Glassnode: BTC Mining Competition Reaches All-Time High

On April 16th, according to the latest research from the blockchain analysis company Glassnode, although the transaction fee of the Bitcoin network is close to an all-time low (denominated in BTC), competition in the mining industry continues to create All-time high. Mining difficulty has now reached an all-time high, requiring 122.78 units of Zettahashes per Bitcoin block to burst, which is equivalent to 15.5 trillion SHA256 hashes guessed by all 7.938 billion people on earth every 10 minutes, equivalent to unusual. The current estimate is between 190 and 215 Exahash per second, which is about 20% higher than the all-time high reached before China’s mining ban last May. Despite massive competition and near all-time lows for block rewards denominated in Bitcoin, miner revenue in USD is still 150% higher than after the most recent halving event in May 2020. Miners currently earn around $207,000 per Exahash hashrate. That’s also 40% more revenue than during the last capitulation event of the bear market in 2018. Because the price of Bitcoin was between $3k and $4k at that time, the BTC block subsidy was double what it is now.

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