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Bitcoin’s hash rate surged again to 219.68 exahash per second (EH/s) as processing power hit another all-time high on January 15, 2022. The new record follows the all-time high (ATH) set on the first day of the year, when the network’s hash rate hit 219.5 EH/s.
Bitcoin’s Hash Rate Hits Milestone, Analysts Discuss Miner Capitulation, Estimate Bitcoin Production Costs
Bitcoin miners use a lot of SHA256 processing power for bitcoin The network quickly hit ATH after 12:00AM EST on January 15th.The record is only one hair taller previous ATH 219.5 EH/s hashrate today on January 1st Reached a high of 219.68 EH/s. At the time of writing, the network’s hashrate is sliding at 199 EH/s.
The uptick follows the recent drop in hash rate, while Kazakh civil uprising Against the government, the country’s internet was temporarily shut down.There is widespread speculation that the hash rate has dropped by 15% due to problems in Kazakhstan, but miners in the region claim This is not the case. as shown by data that time bitcoinThe drop in price and the increase in mining difficulty resulted in a 15% loss in hash rate.
In addition to falling prices and increased difficulty, estimates say the production cost of mining a single bitcoin $34K today. Twitter Accounts and Analysts Venture capital founder It was recently explained that the production cost price is about 20% lower than the current value. “Bitcoin’s worst sell-off ever was due to miner capitulation (Dec 2018, March 2020), when bitcoin falls below production costs, it risks miner capitulation,” the analyst tweet. The Venture Capital founder added:
[Bitcoin] Miners face a $30,000 capitulation risk in May. Current production cost is $34,000, less than 20% [the] current price.
Bitcoin’s mining difficulty is expected to increase by 3.8% to a new all-time high in 5 days
While expected to happen two weeks ago, Bitcoin’s mining difficulty is likely to hit an all-time high during the next era of change.This next difficulty change Expected to happen in 5 days, it is estimated that it could be 3.83% higher than it is now. If it does rise to that point and hit 25.31 trillion, Bitcoin’s mining difficulty will hit another all-time high.
The last time the 25 trillion ATH was mined was on May 13, 2021, and four difficulty drops — including the largest epoch drop ever — significantly lowered the difficulty. Since then, after July 17th, there have been 12 increases in difficulty and only 1 decrease in difficulty.
On Saturday, the largest Bitcoin mining pool was F2pool at 15.57% or 28.88 EH/s, and the second largest was Foundry USA at 15.55% or 28.80 EH/s. As far as Bitcoin’s largest mining pools are concerned, the two have been bouncing back and forth over the past few weeks.
What do you think of the recent hashrate high on January 15, 2022, and the upcoming mining difficulty ATH that is expected to happen in five days? Let us know what you think about this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
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