{"id":516848,"date":"2023-01-20T04:50:37","date_gmt":"2023-01-20T09:50:37","guid":{"rendered":"https:\/\/ktsl888.com\/?p=516848"},"modified":"2024-06-11T12:34:17","modified_gmt":"2024-06-11T12:34:17","slug":"bitcoin-hash-rate-at-near-all-time-high","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-hash-rate-at-near-all-time-high\/","title":{"rendered":"Bitcoin Hash Rate at Near All-Time High despite Rising Mining Difficulty"},"content":{"rendered":"

The Bitcoin hash rate is trending at near all-time highs, per on-chain data on January 20, 2023.<\/span><\/p>\n

Bitcoin Hash Rate at 274 EH\/s<\/span><\/h2>\n

According to\u00a0<\/span>streams<\/span><\/a>\u00a0from BitInfoCharts, the Bitcoin network currently has a hash rate of 274 EH\/s, up by almost one percent in the past 24 hours. Even at this pace, the hash rate is down from January 16 highs of 302 EH\/s.<\/span><\/p>\n

\"Bitcoin
Bitcoin Hash Rate | Source: bitinfocharts.com<\/figcaption><\/figure>\n
Related Reading:<\/strong> Bitcoin Price Bulls In Check, Signs of Fresh Increase above $21.5K<\/a><\/div>\n

Hash rate is the measure of computing power dedicated to BTC mining. As a proof-of-work platform, the Bitcoin network depends on a community of node operators using Application Specific Integrated Circuit (ASIC) gear for block confirmation and security. <\/span><\/p>\n

ASICs are special nodes explicitly designed to mine cryptocurrencies in proof-of-work networks using, among others, the SHA-256 consensus algorithm. ASICs that can mine BTC can also be used to mine its forks, adhering to a proof-of-work system, including Bitcoin Cash. For confirming a block, a miner is rewarded with BTC.<\/span><\/p>\n

The amount of computing power channeled to the Bitcoin network often fluctuates depending on many factors, including the cost of scarce gear, often from Bitmain<\/a>, and the price of BTC. <\/span><\/p>\n

In recent years, chipset manufacturers, led by Bitmain, have been tuning their equipment, making them more efficient in power consumption. At the same time, they are packing them with more power. <\/span><\/p>\n

Accordingly, the latest BTC ASICs can dispense more computing power. As an <\/span>illustration<\/span><\/a>, the Bitmain Antminer S19 XP released in July 2022 can produce 140 TH\/s while using 3010W. Meanwhile, the older versions, like Bitmain Antminer S17+, can generate 76.00 TH\/s while using more power at 3040W.\u00a0<\/span><\/p>\n

Improving efficiency coupled with rising prices may explain the rising hash rate. Since miners are likely to power their gear as Bitcoin prices recover, the hash rate might bounce, even to new all-time highs, in the months ahead. <\/span><\/p>\n

This will be especially true if BTC prices continue to maintain the current trajectory. After months of lower lows in 2022, Bitcoin appeared to have bottomed up in November 2022 at $15,300. Prices are now trending above $20,000, according to TradingView charts.<\/span><\/p>\n

\"BTCUSD
BTC Price | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Mining Difficulty Adjusted Upwards<\/span><\/h2>\n

Hash rate trends and difficulty readings are proportional. In response to the rising hash rate, near all-time highs, the network automatically increased mining difficulty by double digits to 10.26% on January 16. The difficulty was adjusted upwards by 13.55% on October 10, 2022.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC mining difficulty| Source: btc.com<\/figcaption><\/figure>\n

Mining difficulty in Bitcoin changes depending on the hash rate. With more computing power, miners can extract more coins within the allocated 10-minute block-producing time. Bitcoin ensures that this never happens by increasing difficulty, making confirming a block more tasking and consuming more resources. <\/span><\/p>\n

In this way, the 10-minute block-producing time is retained, and the network continues to function as designed, regardless of the investment made by miners.\u00a0<\/span><\/p>\n

Related Reading:<\/strong> Bitcoin Might Fall Below $20,000 Before Bull Rally Resumes, Analyst Says<\/a><\/div>\n

In their\u00a0<\/span>observation<\/span><\/a>, Binance, which also operates a mining pool, said if BTC prices rise above $23,000, miners using efficient miners wo<\/span>uld still turn in a profit despite the upward difficulty adjustment.<\/span><\/p>\n

