recent high, and Bitcoin’s hashrate reached 275.01 EH/s.
Despite the fact that $350 million was wiped out of the crypto economy within seven days, the hashrate is still elevated at 212 EH/s. According to Into the Block’s key metrics, however, the current hashrate remains elevated at 212EH/s. The BTC price has dropped, but the network saw a 4.89% difficulty rise at block height 735.840.
The difficulty of the network has increased by 10.45% over the past two difficulty adjustment algorithm changes (DAA). This is in just four weeks. It is now the most difficult time to mine bitcoin ( Bitcoin). The DAA will increase by an estimated 0.72 percent in nine days. With the price falling, Bitcoin miners now see much lower profits than they did two weeks ago.
At current prices, the Bitmain Antminer S19 Pro+ Hd., which generates 198 terahash per seconds (TH/s), only receives $9.29 per daily. This is assuming that the bitcoin miner pays $0.12 per kilowatt hour (kWh). If they charge $0.12 per kWh for electricity, machines producing less than 30 THP may not see profits. Innosilicon’s Terminator 3 miner produces 52 TH/s and earns $0.22 per day in Bitcoin if they charge $0.12 per kWh electrical costs.
Over the past seven days, 1,035 Bitcoin blocks were mined. Three of those blocks were empty. Foundry USA is the top miner this week, as the pool discovered 211 blocks from the 1,035. Foundry holds 20.39% of global hashrate or 45.75 EH/s for hashpower. F2pool is next, which currently controls 14.49% global processing power for the Bitcoin network.
F2pool has 32.52 EH/s dedicated to the network. The pool discovered 150 blocks of the 1,035 that were found this week. Today, there are 15 pools that dedicate SHA256 hashpower to the Bitcoin chain. Unknown miners own around 1.16% global hashrate. Unknown mining entities and stealth miners command 2.6 EH/s, and have captured 12 blocks of the 1,035 discovered this week.
It’s been an interesting week in crypto. But Bitcoin miners are still doing what they love: finding blocks. The BTC price is lower today than it was two weeks ago. Additionally, the difficulty increases make it more difficult to find a BTC block. Despite these factors, the network hashrate is still high and Bitcoin is much more secure than ever during the past 13 years.