Bitcoin’s hash rate hit a lifetime high this weekend, hitting 271.19 exahashes per second (EH/s) on Saturday, April 23, at a block height of 733,197. Currently, computing power is running at 233.81 EH/s with a change in network difficulty expected in three days, April 27th.
Bitcoin hash rate is at an all-time high, hash power up 55% since January
The processing power that confirms transactions and secures the Bitcoin (BTC) network hit an all-time high (ATH) on Saturday, April 23. The hashrate reached 271.19 EH/s, which is roughly 271,190 petahashes per second (PH/s). or 271,190,000,000,000,000,000 hashes per second (H/s).
Bitcoin hash power has never been higher than at this point in history and since block height 717,696 or January 8, 2022, the record high hash rate is a 55.48% increase since then. The computing power supporting the Bitcoin network reached an ATH of 246 EH/s on Feb. 12, ahead of the all-time high recorded on Saturday.
After a downward Difficulty Adjustment (DAA) algorithm change at block height 731,808, which saw the difficulty drop by 1.26%, the network is expected to see a DAA increase in about three days. With the hashrate running at such high speeds, the DAA is expected to increase by 3.21%.
If the estimated 3.21% DAA increase comes into play, Bitcoin’s network difficulty will rise to a lifetime high of 29.13 trillion from the current 28.23 trillion. Currently, as of Sunday afternoon (ET), a block subsidy premium worth 6.25 BTC is valued at $247,063 using today’s bitcoin exchange rates.
When Bitcoin’s hash power tapped an ATH on Saturday for the past three days, the top mining pool was Foundry USA, capturing 22.55% of the global hashrate. Statistics show that Foundry’s 47.89 EH/s allowed the pool to find 106 of the last 470 blocks found by 13 pools. The second largest bitcoin miner after Foundry USA was Binance Pool with 12.98% or 27.56 EH/s hashpower.
While stats show that Bitcoin’s price didn’t have the best first quarter of 2022, the hashrate, which has since increased by more than 55%, is quite an achievement. The metrics show that the current value of BTC can be mined profitably at 25 TH/s or more using most ASIC devices. At press time, Bitmain’s Antminer S19 Pro (110 TH/s) mining rig will be making an estimated profit of $10.23 per day with electricity costs of $0.12 per kilowatt hour.
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