According to a BTC.com report, Bitcoin’s mining power had unlocked another record high, an event that indicates a massive amount of activities from new powerful machines. As per the report, more than half a million ASICs might have joined the operations in the last three months.
The data of BTC.com reveals that BTC’s hash rate average in two weeks had set another record last Friday, at around 19:00 UTC. It landed at 85 EH/s (exahashes per second) while the mining difficulty surge to almost 12 trillion, also setting a new record.
Mining difficulty refers to how hard it is for a miner to create a transaction block. BTC.com noted that the hash rate and the measure of difficulty have increased by 60% compared to the data from June 14.
The increase, according to the analysts, can be attributed to the inception of new application-specific integrated circuit miners. Since joining the game last summer, the average hash rate was recorded at 55 TH/s (tera hashes per second).
Since June, the hash rate had increased by 35 EH/s. Assuming that the state-of-the-art ASICs are responsible for this surge, then the industry analysts can safely assume that around 600,000 new models have joined the Bitcoin network. It suggests a ratio of 1 EH/s =1 million TH/s.
Massive Increase in Industry Value
Notably, the top of the line mining machines were manufactured by MicroBT, InnoSilicon, and Bitmain. An ASIC is priced at $1500 on average, and it could go as high as $2500. Assuming that over 600,000 machines were purchased, then the industry’s leading ASIC manufacturers have reaped over $1 billion in profit in just the course of three months.
Bitcoin’s record-breaking hash rate and mining difficulty reflect the surging price of BTC. Since the first quarter of this year, some reports highlight the increasing demand for ASICs. Other accounts claim that there had been a shortage of supply. The mass production, according to analysts, can be partially attributed to China’s rainy summer season, which gave way for a more affordable hydroelectric power.
Moreover, the Eastern Siberia region in Russia is attracting interest. It is the place where the Cold War hydropower station had been built. Today, this station is being used to generate power for mining activities. As per the latest accounts, around 10% of BTC’s mining power comes from these Russian mining farms.
Early this year, industry experts predicted that Bitcoin’s hash rate would hit 75 EH/s by summer. The forecast has been witnessed in August. As a result, mining machine manufacturers received a plethora of orders. Other customers have resorted to placing