It is no secret that mining Bitcoin requires a lot of CPU usage and that today’s Bitcoin minors have always had some of the most impressive setups around. Over the past three months, that power of computation to mine Bitcoins at a competitive rate has crossed into completely new territory with more than half a million next-gen mining machines coming into the fold allowing Bitcoin miners to reach new heights.
Increased Mining Capacity
Popular mining pools around the world, including BTC.com, have reported hash rate averages for Bitcoin well beyond previous thresholds. Impressively, as traits have now surpassed 85 exahashes for every second of mining activity. Along with the increased speed is also come heightened level of difficulty, putting new levels close to 12 trillion. The difficulty level increase along with the increased exahashes are both up 60% over the past three months.
Mining difficulty generally changes after just over 2000 blocks have been transacted: the process normally takes around two weeks’ time. The reason for the mining difficulty to continually adjust itself is so that the 10-minute period to create a block stays the same. Naturally, as technologies adapt and grow computing power reaches new levels all the time, and mining difficulty helps maintain a much-needed balance.
Looking at the increased processing power seen on Bitcoin mining platforms, it appears that upwards of 600,000 new machines are now live.
Business is booming
ASIC miners are certainly not new to the mining world that we have never seen any as powerful as these. Popular ASIC minor manufacturers like InnoSilicon, Bitmain, and others, have priced their new machines as high as $2500, meaning that between these companies more than $1 billion has been received from Bitcoin minors in less than three months. At this point, it seems clear that we are looking at a new era of Bitcoin mining.
Ground-breaking computational power is not the only thing driving prices for ASIC mining machines to record highs. Bitcoin’s ongoing bull market has inspired new waves of minors around the world, and cost-effective power sources, such as hydroelectric, and various parts of the world has also made mining cheap enough to show substantial profit margins. Most of the mining based on hydroelectric power and the new ASIC mining machines are being conducted in Southeast China where rain is abundant as well as Eastern Siberia.
Further growth expected
The 85 EH/s speed far surpasses the 70 EH/s that was previously predicted leaving the door wide open for further growth. The impressive speed increases along with the increased demand for Bitcoin have left mining supplies very difficult to come by. Many manufacturers have been completely sold out and are not able to fulfil orders until Q4. Once the rest of the machines to hit the market even higher speed thresholds and greater mining difficulty can be expected.
It would not be surprising at all to see mining difficulty attain an unprecedented 15 trillion while hashing power is also expected to surpass 100 EH/s which is never been seen before.