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While Bitcoin’s Hashrate Grew by 22,900% in 6 Years, Discovering Block Rewards Is Far More Difficult

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While Bitcoin’s Hashrate Grew by 22,900% in 6 Years, Discovering Block Rewards Is Far More Difficult

While Bitcoin’s Hashrate Grew by 22,900% in 6 Years, Discovering Block Rewards Is Far More Difficult

Over the past 12 months, Bitcoin’s hashrate has increased by 85.77%, while 53,547 blocks were mined and 334,668.75 new bitcoin were minted into circulation. More than two dozen bitcoin mining pools have dedicated hashrate toward the Bitcoin blockchain during the last six years, and while the hashrate is 22,900% higher, the number of bitcoins found per year is a whole lot less.

334,668 Bitcoin Minted Since September 2021 — Foundry USA Captures the Most Blocks

Miners accrued just over 334,668 BTC since September 10, 2021, and 53,547 blocks were found during the past 12 months. Foundry USA has been the top mining pool out of the 28 mining pools that found blocks during the past year.

Foundry captured 18.14% of the year’s global hashrate average and found 9,716 blocks. Antpool was the second largest miner during the past year, capturing 15.31% of the global hashrate. Antpool managed to discover 8,198 blocks, or 51,237.50 BTC (not including fees) in 12 months.

While Bitcoin’s Hashrate Grew by 22,900% in 6 Years, Discovering Block Rewards Is Far More Difficult
12-month mining pool statistics on September 10, 2022.

Antpool is followed by F2pool’s 14.79% of the year’s hashrate, after the pool found 7,919 block rewards. Binance Pool was the year’s fourth largest mining pool with 10.72% of the 12-month hashrate average.

Binance Pool found 5,738 blocks this past year, which equates to 35.862.50 BTC (not including fees). Poolin took 10.69% of the global hashrate during the past 12 months finding 5,724 blocks. Unknown hash or stealth miners represented the 12th largest mining entity with 1.74% of the year’s global hashrate after stealth miners found 934 blocks.

Annual Block Reward Production Was the Same in 2016 and 2019, but Miners Discovered a Lot More Bitcoin Back Then

Things are a whole lot different than they were six years ago from today, as the hashrate hit 1 exahash per second (EH/s) in 2016. 27 pools were mining BTC in 2016 and 55,077 blocks were found that year.

The top mining pool in November 2016 was F2pool with 21.71% of the year’s global hashrate after it found 11,958 blocks that year. F2pool was followed by Antpool, BTCC, Bitfury, and BW.com, respectively. While the last 12 months has seen an 85.77% hashrate increase, since 2016 the hashrate has jumped 22,900% higher.

While Bitcoin’s Hashrate Grew by 22,900% in 6 Years, Discovering Block Rewards Is Far More Difficult
12-month mining pool statistics on November 24, 2016.

While the hashrate is a whole lot bigger than it was six years ago, the difficulty has increased a great deal as well. The number of bitcoins miners get nowadays is also much smaller. While 334,668.75 BTC was minted this past year, during the first six months of 2016, miners found 688,462.50 BTC, because the block reward was 25 BTC per block.

Moreover, during the latter half of 2016, only 344,231.25 BTC was found, but that’s still more than the 334,668 coins minted since last September. During the second half of 2016, miners got 12.5 BTC per block rather than the 6.25 BTC per-block reward miners get today and since May 2020.

In April 2019, 53,522 blocks were found that year and 669,025 new bitcoin were minted into circulation. Btc.com was the top miner at the time, after finding 10,468 blocks, and Antpool was the second largest pool, capturing 7,122 blocks in 2019.

While unknown hashrate represented 1.74% of the past year’s hashpower, in 2016 stealth miners were virtually non-existent. In April 2019, however, unknown hashrate captured 3.76% of the global hashrate during the 12-month span and found 2,013 blocks that year.

Despite the fact that miners get a lot fewer bitcoins per block than they did three years ago or six years ago, the price is higher, creating enough equilibrium to where miners still profit with all the expenditures they put into mining.

In February 2019, bitcoin’s price was $3,464 per BTC and the USD value at the time made it so only a few mining rigs were profitable. Using Bitcoin’s February 2019 difficulty metric, the price, and $0.12 per kilowatt-hour in electricity costs, only three SHA256 mining rigs were profitable.

What do you think about the last 12 months of bitcoin block production? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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4 On-Chain Metrics Show the Bitcoin Price Is Primed for Bullish Explosion

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4 On-Chain Metrics Show the Bitcoin Price Is Primed for Bullish Explosion

Amid recent macroeconomic extremes, Bitcoin has maintained a quiet stance, almost eerie for its HODLers. Nonetheless, its hashrate and accumulation are soaring — what could this mean for its price?

Bitcoin has been consolidating in a narrow range between $18,800 and $20,200 since the mid-Sept price fall. In volatile markets like cryptocurrency, similar quiet periods of consolidation are rare. 

Recent Glassnode findings show that the current BTC price action resembles both pre-crash November 2018 and pre-rally March 2019. Despite price downturns, mining and accumulation statistics are improving. Let’s look into what this means for the health of the network.

Bitcoin hashrate makes new ATH 

Last week, the Bitcoin hashrate made a new all-time high of 242 exahashes per second.

