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

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

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Over the past 12 months, Bitcoin’s hashrate has increased by 85.77%, while 53,547 blocks were mined and 334,668.75 new bitcoins were put into circulation. More than two dozen bitcoin mining pools have dedicated hashrate to the Bitcoin blockchain in the past six years, and while the hashrate is 22,900% higher, the number of bitcoins found per year is much lower.

334,668 Bitcoins Minted Since September 2021 – Foundry USA Captures Most Blocks

Miners have collected just over 334,668 BTC since September 10, 2021, and 53,547 blocks were found in the last 12 months. Foundry USA has been the top mining pool out of 28 mining pools that discovered blocks in the last year.

The foundry captured 18.14% of the year’s global hashrate average and found 9,716 blocks. Antpool was the second largest miner last year, mining 15.31% of global hashrates. Antpool managed to find 8,198 blocks or 51,237.50 BTC (without fees) in 12 months.

12-month mining pool statistics 10 September 2022.

Antpool is followed by F2pool with 14.79% hashrate for the year, after the pool found 7,919 block rewards. Binance Pool was the fourth largest mining pool of the year with 10.72% of the 12-month hashrate average.

Binance Pool found 5,738 blocks in the past year, equivalent to 35,862.50 BTC (without fees). The pool captured 10.69% of the global hashrate in the last 12 months and found 5,724 blocks. Unknown hash or stealth miners made up the 12th largest mining unit with 1.74% of the year’s global hash after stealth miners discovered 934 blocks.

Annual Block Reward production was the same in 2016 and 2019, but miners found much more Bitcoin then

Things are completely different from six years ago to now, as the hashrate reached 1 exahash per second (EH/s) in 2016. 27 pools mined BTC in 2016, and 55,077 blocks were found that year.

The largest mining pool in November 2016 was F2pool, with 21.71% of the year’s global hashrate after finding 11,958 blocks that year. F2pool was followed by Antpool, BTCC, Bitfury and BW.com. In the last 12 months, the hashrate has increased by 85.77%, but since 2016, the hashrate has risen 22,900% higher.

While Bitcoin’s Hashrate Grew by 22,900% in 6 Years, Discovering Block Rewards Is Far More Difficult
12-month mining pool statistics 24.11.2016.

Although the hashrate is much higher than six years ago, the difficulty has also increased a lot. Also, the amount of bitcoins that miners receive is much smaller these days. While 334,668.75 BTC were minted this year, in the first six months of 2016, miners found 688,462.50 BTC because the block reward was 25 BTC per block.

Also, only 344,231.25 BTC were found in the second half of 2016, but that’s still more than the 334,668 coins minted since last September. In the second half of 2016, miners received 12.5 BTC per block, instead of the 6.25 BTC miners receive today and as of May 2020.

As of April 2019, 53,522 blocks were found that year and 669,025 new bitcoins were minted. Btc.com was the top miner at the time after mining 10,468 blocks, and Antpool was the second largest pool, mining 7,122 blocks in 2019.

Although the unknown hashrate represented 1.74 percent of last year’s hashpower, in 2016 there were virtually no stealth miners. However, in April 2019, an unknown hashrate captured 3.76% of the global hashrate in a 12-month period and found 2,013 blocks that year.

Despite the fact that miners are getting much less bitcoins per block than three years ago or six years ago, the price is higher, which creates enough balance that miners still benefit from their investment in mining.

In February 2019, the price of bitcoin was $3,464 per BTC, and the current USD value made it profitable for only a few mining rigs. Using Bitcoin’s February 2019 difficulty gauge, price, and $0.12 per kilowatt hour in electricity costs, only three SHA256 miners 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, mine BTC, mining pools

What do you think about the last 12 months of bitcoin block production? Let us know what you think about this topic in the comment section below.

Disclaimer: This article is for information only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damages or losses caused or alleged to be caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.



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