Bitcoin’s hash rate surged again as processing power took advantage again on January 15, 2022, reaching 219.68 exahs per second (EH/s). The new record follows the previous all-time high (ATH) on the first day of the year, when the network hash rate reached 219.5 EH/s.
Hashrate Bitcoin Reaches Milestone, Analyst Discusses Miner Surrender, Estimated Bitcoin Production Cost
Bitcoin miners are dedicating so much SHA256 processing power to the BTC network on January 15 that the network quickly reached ATH just after 12:00 AM (EST). The record was slightly higher than the previous ATH on January 1, at 219.5 EH/s with today’s hash rate of 219.68 EH/s. At the time of writing, the hash power of the network is dropping along 199 EH/s.
This rise comes on the heels of the recent drop in the hash rate that occurred when the citizens of Kazakhstan revolted against the government and the internet was temporarily shut down in the country. It has been widely speculated that the hash rate has fallen by 15% due to problems in Kazakhstan, but miners in the region have claimed that this was not the case. Data at the time indicated that the decline in the price of BTC and the increase in mining difficulty contributed to a 15% loss in the hash rate.
In addition to the lower price and increased difficulty, it is estimated that the production cost of mining a single BTC today is $34,000. Twitter account and analyst Project founder He recently explained that the production cost price point is about 20% lower than the present value. “The worst bitcoin prank ever, was due to miners capitulating (December 2018, March 2020), when bitcoin fell below production costs, it was at risk of miners capitulating.” chirp. Venture Founder added:
[Bitcoin] It was at risk of miners capitulating at $30,000 in May. The current production cost is $34,000, 20% lower. [the] current price.
Bitcoin mining difficulty is expected to increase by 3.8% in 5 days to reach all-time highs
While this was expected a couple of weeks ago, Bitcoin mining difficulty is likely to reach an all-time high during the next era shift. The next change in difficulty is expected to occur in just over 5 days from now and it is estimated that it could rise 3.83% higher than it is today. If it rises to this point and reaches 25.31 trillion, the difficulty of mining bitcoin will reach its lifetime high.
The last mining difficulty of 25 trillion ATH was on May 13, 2021, and four difficulty drops – including the biggest drop of the era ever – dropped the difficulty considerably. Since then, after July 17, there have been a total of 12 difficulty increases and only one decrease.
On Saturday, the largest bitcoin mining pool was F2pool at 15.57% or 28.88 EH/s and the second largest pool was Foundry USA at 15.55% or 28.80 EH/s. Both pools have been jumping back and forth over the past few weeks regarding the largest Bitcoin mining pool.
What do you think of the last hash rate spike recorded on January 15, 2022, and the upcoming ATH mining difficulty expected in five days? Tell us what you think about it in the comments section below.
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