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What is Bitcoin? Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.
Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets.
Bitcoins in its pure essence is money. It is digital currency that serves the same functions and pu…

Bitcoin Hashrate Bounces Back- 2x the Mining Pools, Farm Diversification, 100 Exahash

Around 18 days ago, the Bitcoin protocol experienced it’s third block reward halving and the network saw a 33% hashrate loss. Since then, however, bitcoin miners have increased in both number and hashpower, as the network has seen a 15-20 exahash per second (EH/s) increase. Moreover, on May 22, there were 17 mining pools hashing away at the Bitcoin network and now there are 32 pools.

Bitcoin Hashrate Rebounds

Mining bitcoin is a competitive industry. The mining competition grows stronger each and every year. After the Bitcoin (BTC) network’s third halving, a number of miners dropped off the network. During the worst of it, the overall SHA256 hashrate lost around 47 exahash per second (EH/s).

Since then the hashrate has increased around 15 to 20 EH/s, depending on which monitoring tool you use. For instance, Blockchain.com’s data shows the hashrate measured on May 27, 2020, is around 92 EH/s. According to the web portal fork.lol, which gives a closer look at today’s current hashrate, data shows the BTC hashrate is above the 100 EH/s zone.

Last week, news.Bitcoin.com’s post-halving mining report had shown that there were only 17 pools at that time. Today there are 32 BTC mining pools and F2pool is still the most dominant mining operation. A number of smaller farms and pools seemed to have joined the fray during the last seven days.

Today there is F2pool, Btc.com, Poolin, Antpool, Viabtc, Slushpool, Huobi, Btc.top, 58coin&1thash, Bitfury, Okex, Bytepool, Novablock, Wayi.cn, Bitcoin.com, Lubian, Spiderpool, Bixen, Bitclub, Binance, 1m1x, Ukrpool, Mining City, Kanopool, Bitminter, Hummerpool, Solock, Ckpool, Eobot, Luxor, and Tiger Pool.

Next-Generation Mining Rig Shipments and Whatsminer Orders Diversify Into the US and Europe

Reports also noted last week that officials from Sichuan China were allegedly giving mining operations in the region a hard time. Purportedly mining operations had been dealing with electrical shortages, and some operations were allegedly forced to shut down machines. More recent reports from China say that bitcoin miners expect the BTC hashrate to rise.

One report highlights the situation when the columnist, lylian Teng, discussed the subject with a few bitcoin mining industry leaders from Chengdu. According to miners from the region, the latest next-generation Antminers have been shipped to large farms. Both S19s and Microbt’s Whatsminer M30 series have allegedly been sent out to customers.

Furthermore, lylian Teng talked to Whatsminer representative, Sully Yu, who told the reporter that despite deliveries and mining rig shipments, some mining operations are having difficulties.

“The mining circle is suffering from big changes. It is those capitals who dare to buy (high-powered mining machines), small miners dare not,” Sully Yu told Teng. “Big capitals are eyeing on the long-term return from bitcoin mining, and the mining activity is developing into a large-scale, intensive, and refined industry. It will be unrealistic to expect a quick payback from mining like it used to.”

Interestingly, Sully Yu also disclosed that Microbt has seen a lot more international orders. North America and Europe have accounted for 40% of the company’s latest orders according to Yu’s statements.

What do you think about the hashrate increase and next-generation mining shipments? Let us know in the comments below.

The post Bitcoin Hashrate Bounces Back- 2x the Mining Pools, Farm Diversification, 100 Exahash appeared first on Bitcoin News.



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