Bitcoin Miners Require Over 1 EH/s of Daily Computing Power for Mining 1 Token
The world of Bitcoin mining has reached a new milestone as on-chain data reveals that miners now require more than 1 EH/s of daily computing power to mine just 1 token of the asset. This marks the first time in history that such a high level of computing power is needed for this task.
According to Julio Moreno, the head of research at CryptoQuant, the BTC Hashcoin has set a new all-time high. The Hashcoin is an indicator that tracks the daily Hashrate miners need to produce 1 BTC. The Hashrate measures the computing power attached to the Bitcoin network, measured in exahashes per second (EH/s).
The total Hashrate on the blockchain has been hovering near its all-time high, with a 7-day average value of 638 EH/s. This increase in Hashrate means that miners need more computing power to mine Bitcoin, but the block time on the network remains constant at 10 minutes per block.
The recent spike in the Hashcoin can be attributed to the fourth Halving event that occurred on April 19th. This event slashed block rewards in half, leading to miners needing 1.13 EH/s to mine a single token every day.
Despite the increase in computing power required for mining, the price of Bitcoin is currently trading at around $62,900, down 5% over the past week. The Hashcoin reaching a new all-time high highlights the growing demand for computing power in the world of Bitcoin mining.
