Bitcoin's hash rate, the metric that defines the network's power, has hit a new all-time high, while miners are generating more than $58 million a day in profits.
This Thursday the hash rate of Bitcoin (BTC), the cryptocurrency digital industry's largest, hit a new all-time high above 173,6 EH/s of power, according to data from BitInfoCharts.
The hash rate or mining power It is a metric that was born with Bitcoin and extended to other cryptocurrencies, and that allows blockchain developers to know the computational power that gives robustness and strength to a specific network. In Bitcoin, the hash rate is synonymous with security and power, and therefore its great importance. This metric has maintained sustained growth in recent years, showing the degree of security that Bitcoin has and, therefore, its users.
As reflected in the BitInfoCharts chart, BTC mining power has grown by over 720% over the past 3 years. By April 2018, when Bitcoin started to gain real importance after the cryptocurrency boom, ICO In 2017, the hash rate went from around 24 EH/s to over 173 EH/s today.
Source: BitInfoCharts
The increase in the network's hash power is a sign of a greater number of active BTC miners, who are contributing greater computational power to the blockchain. The arrival of more miners to Bitcoin, in turn, is a consequence of the high level of profitability of mining on this blockchain. To date, BTC miners are generating profits higher than the $ 58 million a day.
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More miners, less bitcoins
In North America, many of the largest mining companies in the United States and Canada are making significant purchases of ASIC mining equipment to increase their hash power within this network. Although much of this equipment has not yet been connected to the blockchain, its early purchase expresses the level of importance that BTC has in the markets today, and that it will continue to have in the future.
This cryptocurrency, designed from the beginning to have a limited supply of around 21 million coins, is increasingly coveted in the industry; while miners, responsible for extracting new bitcoins on the network, are holding on to their coins.
Data from GlassNode, one of the most important data and metrics providers in the crypto ecosystem, indicates that around 5.000 newly mined BTC are being held in storage. The company indicates that this is a strategy by miners to increase the value of the cryptocurrency due to its scarcity and, therefore, receive greater profits when they decide to sell.
One of the most curious facts that GlassNode highlights on Twitter is that despite the fact that halving Since May 4, miners have been earning almost 12 times more than they did a year ago. The firm notes that miners' daily earnings for April last year were around $12,5 million, with 58 BTC as a block reward; while earnings to date are over $6,25 million daily, with a reward of XNUMX BC per block mined.
Also, network difficulty is a metric that has grown considerably with the increase in hash rate. At the time of writing this note, Bitcoin mining difficulty has increased by 5,8%, amounting to 23,13 T (trillion).
Finally, according to the data recorded by CoinwarzBitcoin’s hash rate was well above the metrics shown by BitInfoCharts. Coinwarz notes that BTC mining power was close to touching 200 EH/s for the first time in history, with a value above 198 EH/s.
Continue reading: Bitcoin mining and hash rate continue to grow within American countries
