What has been the evolution of bitcoin mining?

Over time, and with the increase in popularity and notoriety that bitcoin has been gaining, blockchain operations have increased considerably. With which, the mining activity, essential to achieve the registration and validation of operations, has had to do the same.

To measure the level of mining activity, the "hash rate" is usually used. It is worth clarifying that the hash is the product of a cryptographic operation that is used to encode data for the formation of a single blockchain and thus provide security to the operation.

What is noticeable in this case is that the hash rate has increased significantly, from 1 exahash per second (EH / s) in 2016 to 185 exahash per second (EH / s) this last March 14, 2021, he said. Cointelegraph. Logically, this has to do with the sustained increase in the price of bitcoin, which to date exceeds USD 60k. However, we must not overlook an important factor: the operational capacity of mining platforms.

What does this exponential growth entail? In addition to allowing the validation of operations more quickly, a side effect falls on the mining activity itself. And this is that, mining becomes much more difficult and competitive.

How does the mining activity work? Miners don't work alone (well, at least not most), they have found that by grouping together they can mine blockchain blocks more efficiently. That is why there are “mining pools”. The reason behind this, simply lies in the operational capacity of your devices, one alone will not be able to do the job, it takes the confluence of several working at the same time.

What are the most important pools? BTC.com (China), F2Pool (China), Poolin (China and USA) and AntPool (China).

These are the mining pools that validate bitcoin transactions worldwide and their location is primarily in China.

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Marilú Lazo
Lawyer from the Pontificia Universidad Católica del Perú (PUCP). Director of The Crypto Legal Blog, she has experience in corporate advice, consumer protection, as well as in matters of personal data protection and new technologies.


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