Source: Glassnode

In the chart below, we can see that Bitcoin’s longer-term, slower hash ribbon was once again overtaken by the faster ribbon, indicating improved mining conditions in late August. Since the price saw no major uptick during this time, the rise in hashrate was likely due to more efficient mining hardware and more mining rigs working in general.

Source: Glassnode

Historically, these hash ribbon moving average swaps precede price gains. Historically, when the hash-rate drops and subsequently recovers, major BTC price bottoms have been made. 

Is a price bottom in?

Apart from the hashrate, Bitcoin accumulation levels also reached a 7-year high. CryptoQuant data shows that 6-month-old and older Bitcoins now make up 74% of the realized cap. During the 2019 and 2015 bottoms, this score sat at 70% and 77%, respectively.

Source: CryptoQuant 

Lastly, for the first time in this cycle, the percentage of supply in loss has reached the 50% level.

CryptoQuant data shows that the price bottoms during previous cycles normally occur when the percentage of supply in loss reaches 50% or more.

Source: CryptoQuant

The current data shows the highest percentage of losses at 52% on the daily chart, 50.4% on the weekly (7DMA), and 48% on the monthly (30DMA). 

While quite a few metrics suggest that BTC should be near a bottom, the overall momentum will likely still depend on macroeconomic conditions as well as its correlation with the Nasdaq and S&P 500. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin price sees first October spike above $20K as daily gains hit 5%

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Bitcoin price sees first October spike above $20K as daily gains hit 5%

BTC price action sees a new October peak amid a declining U.S. dollar and a successful prior day’s trading for U.S. equities.

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Bitcoin price sees first October spike above K as daily gains hit 5%

Bitcoin (BTC) saw its first trip above $20,000 on Oct. 4 as traders expected familiar resistance to cap gains.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Multi-week dollar lows fuel Bitcoin bulls

Data from Cointelegraph Markets Pro and TradingView showed BTC/United States dollar climbing prior to the Wall Street open, up over 5% in 24 hours.

The pair had shaken off macroeconomic concerns at the start of the week, with trouble at Credit Suisse and the escalating Russia-Ukraine conflict failing to slow performance.

Now, the short-term analysis focused on a run potentially topping out closer to $21,000 — as was the case late last month, as sell-side pressure at that level remained significant.

“20500-21000 is a sell zone. If price gets there, which should, don’t be too bullish,” popular trader Il Capo of Crypto told Twitter followers on the day.

Razzoorn, an analyst at international trade group The Birb Nest, noted that the current charge was Bitcoin’s fifth attempt at escaping a major liquidity cloud in several weeks.

Despite the potentially limited upside opportunity, Bitcoin rallied in line with a broader risk asset tide which saw United States equities finish noticeably higher the day prior.

At the same time, the U.S. dollar suffered, the U.S. dollar index (DXY) extending losses to approach 111 points and threaten support in place since mid-September.

U.S. dollar index (DXY) 1-day candle chart. Source: TradingView

“Up the market goes,” a more optimistic Michaël van de Poppe, CEO and founder of trading platform Eight, continued:

“Flipping $19,500 for support. Now, if range-high at $19,600 holds for Bitcoin, I assume we’ll continue towards $22,400.”

Altcoins attempt to change sticky trend

Across major altcoins, it was Ether (ETH) and Ripple (XRP) leading daily performance at the time of writing. 

Related: CoinShares’ Butterfill suggests ’continued hesitancy’ among investors

ETH/USD traded above $1,350, still yet to break out of its sideways trend in place for several weeks since major losses entered during the post-Merge breakdown.

ETH/USD 1-day candle chart (Binance). Source: TradingView

XRP, on the other hand, faced a more stubborn band of resistance after prior gains, bouncing off multi-week support just below $0.45.

XRP/USD 1-day candle chart (Binance). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

The global fast food chain is among the first to participate in a crypto-friendly experiment in the town of Lugano.

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

Multinational fast food chain McDonald’s started to accept Bitcoin (BTC) as a payment method in the 63,000-populated city of Lugano in Italian Switzerland, which is becoming a hotspot for crypto adoption in Western Europe. 

A one-minute video of ordering food on McDonald’s digital kiosk and then paying for it at the regular register with the help of a mobile app was uploaded on Twitter by Bitcoin Magazine on Oct. 3. The Tether (USDT)  logo could be spotted next to the Bitcoin symbol on the credit cash machine, which is not surprising, as in March 2022 the city of Lugano announced it would accept Bitcoin, Tether and the LVGA token as a legal tender.

On March 3, 2022, the city signed a memorandum of understanding with Tether Operations Limited, launching the so-called “Plan B.” According to this plan, Tether has created two funds — the first one is a $106 million, or 100 million Swiss francs, investment pool for crypto startups, and the second is around $3 million, or 3 million Swiss francs, attempt to encourage the adoption of crypto for shops and businesses across the city.

In addition to allowing Lugano residents to pay their taxes using crypto, the project will extend payments to parking tickets, public services and tuition fees for students. More than 200 shops and businesses in the area are also expected to accept crypto payments for goods and services.

Related: Swiss Post’s banking arm developing in-house crypto custody platform

Speaking to Cointelegraph in June, Paolo Ardoino, chief technology officer of Tether and Bitfinex, claimed that Plan B “is going great,” announcing a two-week educational activity on blockchain and cryptocurrencies in the city.

In September 2021 El Salvador became the first country in the world to allow using Bitcoin as a legal tender. Since that time, McDonald’s has been accepting Bitcoin at all its 19 outlets in the country.

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