GHash Mining Pool Generates $250 Million in Bitcoin in One Year

Bitcoin mining pool operator GHash.io has generated roughly 400,000 BTC in just over 12 months of operation.

AccessTimeIconAug 4, 2014 at 3:30 p.m. UTC
Updated Aug 18, 2021 at 3:12 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Since opening its doors on 3rd August of last year, major bitcoin mining pool operator GHash.io has generated nearly $250m in bitcoin, according to a new infographic released by the company.

The pool has produced 413,752.01889456 BTC since it first began hashing in 2013, an amount worth $248,251,211.33 according to the CoinDesk USD Bitcoin Price Index.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    The last regression video of the year 3.67.0
  • ghash
    ghash

    This fact was just one of the noteworthy statistics provided by the infographic, as the full release contains both hard mining data as well as a brief timeline of the company’s history.

    The publication comes at a time when the company has faced scrutiny for its outsized share of the bitcoin network hashrate – a number which has come perilously close to 50% in recent months. As a result, GHash has embarked on a campaign of transparency and advocacy to assuage community concerns it could or would carry out a 51% attack against the network.

    Overall, the data demonstrates GHash's long-standing position as one of the largest mining pools in the space.

    Blocks galore

    The most notable information in the release pertains to the number of blocks GHash has processed since the pool first opened. Of course, given its long operating history, it’s not surprising that GHash has received its fair share of hashes.

    According to the infographic, GHash has received almost 383 sextillion hashes - or 382,760,564,258,698,078,191,616 hashes, to be exact.

    ghash
    ghash

    Miners themselves have submitted nearly 90 trillion shares, or exactly 89,118,388,541,671 shares, since mining began.

    With this massive amount of hashing power, GHash has solved quite a few blocks as well. Since launch, the pool has solved 156,039 blocks, enabling the confirmation of 6,105,849 transactions.

    Steady rise in users

    Despite criticism about its size and grassroots-level calls for miners to shift away their hashing power, GHash has seen a steady rise in the number of workers mining in its pool.

    The number of users rose steadily in the first few months, according to the infographic, reaching 44,000 by November. It reached 132,000 by March after a rapid climb following the now-infamous price increase at the end of 2013, and as of July, GHash had 220,000 registered users.

    ghash
    ghash

    As one might expect, GHash users contribute a significant amount of hashing power, with most of that number deriving from hardware. GHash miners using their own equipment contribute roughly 41 PH/s, with an additional 5 to 6 PH/s coming from the pool’s cloud hosting service.

    Unsurprisingly, the site has utilized a tremendous amount of electricity during operation. Since launch, miners on GHash have consumed 159,519,788 kilowatt hours worth of power.

    Images via GHash.io

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.