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Bitcoin hashrate hits new all-time high as price holds above $11,000

Bitcoin hashrate hits new all time high as price holds above

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Bitcoin miners hit a new milestone as bitcoin hashrate sets a new all-time high. The record of 144 exahashes per second (EH/s) was achieved on October 14, according to CoinMetrics data.

The recent record surpasses the last record of 143.1 EH/s, which was recorded on September 18. The hashrate of the network continues to rise as new generation mining rigs are put to use.

Bitcoin hashrate sets new ATH

Bitcoin hashrate has risen significantly since the drop during the block reward halving event in May. The hashrate had fallen to a low of 90.2 EH/s during the quadrennial event. However, since then, the hashrate has risen by over 60 percent to record a new all-time high.

With the rise in hashrate, the network’s mining difficulty is expected to undergo an adjustment of 1.33 percent in three days. The difficulty had fallen by 0.09 percent on October 4.

Better mining rigs

The rise in Bitcoin hashrate can be due to the presence of better and more efficient mining rigs. The mining rigs released in 2020 are significantly cheaper and more productive than their predecessors.

These include Bitmain’s Antminer T19, an application-specific integrated circuit (ASIC) miner. The miner has a computing power of up to 84 terahashes per second and is available for $1,750. Its predecessor, S17, had a price tag of $2,800 despite offering less computing power.

Russia to open a mining farm in the Arctic

Russian mining company BitCluster is setting up a mining farm north of the Arctic Circle. The farm located in the industrial area of Norilsk will provide 11.2 megawatts of electricity for Bitcoin mining. The farm would work by hosting ASICs for clients while charging them for electricity consumption.

The farm will utilize a closed nickel smelting factory owned by Russian nickel and palladium mining and smelting company Nornickel. The nickel plant was shut down due to environmental concerns.

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Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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