Bitcoin’s hashrate has so far observed significant growth in 2022, setting a new ATH. Here’s how much each of the largest mining companies added to this increase:
Which Bitcoin Mining Company Observed the Largest Hashrate Growth This Year?
According to the latest weekly report of mystical researchRiot appears to have added mining capacity the fastest this year so far.
“Hashrate” is a measure of a league’s ability to mine Bitcoin. It tells you how many hashes per second the machine can process.
The “total hashrate” of the BTC network tells you how connected this mining power is to the blockchain.
So far, throughout 2022, this indicator has observed an increase, recently setting a new ATH. This means that miners have continuously upgraded their capacity during that period.
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An increase in hashrate means that as the network becomes more competitive, miners’ profits decrease. Therefore, in order to remain competitive and secure a profit, miners must increase their individual hashrate.
Now here’s a chart that shows how the biggest bitcoin mining companies have increased their mining rig capacity this year.
It seems like Core Scientific is still the largest miner in the market | Source: Arcane Research's The Weekly Update - Week 18, 2022
As you can see from the graph above, Riot is the mining company with the highest Bitcoin hashrate since early 2022.
Core had the second fastest increase at 35%, behind Riot’s 52%. Despite less growth, the company still has the largest mining capacity.
Interestingly, at the beginning of the year, Marathon’s hashrate was higher than Riot’s, but it was only able to increase capacity by 11%.
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This small increase made Riot the second largest miner in the Bitcoin market, beating the mining company.
The 4th and 5th mining companies, Bitfarms and Hut 8, each saw growth of around 50%.
Core still outpaces Riot in the sheer amount of hashrate miners have added to the Bitcoin network this year.
Earlier today, the price of Bitcoin dropped to $26,000, but the cryptocurrency has rebounded slightly since then.
As of this writing, the coin is floating around $29.1k, down 20% over the past week. Over the past month, cryptocurrencies have fallen 26% in value.
The chart below shows the Bitcoin price trend over the last 5 days.
Looks like the price of the crypto has crashed down over the last few days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research