The processing power of the Bitcoin network 1219.68 exahash per second (EH/s) on Jan. reached the value and created a new ATH. Along with the new record, the record of 219.5 EH/s recorded on January 1 was left behind.
How Much Does 1 BTC Cost?
With the new record broken on January 15, we witness that Bitcoin miners allocate a large amount of processing power to the BTC network. The new record was only slightly higher than the hash rate of 219.5 EH/s set on January 1. At the time of this writing, we see that the hash rate is 215 EH/s.
The latest rise came after the sudden fall as a result of the internal turmoil in Kazakhstan and the temporary shutdown of the internet in the country. Although the 15% decrease in the hash rate is thought to have occurred as a result of the events in the country, the country’s Bitcoin miners denied these claims. According to the data, the drop in BTC price and the increase in mining difficulty also contributed to the 15% drop in the hash rate.
In addition to the price drop and the rise in mining difficulty, The current cost of producing one Bitcoin is thought to be $34,000. Venture Founder, broadcasting on Twitter, recently stated that the cost of production of BTC is approximately 20% below its price. Bitcoin price slumped to $30,000 in May, sinking below its production cost, putting it at risk of a kind of miner capitulation, according to the analyst.
BTC Mining Difficulty Expected to Increase 3.8% in 5 Days
Bitcoin mining difficulty is expected to rise 3.83% in the next 5 days. If this rise is indeed realized and the value of 25.31 trillion is seen, we can say that the mining difficulty of BTC will create a new ATH.
The last record for mining difficulty was 25 trillion on May 13, 2021. After that, the difficulty level was reduced exactly 4 times. As of July 17, the mining difficulty of the BTC network has been increased 12 times, while it has been reduced only 1 time.