Bitcoin’s hash rate hit an all-time high this weekend, hitting 271.19 exahash per second (EH/s) on Saturday, April 23 at a block height of 733,197. Currently, computing power is sliding at 233.81 EH/s, and the network difficulty is expected to change in three days on April 27.
Bitcoin Hashrate Hits All-Time High, Hashrate Increases 55% Since January
The processing power to confirm transactions and secure the Bitcoin (BTC) network reached an all-time high (ATH) on Saturday, April 23. The hash rate reached 271.19 EH/s, which is approximately 271,190 petahash per second (PH/s) or 271,190,000,000,000,000,000 hashes per second (H/s).
Bitcoin’s hashrate has never been higher than this point in history, with a 55.48% increase since block height 717,696 or January 8, 2022, at an all-time high. The processing power that powers the Bitcoin network hit an ATH of 246 EH/s on Feb. 12, up from an all-time high set on Saturday.
After the downward difficulty adjustment algorithm (DAA) change at block height 731,808, the difficulty dropped by 1.26%, and the network is expected to see a DAA increase in about three days. With such a high hashrate, DAA is expected to increase by 3.21%.
If the projected DAA growth of 3.21% materializes, Bitcoin’s network difficulty will jump from the current 28.23 trillion to a lifetime high of 29.13 trillion. Currently, on Sunday afternoon (ET), the block subsidy reward worth 6.25 BTC is currently worth $247,063 using today’s Bitcoin exchange rate.
As Bitcoin’s hashrate broke ATH on Saturday, the top-ranked mining pool for the past three days was Foundry USA, which accounted for 22.55% of the global hashrate. Statistics show that Foundry’s 47.89 EH/s has allowed mining pools to find 106 of the last 470 blocks found by 13 mining pools. The second largest Bitcoin miner after Foundry USA is Binance Pool with 12.98% or 27.56 EH/s of hashrate.
While statistics show that Bitcoin’s price wasn’t the best in the first quarter of 2022, the hash rate has increased by more than 55% since then, which is a remarkable feat. Indicators suggest that it is profitable to mine the current value of BTC with most ASIC equipment of 25 TH/s or higher. At press time, Bitmain’s Antminer S19 Pro (110 TH/s) mining rig with an electricity cost of $0.12 per kWh is expected to generate a profit of $10.23 per day.
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