What is Bitcoin mining power (Bitcoin mining power variation)
What is Bitcoin mining power? How is Bitcoin mining power calculated? In the Bi
What is Bitcoin mining power? How is Bitcoin mining power calculated? In the Bitcoin blockchain network, there are currently two algorithms used for accounting. One is the implementation based on Proof of Work (POW) consensus mechanism, and the other uses mathematical methods to determine the operation and reliability parameters of mining machines.
The main indicator used in the Bitcoin system is “difficulty.” If a machine consumes 1T of electricity every 10 minutes to process a transaction, the device would require 50TH/s or more of energy. (BTC.com)
According to data from CoinMarketCap, the total amount of coins mined in the entire Bitcoin network is about half of the total supply, and based on the average level in 2017, this ratio is around 25% in 2019. In other words, this portion of Bitcoin is equivalent to being mined according to the average value calculated in early 2016. However, as time passes and the influence of market fluctuations increases, it is expected that a bull market will emerge by the end of 2018.
Bitcoin mining power variation
According to coindesk, Bitcoin’s mining power has sharply increased in September. From the end of August to early November, the hash rate on the Bitcoin network has more than doubled. The current network difficulty is 17.29T (about 14.7 trillion times). Since July 2018, the total mining income has been increasing. It is estimated that the average reward per block is 13 BTC/TH, and approximately 3 BTC needs to be paid every ten minutes. Additionally, the number of active mining pools on the Bitcoin network is also decreasing. As of the time of writing, among the top 25 miners, 14 hold over 10 million bitcoins, accounting for more than 5% of the circulating supply, with the remaining coming from mining companies in North America and Europe.
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