Hashrate Index predicts the growth of bitcoin’s hashrate to 280 EH/s by the end of the year

Mining companies continue to increase their BTC mining capacity

19.09.2022 - 06:45

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What’s new? Analysts at Hashrate Index have shared bitcoin mining data for August 2022. All public miners have continued to increase their hashrate and plan to increase capacity by almost 17 EH/s by the end of the year. According to experts, the combined hashrate of the entire Bitcoin network could grow to 270-280 EH/s.

The full report on the Hashrate Index website

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.

What other data has been released? Cleanspark (17,25%) and Core Scientific (16,42%) were the net leaders in August capacity growth. Marathon Digital showed a 357% increase in hashrate, but this was something of an anomaly due to the relocation of equipment to West Texas after the shutdown in Montana.

For each of the public miners, the increase in hashrate led to an increase in rewards. Iris Energy had a 95,45% increase in bitcoins mined and DMG had a 27,78% increase. Marathon Digital showed the largest increase in mining (155%), again the result of the company’s migration to another state.

Hashrate Index also noted that companies continue to increase the number of bitcoins in their accounts. Hut 8, Hive Blockchain, and Marathon Digital are keeping all bitcoins mined, having not sold a single coin in August.

On September 14, after another recalculation, the Bitcoin network’s mining difficulty increased to a record 32,05 T. As of September 19, 07:00 UTC, the network’s average hashrate is 230,29 EH/s. Bitcoin is trading at $18 470, down by 7,86% in 24 hours, according to Binance.

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