BITCOIN HASHRATE ALL TIME HIGH !!!
Bitcoin hashrate updated its all-time high
Bitcoin hash rate soars to new highs
Mining difficulty may grow by 10% after the next adjustment.
Online activity is clearly growing, but will the price follow?
The hash rate on the bitcoin network has renewed its all-time high as BTC / USD continues to consolidate below $ 12,000
According to Blockchain.com, on August 15, the hash rate reached a new all-time high of 129 million terahashes per second. The previous record was recorded on July 28 this year at 127 million terahashes. The current hash rate and the upcoming mining difficulty adjustment speak of the growing strength of the Bitcoin network..
After the halving that took place on May 11, the hash rate in the bitcoin network has significantly decreased and for some time remained in the region of only 90 terahashes. This was due to the exodus of miners who did not survive the block reward cut. However, the situation soon unfolded..
New miners entered the market, and hashrate resumed growth.
Bitcoin hashrate chart. Source: Blockchain.com
Recall that as a result of the last halving, the cost of mining a block indicated from 12.5 bitcoins to 6.25 bitcoins, which hit the profitability of some miners hard. Those who worked on outdated equipment were forced to sell accumulated bitcoins and wind up their business.
Hashrate and mining difficulty
The growth of the hash rate provoked an increase in the complexity of mining.
In other words, in order to find the next block, miners have to solve more complex computational problems. However, increasing activity inevitably leads to an increase in the complexity of mining. This correction mechanism is built into the network and works automatically.
According to forecasts, the figure could grow by almost 10%. Recently, the complexity of mining has been subject to sharp jumps. June, for example, recorded the largest change since January 2018.
Hashrate and bitcoin rate
These statistics, however, provide little information to predict future price movements..
They do not tell us anything about the willingness of buyers to pay for bitcoin its current value, but they reflect the willingness of miners to participate in the network..
Meanwhile, sharp fluctuations in the hash rate are by no means uncommon for the bitcoin network. Mining digital coins is a costly business, and business decisions made by miners can have long lasting financial implications for them. When bitcoin rises in price, the reward for the mined block in fiat terms also increases. Thus, an increase in the hash rate may indicate the relative confidence of miners that the coin rate will grow..
In addition, the increased network activity indicates the proliferation of the digital coin, which, in turn, may lead to higher prices in the future..
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