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Bitcoin’s hashrate hit a lifetime high over the weekend reaching 271.19 exahash per second (EH/s) on Saturday, April 23 at a block height of 733,197. Currently, computing power is coasting at 233.81 EH/s with network difficulty change expected in three days on April 27.
Bitcoin hashrate hits all-time high, hashing power up 55% since January
The processing power that confirms transactions and secures the Bitcoin (BTC) network hit an all-time high (ATH) on Saturday, April 23. The hashrate reached 271.19 EH/s, or approximately 271,190 petahash per second (PH/s) or 271,190,000,000,000,000,000 hashes per second (H/s).
Bitcoin’s hash power has never been higher than this point in history and since block height 717,696 or January 8, 2022, the hashrate record is a 55.48% increase since then. The processing power of the Bitcoin network reached an ATH of 246 EH/s on February 12, before the all-time high recorded on Saturday.
Following a downward difficulty adjustment (DAA) algorithm change at block height 731,808, which saw the difficulty drop by 1.26%, the network should see an increase in DAA in approximately three days . Since the hashrate operates at such high speeds, the DAA should increase by 3.21%.
If the estimated DAA increase of 3.21% materializes, the Bitcoin network difficulty will rise from the current 28.23 trillion to a lifetime high of 29.13 trillion. Currently, Sunday afternoon (ET), a block grant reward worth 6.25 BTC is currently valued at $247,063 using today’s Bitcoin exchange rates.
While bitcoin hash power mined an ATH on Saturday, for the past three days the top mining pool was Foundry USA, capturing 22.55% of the global hashrate. Statistics show that Foundry’s 47.89 PE/s allowed the pool to find 106 of the last 470 blocks found by 13 pools. The second largest bitcoin miner below Foundry USA was Binance Pool with 12.98% or 27.56 EH/s hash power.
While stats show bitcoin price didn’t have the best first quarter of 2022, the hashrate which has grown over 55% since then is quite an achievement. The metrics indicate that the current value of BTC is profitable to mine using most ASIC devices with 25 TH/s or more. At press time, the Bitmain Antminer S19 Pro (110 TH/s) mining rig with electricity costs of $0.12 per kilowatt hour will see an estimated profit of $10.23 per day.
What do you think of Bitcoin’s hashrate hitting a lifetime high of 271 EH/s on Saturday? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
