Fun

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

News Feed - 2022-09-11 12:09:54

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. 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. 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. Tags in this story 12.5 BTC per block, 2016, 2019, 25 BTC per block, 6.25 BTC per block, Antpool, asic miner, Bitcoin mining, Bitcoins Found, BitFury, block rewards, Blocks, BTC Mining, BTCC, BW.com, crypto assets, Discovering Block Rewards, F2Pool, Hashpower, Hashrate, mining, Mining BTC, Mining Pools


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. 4 Crypto Tokens Reap Hashpower From The Merge, ETC Secures Most of the Hashrate Leaving ETH MINING | 1 day ago Bitcoin Mining Firm Cleanspark Purchases 10,000 Bitmain Miners for $28 Million MINING | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBiggest Movers: ADA, SAND Surge to Multi-Week Highs on Saturday Next articleEthereum Devs Successfully Complete Merge Shadow Fork With No ‘Client Incompatibility Issues’ 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Tony Hawk"s Latest NFTs to Come With Signed Physical Skateboards SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms

News Feed

Eurovision Winners’ NFT Auction Raises $900K for Charity
Eurovision Winners’ NFT Auction Raises $900K for Charity Kalush Orchestra, the winners of the Eurovision Song Contest 2022, have successfully auctioned off an NFT for charity. Th
Encryption Crackdown: Private Phone Network With 60,000 Users Dismantled by Law Enforcement
Encryption Crackdown: Private Phone Network With 60,000 Users Dismantled by Law EnforcementAn international law enforcement team has brought down an encrypted phone network with 60,
Hedge Fund Galois Capital Discloses ‘Roughly Half’ of the Firm’s Capital ‘Stuck on FTX’
Hedge Fund Galois Capital Discloses "Roughly Half" of the Firm"s Capital "Stuck on FTX" According to the co-founder of Galois Capital, the hedge fund manager who warned about the T
Digital Ruble: Russia Unveils Plans to Test Central Bank Digital Currency
Digital Ruble: Russia Unveils Plans to Test Central Bank Digital Currency As China is actively testing its digital yuan, Russia is now planning to build and test
Jesse Coghlan1 hour agoMeta Q2 earnings: Reality Labs losses top $7.7B year to dateMeanwhile, Meta"s metaverse-building business has racked up around $21 billion in losses since the start of 2022.250 Total views14 Total
Marcel Pechman11 hours agoBitcoin price rallies to $31.8K, but derivatives data highlights BTC bears’ advantageBitcoin’s price is following in XRP’s footsteps by rallying close to $32,000, but the price could pull
US private investors predict surge in crypto investments in 2024 — Report
Ana Paula Pereira2 hours agoUS private investors predict surge in crypto investments in 2024 — ReportA survey by law firm Barnes & Thornburg found that 59% of US private investors are more likely to invest in crypt
Golden State Warriors Point Guard Stephen Curry Asks for Advice About Cryptocurrencies
Golden State Warriors Point Guard Stephen Curry Asks for Advice About Cryptocurrencies The popular Golden State Warriors point guard, Stephen Curry, asked his 15.5 million follower
Nigerian SEC Announces New Rules Governing Issuance of Digital Assets
Nigerian SEC Announces New Rules Governing Issuance of Digital Assets The Nigerian securities regulator has announced new rules that govern the issuing of digital assets. The new r
Recently Signed 2009 Bitcoin Block Reward Linked to Hal Finney’s Set of BTC Transactions
Recently Signed 2009 Bitcoin Block Reward Linked to Hal Finney"s Set of BTC Transactions At the end of November, an unknown person signed a signature tied to an extremely old block
Tron’s USDD Stablecoin Experiences Fluctuations Again, Drops Below $1 Parity in Early 2023
Tron"s USDD Stablecoin Experiences Fluctuations Again, Drops Below $1 Parity in Early 2023 The Tron-based stablecoin USDD fell below $1 parity again during the first week of 2023 a
‘Arivaman’ to Travel the World in a Unique and Innovative Way
‘Arivaman’ to Travel the World in a Unique and Innovative Way press release PRESS RELEASE. As the new year gets underway, there has been a lot of speculation and interest regard