Bitcoin’s Blockchain Mining Hash Rate Network has Flattened Close to 50 Exahash/Second
Bitcoin’s Hash Rate reached a record high back in August 2018, and has overwhelmingly held that new level in recent months. The rate is now wavering within 40-60 million Terra Hashes a second (TH/s). That’s a large range compared to the rest of 2018 and shows some decline from a peak of close to 70m TH/s.
Pretty much three factors control the profitability of Bitcoin mining: Bitcoin’s price, cost, and efficiency of mining rigs, as well as mining difficulty. The higher the value of Bitcoin, the larger the incentives for the miners. The rate of Bitcoin is surely corresponded to this hash rate plateau, since the last vital Bitcoin rally climaxed at over USD 8,500 in late July, and was finally standardized by early August when the price returned to USD 6,500. Its value has been constant in the USD 6,000-7,000 bracket since.
Acknowledging that hashrate has not increased in three months, the comparatively low price of Bitcoin coupled with higher difficulty has made it less lucrative to grow mining operations, even for major companies like Bitmain.
BTC.com is the largest single miner of bitcoin in terms of computing power, with around 17.5% of the network Hash Rate, BTC.TOP and Antpool are the next two largest concerns with around 11.5% share each. The six largest individual miners control around 60% of the bitcoin network’s hashing power. This cuts to one of the central philosophical concerns regarding the Bitcoin network, and fear that centralization and collusion could eventually weaken the project as a whole.