New record for bitcoin miners

Last Updated: 12 September 2022

According to data from Glassnode, the computing power of the bitcoin network has reached a new record. Currently, some 282 EH are being deposited per second.

Computing power

It must be said that this is a rough estimate. Every second the hash rate is different and there is no central database from which you can read the statistics. So you will find different numbers from different analysis companies.

Finally, according to Glassnode, the computing power reaches a new record. So every second, 282 times 10 to the power 18 number of scratch cards are scratched by bitcoin miners. If you write this out, it is 282,000,000,000,000 hashes per second.

It is also better to look at a trend, rather than a single isolated data point. The graph below uses the seven-day weighted average of computing power, which makes it 231 EH/s.

This is also a record. In early June, the previous record was around 230 EH/s. At that time, the Celsius and LUNA price crash set in, which reduced the margins for miners. This in turn resulted in a decrease in hashrate. It was better for miners to do nothing, rather than suffer losses.

A little further back, from April 2021, you can see another big drop in computing power. This was the ban on bitcoin mining in China. At the time, about 50% of the computing power was housed in the Asian country.

After the ban, the exodus began, causing the machines to be temporarily off during the move, before coming back online months later (as seen in the graph above from July 2021).

Earning Bitcoin

Miners try to find the right value (a nonce) with which they can find the right hash. With this data packet, they can claim the right to add a block to the blockchain.

For this they receive the sum of the block grant and the block reward. That amounts to just over 6.25 BTC, or $135,000.

Author

  • Ivan came across the topic of cryptocurrencies in early 2016 and, as an author and enthusiast, has been intensively involved with the topics of cryptocurrencies, blockchain and STOs ever since.

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