Over 53% Of The Total Hashrate Of Bitcoin Is Controlled By Mining Pools

Key Points:

• Bitcoin’s hashrate has jumped from the low 170 exahash per second (EH/s) recorded this week to above the 300 exahash range after several bitcoin mining operations from Texas temporarily went offline on Dec. 25, 2022.
• On December 29, Viabtc and F2pool respectively had 14.25% and 9.34% of the total hashrate.
• There have been a few occasions where block production times were faster than the 10-minute average at 9:33 minutes, but most recent block intervals have been longer than the 10-minute average at roughly 10:54 minutes.

Bitcoin’s hashrate has jumped from the low 170 exahash per second (EH/s) recorded this week to above the 300 exahash range after several bitcoin mining operations from Texas temporarily went offline on Dec. 25, 2022.

Furthermore, three-day hashrate distribution statistics recorded on Dec. 29, 2022, indicate that two mining pools command more than 50% of the global hashrate.

On the evening of December 28, 2022, the Bitcoin (BTC) network’s computational processing power increased to a range of 300 EH/s. On December 28, 2022, three days before the surge, Texas-based bitcoin miners reduced their hashrate to a low of 170 EH/s to relieve the grid of any extra pressure.

Statistics on Thursday show that the entire network hashrate is cruising along at 250.5 7 EH/s after Wednesday’s leap above 300 EH/s. During the last three days, two mining pools have also taken over 50% of the network’s total hashrate.

Of course, this has led to complaints about the network and centralization this week. On December 29, Antpool commands 21.87% of the current 250.57 EH/s, while the mining pool Foundry USA holds 31.45% of the total hashrate (ET). Antpool and Foundry own 53.32% of the total hashrate for Bitcoin between them.

Viabtc and F2pool respectively had 14.25% and 9.34% of the total hashrate

Foundry, Antpool, and F2pool account for about 67.57% of the total hashrate, while all four mining pools using Viabtc control about 76.91% for the last three days. Only 12 known mining pools are directing 5.64 EH/s or 2.46% of their SHA256 hashrate toward the Bitcoin chain.

On Dec. 19, 2022, at block height 768,096, the mining difficulty for the Bitcoin network increased by 3.27%. On Jan. 3, 2023, the network’s difficulty change is anticipated to decrease noticeably. According to current projections, the difficulty reduction could be 7.39–8.1% lower than the current difficulty metric.

There have been a few occasions where block production times were faster than the 10-minute average at 9:33 minutes, but most recent block intervals have been longer than the 10-minute average at roughly 10:54 minutes. As of this writing, the Bitmain Antminer S19 XP Hyd., with 255 terahash per second (TH/s) of hash power, is the most lucrative SHA256 bitcoin mining device.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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