The Bitcoin network is always home to some exciting statistics which paint an interesting picture. For example, the hashrate, despite mining being banned from China, has nearly fully recovered. Moreover, the mining profitability per Terahash is rising slightly, which is rather promising.
Bitcoin Hashrate Surpasses 160 Exohash Again
Many people were somewhat concerned when the Chinese government decided to outlaw all mining activities. It is a terrifying development for an industry where most of the mining power came from that country. Even so, the decentralized nature of Bitcoin mining ensures decisions in one or a few countries will not make the network grind to a halt overnight.
The dip from nearly 200 exohash to below 70 was a tad problematic. Bitcoin’s architecture hinges on balancing hashpower with mining difficulty. As the hashrate dropped off significantly earlier this year, it took the difficulty a while to adjust to a more normal level. However, those concerns were short-lived, and the network resumed its regular operation shortly after.
Ever since the hashrate dip, people have wondered how long it would take the network to recover fully. That process is still ongoing, although vast improvements have been made. More specifically, the hashrate currently sits above 160 exohash again. It averages just over 170 exohash per day, thanks to a 9% increase in the past 24 hours.
As mining hardware is brought online again or for the first time, the network remains in a good place. Transactions are processed regularly, and the average block time has decreased slightly to 9 minutes and 18 seconds. The decision by China’s government remains unfortunate, but it is not enough to prevent the Bitcoin network from doing its thing either.
Mining Profitability Rises Slightly
One aspect influencing the decision to mine Bitcoin or not is the mining profitability. As this metric increases, so will the network hashrate, under normal circumstances. Currently, miners can earn up to $0.3491 per terahash per day. That may not seem like much, yet it is twice as high as during late June 2021.
The overall Bitcoin mining profitability has risen strongly since late June 2021. Its spike to over $0.45 per terahash was a bit strange and could not be sustained for long. As more hardware comes online [again], it will become slightly less profitable per user unless the overall BTC price keeps going up. So far, miners haven’t had anything to complain about on that front.