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Mining hashrates for SHA-256 Skyrocketed Even After the Cryptocurrency Crash

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Even though cryptocurrency saw an unprecedented fall in their prices, the hashrate for SHA-256 soared to new heights from August through October. However, last month the hash rate suffered severely due to the price drop in November. In August, the total hashrate of both Bitcoin Cash (BCH) and Bitcoin Core (BTC) networks combined exceeded 65 exhash per second, and in this week the average stands at 42 EH/s as the result of crash endured during eight long weeks.

These numbers happen to be the highest hashrates seen till date even after the loss of 20-25 EH/s after the high. For most of 2018, cryptocurrency was able to hold their hashrates at an average of 4-5 EH/s. Those days may count as Bitcoin Cash network’s better days but it has not yet lost its position due to the crash.

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According to Coinwartz data, the BCH chain is the third most profitable proof-of-work (PoW) chain today after Zcash (ZEC) and Horizon (ZEN). After the BCH blockchain split on November 15, the network is only capturing 1.5-1.9 EH/s, improving rapidly after the crash. BTC. top, Viabtc, BTC.com, and BTC.com, Antpool, Viabtc are among the biggest mining pools on the BCH network and the Bitcoin Core network respectively.

The new ASIC miners which utilize next-gen chips like 7 nm and 10 nm semiconductors rose to fame after the crash on the crypto-market but they have not been able to retain their glorious post at the top. There are roughly a number of six SHA-256 ASIC machines making profits, if at all. At the top of the ASIC miners is the Aciminer 8 Nano Pro, followed by Ebang Ebit E11+, capturing 76 terrahash per second (TH/s) and 44 TH/s respectively. Another most profitable miner, the Innosilicon T3 is not available for purchase yet.

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A lot of mining companies are discontinuing their business owing to the plummeting of the cryptocurrency. For example, the GMO Group from Japan will stop manufacturing 7nm-powered B2 and B3 miners, and the Washington-based Giga Watt filed for bankruptcy. At the same time, miners in China were “selling mining rigs by the Kilo as scrap.” However, Matt D’Souza rang a hopeful tone mentioning that many mining facilities are handling the post-crash situation in a more inventive manner.

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