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SHA-256 Mining Hashrate Grown Exponentially in One Year
SHA-256 Mining Hashrate Grown Exponentially in One Year
Over the last 8 months, SHA-256 mining, the process that’s used to discover blocks on both the BCH and BTC networks, alongside a slew of other cryptocurrencies, has grown exponentially. Digital asset trading markets have been in a slump over the last 8 months of 2018, but the bearish sentiment hasn’t affected the hashpower behind these cryptocurrencies and, in fact, it has improved aggressively.
The SHA-256 mining algorithm and other mining operations involve the process of computing devices verifying and compiling recent blockchain transactions, alongside solving computational problems in order to find a block. During the last couple of months, cryptocurrency markets have been bearish and prices have dropped considerably since the end of 2017. This incentivized system has grown significantly competitive which in turn has innovated both semiconductor production and a significant advancement in Exascale computing. Miners who find a block are awarded freshly minted cryptocurrencies and all the fees linked to the transactions in the block. However hash power hasn’t followed suit with the price and, it has grown feverishly larger with each waking day. Btc Bch Hashrate Chart , it has grown feverishly larger with each waking day.
Today BTC captures around 47 exahash per second while BCH holds a little above 4 exahash.
The BCH network at the time of writing is capturing around 4.13 exahashes per second today and over the last seven days, it’s averaged around 4. Right now there’s been over 65,000 BCH blocks mined since August 1, 2017, and the chain is over 6,600 blocks ahead of the BTC chain. On Sunday, August 19, 2018, the BCH chain is operating at 9.87 percent of BTC’s sum block difficulty. Since last August the BCH network hashrate has increased remarkably and the amount of mining pools has notably changed as well. For instance, during the first week of August 2017, there were only a few mining pools processing BCH blocks such as Viabtc, Bitcoin.com, during the first week of August 2017 Btc Bch Hashrate Chart , and a few other unknown miners. Weeks later on August 21 many other miners joined the BCH network such as Bitclub, Antpool, Batpool, and BTC.com bringing the BCH hashpower up to approximately 2 exahash.
BCH hashrate is averaging around 4.13 exahash today.
Now a year later the BCH network has roughly 13 different mining pools including Coingeek, BMG Pool, Rawpool, BTC.com, Viabtc, Antpool, Bitcoin.com, BTC.top, Sbi Crypto, F2pool, Huobi, and some unknown pools. Mining power has shifted hands since because a year ago the unknown miners and Viabtc commanded a huge part of the BCH hashrate. Now the largest mining pool during the last week is Coingeek with 23.4% of the network hashrate during the last week and 31.9% today.
Then there are 2-3 unknown mining pools (could be differentiated by coinbase data) that hold about 20% of the BCH hashpower. The following top BCH miners include BMG Pool (10%), Rawpool (9.8%), Viabtc (6.7%), BTC.com (8%), and Antpool (6.5%). Other pools like F2pool and GMO Group have mined the BCH chain several times in the last year as well. Essentially since the 1st week of August 2017, the BCH hashrate has grown fourfold and much more miners are processing BCH blocks.
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As far as the BTC network hashpower is concerned a lot has changed since 2017’s first week of August. During the second week of August 2017, the BTC hashrate was around 8-6 exahash per second but has since increased 500 percent to around 48.2 exahash per second today. Hashrate distribution has changed quite a bit in the BTC mining world as well as there are now roughly 16 different mining pools. Right now there’s an unknown miner processing 13.3 percent of the BTC network. The top BTC mining pools have also shifted quite a bit with the largest pool being BTC.com (16.6%) followed by pools such as Antpool (14.6%), unknown (13.3%), BTC.top (12.3%), and Slush Pool (11%).
One particular interesting statistic is the use of overt “version-rolling” Asic Boost on the BTC network has increased since the Blockchain Defensive Patent License (BDPL) initiative was announced last March. So far since March, the use of overt Asic Boost had crossed roughly 5% of the entire BTC network on August 1, 2018. According to statistics, the use of Asic Boost whether overt or covert can boost mining efficiency by 20%-30%.
Asic Boost has captured 5 percent of blocks found a couple times so far in August.
On August 13 the network touch around 4.4% of all blocks found with Asic Boost and the average is around 3% today. Slush Pool has found the most blocks on the BTC network using overt Asic Boost (40%) while F2pool follows slightly behind (20%). Other mining pools utilizing Asic Boost include Ckpool, Bitclub, Bitfury, Wayi.cn, Poolin, and an unknown miner. The unknown mining pool commands 11% of the sum of all overt “version-rolling” Asic Boost blocks found.
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All of this means the energy of SHA-256 mining has become probably the most powerful computational systems here on earth and it is growing. SHA-256 mining has excelled the creation of 10nm and 7nm chips which were one year behind schedule according to Moore’s Law. Further Satoshi’s design to create an incentivized system that processes and verifies transactions has also pushed the envelope when it comes to semiconductor and MOSFET innovation.
The GMO B3 uses 7nm chip technology while the Insilicon T2 uses 10nm chips. 5nm technology should meet production in 2-3 years and SHA-256 mining may make that timeline move faster.
These chips and the firms that have created super powerful mining rigs like GMO’s B3 (33TH/s), Innosilicon’s T2-Turbo (24TH/s), and Canaan’s newly introduced Avalonminer A9 (26.5-30TH/s) should push the overall SHA-256 hashrate even more exponentially. There are only four foundries worldwide that manufacture 7nm chips (Samsung, Intel, TSMC, and Global Foundries) and Satoshi’s creation has bolstered the demand for these innovative chips. Markets could be bearish this year however the mining industry keeps growing faster than we can fathom, and the computational power behind Satoshi’s invention proves stronger than the fiat spot price per coin.
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Adam is a Blockchain Enthusiast and a technical writer for more than a decade. He writes for major websites around the globe. His Key areas of Interests are Crypto, Finance and Economics. You can reach out to him at adamwatson@coindais.com
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