The net computing power behind Bitcoin has touched new records as interest in bitcoin mining continues through the world community. The latest data from mining services operator BTC.com reveals that the average bitcoin mining hash rate over the last two weeks has reached 71.43 quintillion hashes per second (EH/s). On July 23, the value was at 64.49 quintillion hashes per second.
The mining difficulty is a measure of how hard it is to compete for mining rewards on bitcoin. The bitcoin server preserves a rate for block generation and the block production time remains about 10 minutes at the next cycle. Bitcoin marked a high mining difficulty at block height 586,672 on Monday which is at 6.94EH/s, presenting a 10.78 percent jump since mid-July.
The additional computing power is assumed to have come from powerful ASIC miners like the Bitmain’s AntMiner S17 or MicroBT’s WhatsMiner M20S. The hash rate has become a marker for Bitcoin’s transaction security and it has broken multiple records in recent times. This record arrives in spite of the fact that Bitcoin prices fell from the high value of $13,800 two weeks ago.
The Bitcoin network at present has around eight times more computing power than it had when the price of Bitcoin was around $20,000 in late periods of 2017. The mining performance will now focus on the May 2020 block reward halving. Market experts are predicting that the bitcoin prices will be highly impacted by the activity of the miners in the coming years.
Miners in China estimated earlier this year that bitcoin’s hash rate in the summer would break the level of 70EH/s. To be clear, at several single points of time, bitcoin’s hash rate had already crossed that level in June and even reached 80EH/s around Aug. 50 percent of the global mining activity is estimated to arise from the southwest provinces of China, which has welcomed a rainy season that has resulted in cheaper prices of hydro-electricity.
The mining market is marked by increased rivalry among the top brands who are coming up with more powerful products. The Beijing based mining giant Bitmain used to occupy a major share of the market but it is now facing tough competition from the other brands.
At present, the MicroBT’s WhatsMiner M20 ranks at the top, followed by Bitmain’s S17 series miners. The brands like InnoSilicon, Canaan, and Ebang occupy the next spots. The production of flagship machines also depend on the availability of the chips delivered by companies like TSMC and Samsung.