It's Getting Harder to Produce Bitcoin

Bitcoin's hash rate broke the record, increasing by 45 percent compared to the rate recorded on the first day of last year. Along with this, the difficulty level and total revenue also saw an increase.

As those of you who are familiar with the crypto money industry will know, the working speed of the machine working to produce a new Bitcoin is called the 'hash rate' or 'hash rate' in other words. The hash rate, which represents the total processing power per second to produce new blocks, and the high instantaneous processing power means that that blockchain is more secure against many various attacks.

This is the hash rate of Bitcoin we are talking about, which saw its all-time high at the end of last week. Following this, the level of difficulty and the total amount of revenue, showing how much effort miners had to spend to produce Bitcoin, also increased to a record level.

Hash rate is 45 percent higher than on the first day of last year

The hash rate of Bitcoin, whose first block was mined on January 3, 2009, broke the record by seeing the level of 207.53 EH / s after the new year. Compared to the hash rate recorded as approximately 140 EH/s on the first day of 2021, this means an increase of more than 45 percent.

Hash rate reaching 190 EH/s in April 2021; As a result of the ban and sanctions imposed by China on cryptocurrency miners, it experienced a great decrease by seeing the level of 57 EH / s in June 2021. As a result of this pressure exerted by China on the crypto money industry, many crypto miners in the country immigrated to countries such as the USA and Kazakhstan. On the first day of the new year, the hash rate rises above 200 EH/s, indicating that there is now a three-and-a-half-fold recovery after the decline in June 2021.

Of course, the recovery of the hash rate means that it becomes increasingly difficult to produce new Bitcoins. Difficulty level exceeding 24.2 trillion after the last update; It is approaching the record 25 trillion dollars achieved in May 2021. This increase in difficulty is followed by an increase in the total amount of income obtained. According to the data released by The Block, the total revenue generated by Bitcoin miners during 2021 is more than $ 16 billion, an increase of approximately 250 percent compared to the previous year.