Bitcoin mining difficulty set a new all-time high

The average hashrate of the network rose to 229,85 EH/s

14.09.2022 - 09:40

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What’s new? After another recalculation, the Bitcoin network’s mining difficulty increased by 3,45%, to a record 32,05 T. Also, according to BTC.com, the network’s average hashrate rose to 229,85 EH/s. As of September 14, 09:30 UTC, bitcoin is trading at $20 385, the asset’s rate has dropped by 8,79% in 24 hours, according to Binance.

BTC.COM’s data

Hashrate is the total computational power in the bitcoin network. The mining difficulty determines the amount of computing power it takes to find a new block in the blockchain. The parameter changes every 2016 blocks, or about once every two weeks. This ensures that the time it takes to find a block is around 10 minutes.

Situation with mining. The Bitcoin network’s hashrate reached its highest value on September 12 – 232,4 EH/s. Also on August 31, there was a 9,26% increase in mining difficulty to 30,98 T. In August, Bitcoin mining revenue rose by 10% for the first time since March. Most of the $629,45 million in revenues came from the block reward, while $8,98 million came from transaction fees. In total, miners earned $657 million in August.

According to Kevin Zhang, Foundry’s senior vice president of mining strategy, the growth in hashrate is due to a drop in heat waves on a global level and the inclusion of mining equipment. In addition, Bitmain’s more efficient S19 XP ASIC miners have hit the market.

Foundry USA is leading in terms of hashrate share with 28,61%. Next comes AntPool (16,44%) and F2Pool (14,41%).

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