The “total hashrate” on the BTC network tells us how much of this mining power is connected to the blockchain in all.
Throughout 2022 so far, this indicator has observed an increase, setting a new ATH just recently. This means that miners have been constantly upgrading their capacity during the period.
An increasing hashrate means miners’ revenues shrink as the competition on the network increases. So, to remain competitive and secure their profits, miners have to up their individual hashrate.
It seems like Core Scientific is still the largest miner in the market | Source: Arcane Research's The Weekly Update - Week 18, 2022
Core saw the second fastest increase at 35%, behind Riot’s 52%. Despite the lesser growth, the firm still has the biggest mining capacity by a large margin.
Interestingly, Marathon’s hashrate at the start of the year was more than Riot’s, but it could only grow its capacity by 11%.
Related Reading | Bitcoin Drops To $26K As Crypto Sell-Off Continues – Will The Slide Approach $25K?
Both Bitfarms and Hut 8, the fourth and fifth placed mining companies, respectively, saw a growth of around 50% each.
In terms of the pure amount of hashrate that a miner added to the Bitcoin network this year, Core has still been ahead of Riot.
Earlier today Bitcoin’s price fell down to as low as $26k, but since then the cryptocurrency has rebounded back a little.
At the time of writing, the coin floats around $29.1k, down 20% in the last week. Over the past month, the crypto has lost 26% in value.
The below chart shows the trend in the price of Bitcoin over the last five 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