Another record has been set by the total computing power used to secure the bitcoin blockchain.
Statistics from mining services operator BTC.com reveal that a new feat has been achieved. The average mining hash rate over the last 14 days managed to reach 71.43 quintillion hashes/sec (EH/s), when compared to the 64.49EH/s registered back on July 23rd.
As the threshold was breached, bitcoin increased the mining difficulty at block height 586 672. The increase resulted in 6.94EH/s, or a 10.78% increase from a little over a month ago.
The mining difficulty is used to measure the difficulty of acquiring mining rewards. The difficulty of mining bitcoin is adjusted by the bitcoin software every 2016 blocks. Basically, every 2 weeks, the difficulty is adjusted accordingly.
Reasons behind the Total Computing Power record and the timing of it
So, how was the record broken and who broke it?
Let’s assume that this 10.78% increase from a little over than a month ago is due to many new miners.
The additional computing power can’t come from just any miners, but only from state-of-the-art, powerful miners like the AntMiner S17 from Bitmain or the WhatsMiner M20S by MicroBT.
Both of these miners hold a reported mining rate of roughly 55 TH/sec and have recently been available for purchase. Basically, nearly 100K of these brand new, state-of-the-art miners must have been turned on within the past 2 weeks.
Each of the miners is worth about $2K so the mining manufacturers should have made roughly $200 million by the recent sales of the ASIC miners.
This is a huge signal to any potential investors now that bitcoin’s price is en route to new heights. Additionally, the rain season is now arriving in China, where the majority of the world’s crypto mining farms are located.
The rain season leads to cheaper hydropower electricity costs in the southwestern China provinces like Sichuan, known as the mining capital of the world.
Currently, the top miners in the world are the WhatsMiner M20 and Bitmain’s S17 series.
F2Pool’s mining tracker shows that the S17 Pro is currently ranked 3rd in terms of mining profitability. WhatsMiner M20S costs nearly $3K while the AntMiner S17 Pro is currently worth $4K.
Judging from the increased demand for miners, the market is gearing up for new records and the sky seems to be the limit.
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