Feature image by Alexander Ryumin\/Tass via Getty Images, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin hash rate is trending at near all-time highs, per on-chain data on January 20, 2023. Bitcoin Hash Rate at 274 EH\/s According to\u00a0streams\u00a0from BitInfoCharts, the Bitcoin network currently has a hash rate of 274 EH\/s, up by almost one percent in the past 24 hours. Even at this pace, the hash rate is down from January 16 highs of 302 EH\/s. Related Reading: Bitcoin Price Bulls In Check, Signs of Fresh Increase above $21.5K Hash rate is the measure of computing power dedicated to BTC mining. As a proof-of-work platform, the Bitcoin network depends on a community of node operators using Application Specific Integrated Circuit (ASIC) gear for block confirmation and security. ASICs are special nodes explicitly designed to mine cryptocurrencies in proof-of-work networks using, among others, the SHA-256 consensus algorithm. ASICs that can mine BTC can also be used to mine its forks, adhering to a proof-of-work system, including Bitcoin Cash. For confirming a block, a miner is rewarded with BTC. The amount of computing power channeled to the Bitcoin network often fluctuates depending on many factors, including the cost of scarce gear, often from Bitmain, and the price of BTC. In recent years, chipset manufacturers, led by Bitmain, have been tuning their equipment, making them more efficient in power consumption. At the same time, they are packing them with more power. Accordingly, the latest BTC ASICs can dispense more computing power. As an illustration, the Bitmain Antminer S19 XP released in July 2022 can produce 140 TH\/s while using 3010W. Meanwhile, the older versions, like Bitmain Antminer S17+, can generate 76.00 TH\/s while using more power at 3040W.\u00a0 Improving efficiency coupled with rising prices may explain the rising hash rate. Since miners are likely to power their gear as Bitcoin prices recover, the hash rate might bounce, even to new all-time highs, in the months ahead. This will be especially true if BTC prices continue to maintain the current trajectory. After months of lower lows in 2022, Bitcoin appeared to have bottomed up in November 2022 at $15,300. Prices are now trending above $20,000, according to TradingView charts. Mining Difficulty Adjusted Upwards Hash rate trends and difficulty readings are proportional. In response to the rising hash rate, near all-time highs, the network automatically increased mining difficulty by double digits to 10.26% on January 16. The difficulty was adjusted upwards by 13.55% on October 10, 2022.\u00a0 Mining difficulty in Bitcoin changes depending on the hash rate. With more computing power, miners can extract more coins within the allocated 10-minute block-producing time. Bitcoin ensures that this never happens by increasing difficulty, making confirming a block more tasking and consuming more resources. In this way, the 10-minute block-producing time is retained, and the network continues to function as designed, regardless of the investment made by miners.\u00a0 Related Reading: Bitcoin Might Fall Below $20,000 Before Bull Rally Resumes, Analyst Says In their\u00a0observation, Binance, which also operates a mining pool, said if BTC prices rise above $23,000, miners using efficient miners would still turn in a profit despite the upward difficulty adjustment. Feature image by Alexander Ryumin\/Tass via Getty Images, chart from TradingView.com<\/p>\n","protected":false},"author":384,"featured_media":516855,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6117,17030,679],"class_list":["post-516848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-hash-rate","tag-bitcoin-mining-difficulty","tag-bitcoin-price"],"acf":[],"yoast_head":"\nBitcoin Hash Rate at Near All-Time High despite Rising Mining Difficulty<\/title>\n<meta name=\"description\" content=\"The Bitcoin hash rate is trending at near all-time highs, per on-chain data on January 20, 2023. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/ktsl888.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Hash Rate at Near All-Time High despite Rising Mining Difficulty","url":"http:\/\/ktsl888.com\/news\/bitcoin-hash-rate-at-near-all-time-high\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-hash-rate-at-near-all-time-high\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/01\/bitcoin-mining-energy.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/01\/bitcoin-mining-energy.jpg?fit=1024%2C683"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin hash rate","bitcoin mining difficulty","bitcoin price"],"dateCreated":"2023-01-20T09:50:37Z","datePublished":"2023-01-20T09:50:37Z","dateModified":"2024-06-11T12:34:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Hash Rate at Near All-Time High despite Rising Mining Difficulty\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-hash-rate-at-near-all-time-high\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-hash-rate-at-near-all-time-high\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/bitcoin-mining-energy.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/bitcoin-mining-energy.jpg?fit=1024%2C683\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin hash rate\",\"bitcoin mining difficulty\",\"bitcoin price\"],\"dateCreated\":\"2023-01-20T09:50:37Z\",\"datePublished\":\"2023-01-20T09:50:37Z\",\"dateModified\":\"2024-06-11T12:34:17Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/01\/bitcoin-mining-energy.jpg?fit=1024%2C683","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/516848"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=516848"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/516848\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/516855"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=516848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=516848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=516848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}