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Bitcoin’s hashrate rose from the low 170 exahash per second (EH/s) recorded this week to over 300 exahash after a number of Texas bitcoin mining operations were temporarily taken offline on December 25, 2022. Plus, three days of hashrate distribution statistics recorded on December 29, 2022 indicate that two mining pools control over 50% of the global hashrate.
2 Mining Entities Currently Produce Over 50% of Global Hashrate, Bitcoin Mining Difficulty Expected to Decrease Significantly in 5 Days
The computational processing power behind the Bitcoin (BTC) network hit the 300 EH/s range on the evening of December 28, 2022. Three days before the rally, BTC’s hashrate slipped to a low of 170 EH/s on December 28, 2022. On February 28, 2022, when bitcoin miners in Texas reduced their hashing power to relieve the network of excessive load.
Most of the SHA256 hashing power returned on the same day, as Bitcoin.com News reported climbing back to 240 EH/s at 12:00 a.m. (ET). After Wednesday’s jump above 300 PE/s, Thursday’s stats show the network’s total hashrate holding steady at 250.57 PE/s. Additionally, in the past three days, two mining pools have captured over 50% of the total network hashrate.
Bitcoin pool payout records on December 29, 2022. (3-day stats)
Of course, this prompted criticism of the network and accusations of centralization this week. On December 29, mining pool Foundry USA controls 31.45% of the total hashrate, and Antpool controls 21.87% of the current 250.57 PE/s Thursday morning (ET). Between the two mining pools, Antpool and Foundry control 53.32% of the total BTC hashrate.
F2pool holds around 14.25% of the hashrate and Viabtc around 9.34% of the total as of December 29. Between the top three pools, Foundry, Antpool, and F2pool hold around 67.57% of the total, and the four mining pools with Viabtc command around 76.91% of the total hashrate over the past three days. Only 12 known mining pools dedicate the SHA256 hashrate to the BTC chain, and 5.64 PE/s or 2.46% of the global network is associated with unknown miners.
After the retargeting of the Bitcoin network mining difficulty on December 19, 2022, to a block height of 768,096, increased by 3.27%, the network difficulty change is expected to experience a noticeable drop on January 3, 2023. The estimates Current data shows that the difficulty reduction could be between 7.39% and 8.1% less than today’s difficulty metric.
Block generation times have been faster than the 10-minute average a few times at 9:33 minutes, but a large majority of recent block intervals have been above the 10-minute average at around 10:54 minutes. At the time of writing, the most profitable SHA256 bitcoin mining machine is the Bitmain Antminer S19 XP Hyd. with 255 terahash per second (TH/s) of hash power.
Tags in this story 2 pools, 2 pools 50%, Antpool, Bitcoin, Bitcoin Miners, Bitcoin mining, Bitmain Antminer S19 XP Hyd, BTC, BTC Mining, Coinwarz.com, cold weather, Core Scientific, difficulty metric, reduction of difficulty, electrical, F2Pool, Foundry, Foundry USA, grid, mining, Texas, ViaBTC
What do you think of the two bitcoin mining pools with over 53% of total Bitcoin hashrate this week? Let us know what you think about this topic in the comments section below.
Jamie Redman
Image credits: Shutterstock, Pixabay, Wiki Commons
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