Cryptocurrency, News

Bitcoin mining experiences a major boost as computing power hits an all-time high

Avatar Written by Hamza Zakir · 45 sec read>

The mining of cryptocurrency has been driven by sufficiently immense processing power over the years. However, after a hiatus that has seen considerable interest deviating from Bitcoin mining. It appears that its back in business as the computing power dedicated to it has experienced a surge over these past few months. In fact, this recent figure is a new high for Bitcoin mining, and its’s all been possible thanks to the addition of more than a half a million powerful machines online.

According to the crypto-mining tool BTC.com, the two-week average hash rate for Bitcoin mining has reached its highest point yet at 85 exahashes per second (EH/s). Additionally, the difficulty of the mining process has also seen a boost and ended up at nearly 12 trillion. These figures are testament to the immense impact that the arrival of 600,000+ machines online has had on the process.

The difficulty associated with Bitcoin mining is essentially a measure of how hard it is to create a block of transactions. It actually takes almost two weeks for the mining difficulty to be adjusted in order to ensure that a new block is produced roughly every 10 minutes. Crucially, this holds true even if the hashing power or the number of machines used increases.

Written by Hamza Zakir
Platonist. Humanist. Unusually edgy sometimes. Profile