The bitcoin mining hashrate has increased by 18,400% since 2016

The price of Bitcoin (BTC) hit an all-time high (ATH). Reached $ 61,782 per BTC on March 13, 2021.

The event occurred almost a year after the cryptoactive registered one of the biggest drops in its history. down more than 40% on March 12, 2020.

The price has risen more than 1,500% since the day also known as “Black Thursday” when the price of BTC fell to $ 3,850 per unit.

The bitcoin mining hashrate has increased by 18,400% since 2016
The bitcoin mining hashrate has increased by 18,400% since 2016

This meteoric growth has also increased the profitability of mining, pushing the Bitcoin network’s hashrate to a new record of 185 exahashes per second (EH / s) on March 14, 2021.

To compare this to the speeds of five years ago, Data shows that BTC’s hashrate rose 18,400% when it hit 1 EH / s this year.

Bitcoin mining

Bitcoin mining is extremely competitive and with such a high hashrate the difficulty of mining the network is also extremely high and mining the market leading cryptocurrency has never been so difficult as it is today.

There are 18 mining pools that control the BTC hashrate, and F2pool has been the number one miner for the past few months. However, the F2pool hashrate has dropped a bit, and Poolin now ranks first in terms of hashrate distribution.

Poolin and F2pool have almost the same performance and now have 26 EH / s at 17% of the hashrate, and F2pool is capturing 24 EH / s which is 15.7% of the total hashrate. The pool operated by the cryptocurrency company Binance ranks third with 12% of BTC’s hash power.

The price of Bitcoin (BTC) certainly helped bring the hash value to what it is today. However, other technological advances have also increased Bitcoin’s hash performance. In 2016, when the hashrate was 1 EH / s, machines like Bitmain’s S9 series were the dominant miners in the industry.

Back then, however, mining equipment was making between 7 and 15 terahash per second (TH / s). Machines from Bitmain and other competitors such as Microbt now process hashes at around 100 TH / s.

This corresponds to an increase in efficiency of 1,328% per mining machine.

From 2015 to 2016, the 16 nm semiconductor was the standard chip for ASIC mining rigs at that time. Bitfury had launched one of the “fastest” mining chips on the market that could reach around 40 gigahashes per second while maintaining an energy efficiency of around 0.06 joules per gigahash.

In December 2016, Bitfury’s mining pool captured over 9% of the global BTC hashrate, but today Bitfury’s mining pool has no hash power. 16 nm ASIC mining chips have been replaced by much more efficient 12, 10 and even 7 nm semiconductors.

In addition, companies are preparing to build even faster models with better chipsets in the future.

Institutional interest in Bitcoin mining has also increased sharply as major mining equipment orders were placed in 2020 and 2021. The Marathon Group company broke records by buying 70,000 state-of-the-art Bitcoin miners to Bitmain.

Canadesnse Bitfarms announced that it has purchased 48,000 Microbt Whatsminer mining equipment.

Even at $ 0.12 per kilowatt hour (kWh), the best mining rig, the Microbt Whatsminer M30S ++ (112TH / s), makes more than $ 32 per day. The Bitmain S19 Pro series (110TH / s) machine makes $ 32 per day, even with the current tariffs.

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