Despite a 9.95% increase in difficulty at block height 778,176 on February 24, 2023, Bitcoin’s computing power remains high. Statistics show that on Sunday, March 5, the difficulty is estimated to increase by more than 3% during the next difficulty change on March 10.
Source: mempool.space
Although the difficulty of 43.05 trillion hashes makes everyone dizzy, and the mining cost is higher than the current BTC spot price, the range above 300 EH/s has become the norm after the Final change.
Currently, there are 60,000 blocks waiting to be mined before the next halving, and in the past 30 days, 4,557 blocks have been mined, of which Foundry USA has discovered 1,514 blocks, accounting for 34.44% of the global hash rate , or the last 113.45 EH/s 24 hours.
Bitcoin hash rate distribution by mining pool over the past 30 days.
30-day, 3-day, 24-hour statistics show that Antpool is the second largest mining pool. As of February 5, 2023, AntPool discovered 815 blocks in one month, accounting for 17.88% of the global hashrate. Following Foundry and Antpool are F2Pool (14.99%), Binance Pool (11.24%) and Viabtc (8.03%).
Bitcoin miners have had to deal with lower spot prices as BTC has fallen more than 8% in the past two weeks. Even so, they earn more in fees (the cost of sending transactions) due to the Ordinal inscription trend, as fees increased to 3.5% of the block reward value on February 16th. Bitcoin network fees drop to 1,5% of block reward value four days later.
Despite the challenges, many Bitcoin mining pools are going strong and contributing to global hash rate growth. However, the cost of production is higher than the current spot market price, and the increasing difficulty may hinder some mining activity.
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