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

Bitcoin's hashrate increased by 85.77% over the past twelve months. 53,547 blocks have been mined, and 334,668.75 bitcoins were issued into circulation. Over two dozen bitcoin mining pool have made hashrate available to the Bitcoin blockchain over the past six years. While the hashrate has increased by 22,900%, the number per year of bitcoins discovered is much lower.

Foundry USA Takes the Most Blocks of Bitcoin – 334,668 Bitcoins Minted Since September 2021

Since September 10, 2021, miners have earned just over 334668 BTC and 53,547 blocks in the past twelve months. Foundry USA was the most successful mining pool of all the 28 that discovered blocks in the past year.

Foundry seized 18.14% from the global average for hashrate and discovered 9,716 blocks. Antpool, which captured 15.31% global hashrate, was the second-largest miner. Antpool was able to find 8,198 blocks or 51,237.50 BTC in just 12 months.

F2pool follows Antpool with 14.79% of the year’s hashrate. This is after Antpool found 7,919 block reward. Binance Pool was fourth in terms of mining pools with 10.72% of the 12-month average hashrate.

Binance Pool discovered 5,738 blocks in the past year. This equates to 35.862.50 BTC (not counting fees). Poolin took 10.69% from the global hashrate over the past twelve months, finding 5,724 block. After 934 blocks were discovered by stealth miners, unknown hash or stealth mining was the 12th largest mining company with 1.74%.

In 2016 and 2019, the annual block reward production was identical, but miners discovered a lot more Bitcoin back then

Six years ago, things were very different. In 2016, the hashrate reached 1 exahash per sec (EH/s). In 2016, there were 27 mining pools for bitcoin, and 55,077 blocks of that year's BTC were discovered.

F2pool was the top-ranked mining pool for November 2016, accounting for 21.71% of 2016's total global hashrate. It had found 11,958 blocks in that year and was therefore the top-ranking mining pool. F2pool was followed closely by Antpool and BTCC, Bitfury and BW.com. The hashrate has increased 22900% since 2016, despite a decrease of 85.77% in the past 12 months.

Although the hashrate has grown a lot since six years ago, it has also increased in difficulty. Today, the number of bitcoins mined is much lower. This year, 334,668.75 BTC were minted. However, miners discovered 688,462.50 BTC in the first six months 2016. This was because the block reward was only 25 BTC per block.

However, only 344,231.25 BTC were found in the second half of 2016, which is still higher than the 334.668 coins that have been minted since September 2016. In the second half 2016, miners received 12.5 BTC per block instead of the 6.25 BTC per blocks reward that miners receive today and in May 2020.

In April 2019, 53522 blocks were discovered and 669,025 bitcoins were issued into circulation. Btc.com was at the top of the miner list, having found 10,468 blocks. Antpool was second, with 7,122 blocks captured in 2019.

Although unknown hashrate accounted for 1.74% of all hashpower in the last year, stealth miners were practically non-existent in 2016. Unknown hashrate captured 3.76% global hashrate over the 12 month span of April 2019 and found 2,013 blocks.

Despite the fact miners receive a lot less bitcoins per block now than they did three or six years ago, there is still enough price to ensure that miners make a profit from all their mining expenditures.

The price of bitcoin was $3,464/BTC in February 2019. At that time, the USD value made it so that only a handful of mining rigs could be profitable. Only three SHA256 mining machines were profitable using Bitcoin's February 2019 difficulty measure, the price and $0.12 per hour in electricity costs.

What are your thoughts on the past 12 months of block production for bitcoin? Comment below to let us know your thoughts on this topic.

By: Jamie Redman
Title: While Bitcoin’s Hashrate Grew by 22,900% in 6 Years, Discovering Block Rewards Is Far More Difficult
Sourced From: news.bitcoin.com/while-bitcoins-hashrate-grew-by-22900-in-6-years-discovering-block-rewards-is-far-more-difficult/
Published Date: Sat, 10 Sep 2022 15:30:54 +0000

Did you miss our previous article…

Recent Posts
Latest Featured Posts
Latest News Posts