The network hash rate fell below the 200 exahash/s (EH/s) region to 167 EH/s on June 18 as the bitcoin price dropped below the $20K region. As of this writing, after a slight rebound following the drop, the hash rate is coasting at 184 EH/s. With bitcoin unit prices falling this week and hash rates dropping, bitcoin miners may get a breather in the next four days as the network’s difficulty adjustment algorithm (DAA) is expected to slide 2.8% lower than today’s current mining difficulty index.
Bitcoin hash rates are expected to slide lower amid falling prices and DAA is expected to shift lower in four days
This week, bitcoin (BTC) prices fell to a low of $18,732 per unit on June 18, 2022, making bitcoin miners less profitable. Not since December 2020 has the price of bitcoin been this low, and the exchange rate has caused the hash rate to slide roughly 15% over the past 24 hours.
The hash rate has not hit a value as low as; it has not recorded 167 EH/ssince the first week of March 2022 and has remained well above the 200 EH/s zone most of the time. At the time of this writing, the hash rate is approximately 184 EH/s, 8% lower than the 200 EH/s region.
Bitcoin’s fiat exchange rate has made so many application-specific integrated circuit (ASIC) mining rigs unprofitable now. With electricity costing $0.12 per kilowatt-hour (kWh), only three ASIC devices are currently profitable.
Bitmain’s Antminer S19 XP at 140 terahashes per second (TH/s) earns an estimated $2.91per day in BTCBTCper day, Microbt’s Whatsminer M50S at 126 TH/s earns an estimated $0.99 profit per day. However, at an electricity cost of $0.05 per kWh, dozens of ASIC mining rigs producing 30 TH/s or more could be profitable.
Eight days ago, bitcoin miners also saw an increase in mining difficulty, making it harder to find block rewards; the combination of rising DAA and falling prices has made it even harder for bitcoin miners to secure profits.
However, with just under 600 blocks left until the next DAA shift on June 22, difficulty is expected to decrease by 2.8%. However, with just under 600 blocks left until the next DAA shift on June 22, the difficulty is expected to decrease by 2.8%, reducing the pressure faced by miners. The average block time is about 10 to 17 minutes, and the block reward, not including fees, is about $119,838 at the time of writing.
SHA256-based crypto networks Bitcoin Cash and Bitcoin v hash rates drop
Today, the top five mining pools are Foundry USA, F2pool, Antpool , Binance Pool, and Viabtc. foundry is the top mining pool with 20.91% of the global hash rate at 42.05EH/s at the time of this writing.
F2pool commanded 15.82% of the global hashrate on Saturday morning (ET) at 31.81EH/s. Foundry discovered 78 of the 373 blocks mined in three days, while F2pool discovered 59 blocks. Today, there are 13 known mining pools, with stealth miners or “unknown” hash rates commanding 2.14% of the global hash rate, or 4.31 EH/s.
Additionally, whilethe hash rate of BTChas recently declined, other crypto assets that utilize the SHA256 consensus algorithm have seen their hash rates decline as well. The hash power behind the Bitcoin Cash (BCH) network was roughly 1.21 EH/s on Saturday, while the Bitcoin v (BSV) network has a hash power of 0.57 EH/s.
According to statistics, BCHhas lost 77.83% of its computing power since May 14, 2021, and, BSVhas lost 88.53% of its hashing power since January 15, 2020. Interestingly, SHA256-based crypto namecoin (NMC). 131 EH/s due to its merge mining capabilities
Image credit: Shutterstock, Pixabay, Wiki Commons