BTC computing power reached a new record earlier after the data showed that about 100K miners went online as we can read in the latest cryptocurrency news today.
The data from the mining services operator BTC.com shows that the average bitcoin mining hash rate over the last two weeks reached about 71.43 quintillion hashes per second which are from the previous 64.49 EH/s in July. The threshold was reached as bitcoin adjusted the mining difficulty back on Monday which is also a jump since mid-July. The Bitcoin mining difficulty is a measure of how difficult it is to compete for the mining rewards on Bitcoin. If the additional 6.9EH/s computing power have all come from the ASIC miners such as the Bitmain’s AntMiner and WhatsMiner both of them boasted the mining rate of about 55TH/s and hit the market.
This means that more than 100,000 ASIC miners could have switched on in the past two weeks. Also, the products have been sold for about $2,000 apiece which means that was the revenue of $200 million reached for major miner makers. The continued interest in blockchain mining comes at the right time when the crypto prices seem to be challenging new highs despite the terrible climate in China which leads to cheaper hydropower and electricity costs.
The miners in China estimated earlier that this year the bitcoin computing power and hash rate in the summer will break the level of 70EH/s. Bitcoin’s hash rate has already crossed that level back in June and it even reached a new one of 80EH/s at the beginning of this month. However, today is the first time that the two-week average BTC computing power has been able to remain above the 70EH/s.
There have also been some changes in the mining market since the top manufacturers are now trying to produce improved equipment. For example, Bitmain’s initial public offering prospectus which had more than 70 percent market dominance, it may be facing serious competition now from the rival players who are able to ship more products with better profitability. The former analyst Michael Zhon stated for the altcoin news that the production capacity among the Chinese miner makers has changed dramatically over the years.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post