Bitcoin is experiencing the greatest hash rate ever with the newly rolled out hardware online.
SegWit is pacing up the dealing with over half of the network activities of the weekend.
The hash rate has taken a steady plunge, consistently rising for a while now. According to various reports, the hash rate is fluctuating close to 100 exchanges/sec, implying that for every second, around 100 quintillion estimates are made to discover the proceeding block for the chain. With hash rate increasing at this rate, difficulty rests close to 11.89 T. Bitcoin.com is anticipating it to touch 13.18 T in the subsequent adjustment.
The mining rush of the network has also been booming this year. It was reported to have been increased by over 100% ever since bitcoin was started at an enormous $3,000 price limit in the year 2019. This soaring hash rate is allegedly attributed to increased demand in the arena of the mining market in the new high-end hardware.
TokenInsight, the blockchain analytics company based out in China, says that the increased price of bitcoin has let the miners earn sufficiently in half of the actual time period.
The report goes,
“The prices of popular mining hardware dramatically increased during the second quarter, and the demand for mining hardware exceeded total supply. As the mining costs increased, miners’ payback cycles were shortened in the second quarter than the previous quarter.”
Mining firms are struggling to launch more effective and robust machines “based on the latest market trends such as the insufficient supply of mining hardware and increased demand on computing power.”
The ASICs consists of T3 +57T, Innosilicon’s T3 43 T, the Whatsminer M20S, Bitmain’s Antminer S17, and Ebang Ebit E11.
As miners continue to equip the network with rising hash power, the archaic frameworks are rendered obsolete. By the 2nd quarter of 2019, certain reliable hardware for mining having medium or low computing power had been scraped out from the picture, linking the incident to shelving and product iterations according to the report.
If the difficulty keeps increasing over 3% on an average of one adjustment, which TokenInsight is very positive will happen. Q2 sees over 4% at an average, and the miners at lower ends will face difficulty getting back their investment. In case it goes beyond 5%, even the heavyweight miners will get into trouble.
According to TokenInsight,
“According to the table above, when the computing power increases by 4% on average, nearly half of the mainstream mining machines cannot realize the payback from investment; when the computing power increases by 5%, most mining machines cannot realize the payback from investment.”
According to a recent report, miners are steering clear from a perpetually increasing hash rate, and SegWit might be having further involvement in the ecosystem of network’s transaction. The transactions from SegWit when calculated the percentage of total network that had reached highest ever on September 15, 2019, covering around 50%.