Bitcoin: 100K New Miners and 70% Market Dominance. What’s Happening?

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Recently the mining service operators BTC.com in a data report mentioned that the average bitcoin mining rate has increased over the past 2 weeks. From a mining hash rate of 64.49EH/s on July 23, it has reached to 71.43EH/s(quintillion hashes per second). This happened when bitcoin adjusted the mining difficulty at the height of 586,672, which led to a 10.78% percent jump since July.

Bitcoin mining difficulty is the level of complexity to show how hard it is to compete for the rewards on Bitcoin. The new blocks get adjusted after every 2016 blocks- roughly in 14 days. New miners have joined the bitcoin mining business as the demand has increased over time. This additional computing power is supported by ASIC miners such as AntMiner S17 and WhatsMiner M20S.

Miners in China predicted that the bitcoin’s mining hash rate would cross 70EH/s in the summer. In June it reached 80EH/s, but this has been for the first time that bitcoin stayed above 70EH/s threshold.

Last week proved beneficial for crypto holders as all top cryptocurrencies were in green and the growth was once again lead by bitcoin. Bitcoin market dominance increased to almost 70% as it remained in the 5 figure chart for a long time. Last week it went up to $10,860, which marked a 5.4% growth from the previous $10,300. Today bitcoin is trading at the 5 figure value of $11,475 (at the time of publishing), and this can bring some good news for the investors.

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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