Bitcoin mining will soon be 12% harder, but US miners won big in Q3

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Bitcoin mining difficulty is expected to see double-digit growth as the network hash rate recovers. Based on the current block production intervals, the next mining difficulty adjustment is expected to occur in approximately 24 hours with a 12% increase.

It comes as bitcoin’s hash rate recovers after the closure of crypto mining in China. The seven-day average hash power securing the world’s largest blockchain currently stands at around 126 exahashs per second (EH / s). This is more than 20% more than at the end of July when the network started to recover, and 40% more than its recent low of 90 pe / s in early July.

That said, bitcoin’s seven-day average hash rate is currently down 30% from its peak of 180 EH / s before China’s crackdown in mid-May.

Bitcoin miners get a bigger slice of the pie

As a result of the crackdown on crypto mining in China and the drop in the hash rate, bitcoin miners elsewhere in the world have enjoyed a much larger share of the multibillion-dollar market.

Major North American bitcoin mining companies posted record second-quarter profits last week and are poised to continue breaking quarterly third-quarter production records despite the network’s surge in mining difficulties.

The Block previously reported that several of the largest bitcoin mining companies in the United States and Canada mined an average of 58% more bitcoin in July than in June thanks to the shutdown of their Chinese rivals.

But these companies are enjoying even greater success. Public data shows that mining rewards from Riot Blockchain, Marathon, Bitfarm, Hut8, Argo and CleanSpark in July alone already accounted for about half of their production in the second quarter of this year.

Additionally, data on the chain shows that Mara Pool, the proprietary bitcoin mining pool owned by Marathon Digital Mining, one of North America’s two largest bitcoin miners, already mined 51 blocks in August through here. This means that Marathon’s block rewards this month amounted to at least 324 bitcoins, including block grants and transaction fees. With 442 bitcoins mined in July, its production in the third quarter exceeded that of the second quarter.

Meanwhile, the combined market share of the six bitcoin miners mentioned above of total bitcoin rewards up for grabs increased from 2.51% in the first quarter to 3.99% in the second quarter and 6.93%. in July.

2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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