Bitcoin’s Computing Power Has Reached New Maximum
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.
Image courtesy by Masterdc
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