Mining power of BTC reaches new high
16 Sep 2019
Bitcoin mining power has reached another record high, indicating over 600,000 new machines have come online within the last three months.
According to data from crypto mining pool BTC.com, Bitcoin’s two-week average hash rate reached 85 exahashes per second (EH/s) at the end of last week.
Furthermore, says a Coin Desk report, Bitcoin’s mining difficulty – which measures how hard it is to create a block of transactions - has reached a new record of close to 12 trillion.
Both figures have increased 60% since mid-June, according to this latest data.
A number of new models of ASIC (application-specific integrated circuit) miners, which are manufactured by the likes of Bitmain, Canaan, InnoSilicon and MicroBT, joined the market over summer, registering a median hashing power of around 55 tera hashes per second (TH/s).
The rising hash rate and mining difficult of Bitcoin, the world’s largest cryptocurrency by market capitalisation, are in line with its rocketing prices from earlier in 2019, which resulted in higher demand for mining equipment, outstripping supply.
As such, startup company, TokenInsight, which focuses on crypto trading and mining activities analysis, said in a report published last Friday that further supplies of miners are expected to join the market over the next few months.
The report states: “Following the drastic increase in Bitcoin’s price, the Bitcoin mining market saw significant inflation in Q2 2019. Most of the miners from various manufacturers were in serious shortage and pre-orders submitted in Q2 and Q3 are to be delivered by the end of the year.”
Consequently, the company forecasts Bitcoin mining difficulty will sustain its growth momentum to hit 15 trillion by the end of 2019, with Bitcoin’s average total hashing power exceeding the 100 EH/s mark for the first time.
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