05 August 2019 17:33, UTC

The total computing power for the bitcoin blockchain has set yet another record. According to data from BTC.com, the average bitcoin mining hash rate over the last two weeks has reached 71.43 quintillion hashes per second (EH/s), up from 64.49EH/s on July 23. Bitcoin has adjusted its mining difficulty for 10.78% jump since mid July.

The mining difficulty is the amount of computational power which the mining device requires to sufficiently solve algorithms set by the development team. The miner is awarded a new digital coin after successfully solving these algorithms. Just how difficult the bitcoin software makes it to generate new blocks adjusts every 2,016 blocks – approximately every 14 days – to ensure the block production time remains about 10 minutes at the next cycle.

After certain calculations, it can be assumed that over the past two weeks, more than 100,000 high-class ASIC miners could have been connected to the network. In addition, given that they were sold for at least $2,000, this is equivalent to approximately $200 million in revenue for miner producers.

Earlier this year, miners in China estimated that the BTC hash rate would exceed 70 EH/s during the summer. At some points in time, the hash rate already crossed this level in June. However, today marks the first time that the two-week average computing power has been able to remain above the 70EH/s threshold. As such, bitcoin’s mining difficulty has also set a new record of nearly 10 trillion. Amid growing interest in mining, there have been noticeable changes in the market, where manufacturers seek to produce more powerful equipment in order to outperform competitors.

Image courtesy by Masterdc

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