Bitcoin Hashrate

Bitcoin Hashrate increases 110% following the Price boom

In the last month, the Bitcoin price surge has also impacted the mining business. The price of bitcoin rose by 53% during last month and Bitcoin Hashrate has increased by 110%. Hashrate has increased from 69 (EH/s)  to 145 (EH/s).

Yesterday, Bitcoin made its monthly high, and miners’ profit has also increased compared to last month. China, which was providing 65% of total mining power, banned the mining and as a consequence, the Hashrate of bitcoin decreased significantly to 69 (EH/s). The Hashrate of bitcoin started improving last month as stealth mining power came online to benefit from the high mining reward.

Bitcoin Hashrate
Source: Coinwarz.com

Bitcoin Hashrate impact of Difficulty:

In July, the Bitcoin Hashrate was at 96 (EH/s) and is continually improving this month.  According to coinwarz’s monthly data report, Hashrate has improved 41.04% and continuously increasing. The difficulty of bitcoin is increasing due to an increase in the processing power of network security.

Bitcoin Hashrate
Source Btc.com

After a record drop of 27.94% of difficulty, the difficulty is increasing slowly but continuously. Difficulty adjustments are made accordingly to make the Blockchain Network more secure and reliable. If the next difficulty adjustment increases the difficulty then it would be the third consecutive increase in the Bitcoin difficulty.

The first increase in bitcoin difficulty was 6.03% followed by another increase of 7.31%. It is estimated that another difficulty drop will be 7.31%. The five pool of miners is controlling 67% of the total Bitcoin Hashrate. These pools include Antpool, Btc.com, Viabtc, Poolin, and F2pool.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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