Despite Significant Trouble and a Low BTC Price, Bitcoin’s Hashrate Keeps Rising – Mining Bitcoin News

After the biggest spike in difficulty experienced by the Bitcoin network in 2022, the network’s hash rate was not affected by the 13.55% surge. In fact, five days ago at block height 758,138, the network’s processing power surpassed the all-time high (ATH) recorded on Oct. 5 when it hit 325.11 exahashes per second (EH/s) on Oct. 11. Also, block generation intervals were less than ten minutes per block, meaning another notable difficulty increase is expected on October 23rd.

325 U/s — Bitcoin’s hashrate taps another ATH after the Last Difficulty Retarget

It’s been six days since Bitcoin’s last difficult retargeting biggest increase this year when the metric jumped 13.55% higher than the difficulty setting codified 2,016 blocks ahead of block 758,016.

Despite the spike in Bitcoin (BTC) difficulty and US dollar value, which fell to $18,183 on Oct. 13, the network’s processing power is as hot as another all-time high (ATH). recorded on October 11th.

On the day, Bitcoin’s hashrate reached 325.11 EH/s with a block height of 758,138, up 1.23% since Hash rate ATH recorded October 5 at block height 757,214. At the time of writing acc statistics from coinwarz.com, the total hashrate of BTC is just above the 289 EH/s zone.

The up-tempo hashrate has resulted in block times being significantly faster than the ten-minute average. The data shows that the current BTC block generation time is approximate 8.22 minutes and if the fast block generation time continues, another notable increase in difficulty is in the maps.

The 3 best bitcoin mining pools each have 50 EH/s

Even after the 13.55% increase in difficulty, estimates are that on October 23 the difficulty is likely to increase by 3.59% to 5.5%. In the last three days, 470 blocks were mined and the Foundry USA mining pool recovered 101 blocks of the total blocks mined in 72 hours. Foundry has 21.49% of the global hashrate, or 57.08 EH/s.

In fact, the top three mining pools have more than 50 EH/s hashrate per pool, meaning that three quarters of the processing power of the chain is supported by Foundry, Antpool, and F2pool. There are currently 12 known BTC mining pools providing SHA256 hash power to the Bitcoin blockchain and 2.13% or 5.65 EH/s is controlled by an unknown hashrate also known as a stealth miner.

Profits are still very tight for miners, and Bitcoin mining profits are at an all-time low of under $70 per petahash per second (PH/s). With a nominal electricity cost of $0.05 per kilowatt hour (kWh), a Bitmain Antminer S19 XP yields significantly less profit today at 140 terahash per second (TH/s). $1.43 per day in BTC profits.

tags in this story

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What do you think of Bitcoin’s hashrate staying red hot and making new all-time highs despite the lower price and high difficulty rating? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. 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 6,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.

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