Bitcoin's network hashrate has surged 42% over the past three months, climbing from 110 exahash per second (EH/s) on August 13 to the current 157 EH/s, according to the latest data. This growth mirrors the 36% price rise in the cryptocurrency over the same period, signaling strong miner confidence despite earlier setbacks from China's crackdown on mining operations in July 2021.
Hashrate Follows Price Recovery
At press time, Bitcoin's hashrate is coasting at 157 EH/s, with approximately 14 known mining pools contributing. Notably, “unknown” or stealth miners account for 16.39 EH/s, representing 10.24% of the network's total computing power, making them the fifth-largest mining entity. Since October 25, the hashrate has briefly exceeded 180 EH/s on three occasions, indicating aggressive capacity expansion by miners. Meanwhile, Bitcoin's price has held above $60,000 since October 15, dipping below that level only once, providing a lucrative environment for miners.
Difficulty Resets Nine Times in a Row
As a result of rising hashrate, Bitcoin's network difficulty has undergone nine consecutive upward adjustments. Since July 17, 2021, mining difficulty has increased by over 50%, making it significantly harder to mine a block. Despite the increasing difficulty, miners have continued to add hashing power, reflecting bullish sentiment. The next difficulty adjustment, expected this weekend, is likely to set another all-time high.
Mining Pool Concentration
The top four mining pools control 58.6% of the network's hashrate over the last three days. F2pool leads with 28.51 EH/s, followed by Antpool at 26%, Foundry USA at 12.69%, and Viabtc at 11.8%. The unknown pool ranks fifth with 16.39 EH/s. While this concentration raises concerns about decentralization, the Bitcoin network remains robust.
Profitable Miners Earn Up to $45 Per Day
Under current difficulty and electricity costs of $0.07 per kWh, the most efficient miners generate between $34 and $45 per day. The Microbt Whatsminer M30S++ (112 TH/s) brings in about $44.77 daily, the Bitmain Antminer S19 Pro (110 TH/s) yields $44.24, and the Canaan Avalonminer 1246 (90 TH/s) earns $34.92. The upcoming Bitmain Antminer S19 XP (140 TH/s), slated for release in July 2022, could generate $58.20 per day, further incentivizing miners to expand.
Bitcoin's sustained hashrate growth and difficulty increases underscore the strong commitment of miners to the network's long-term value. As global competition intensifies, new all-time highs in hashrate are likely in the coming months.