BTC Hashrate Registers New All-Time Records
Bitcoin lost nearly 71% from its all-time high of $69,044 last November and was trading at $20,100 at the time of writing, according to data from CoinGecko.
Here’s a quick look at Bitcoin’s hashrate:
- BTC hashrate’s new all-time high is 158 exahash per second
- Hashrate this year is not expected to exceed 260 EH/s
- Bitcoin loses almost 71% from its all-time high price
But despite this sharp price drop, Bitcoin miners remain optimistic about the future of the top crypto as its hash rate hit a new all-time high.
According to mining data tool and metrics company Braiins Insights, the hash rate rose all the way up to 258 Exahashes per second (EH/s) on October 4 last year.
Source: Arcane Research
This helped the overall security of the Bitcoin protocol set an all-time high of 158 exahashes per second, growing by 43%.
Bitcoin hashrate growth – good for crypto
Bitcoin Gandalf of Braiins Insights shared some thoughts on this recent development involving the largest cryptocurrency by market cap.
The marketing team member said that this could be an indication that BTC miners are optimistic and positive about the future of the digital asset.
However, this could also present a problem, especially that the crypto is trapped in a tight trading area between the $19,000 and $20,000 levels.
The increase in hashrate may lead to an adjustment in mining difficulty and “miner margins will be further squeezed.”
Macroeconomics are also at stake, given that miners invest in mining infrastructure that takes months to be fully operational.
For example, some 2022 BTC miners recently went online in July, increasing the current global hashrate.
Meanwhile, Bitcoin’s price struggled to gain momentum and crashed on more than one occasion, casting doubt on the ROI for BTC mining investors.
Hashrate’s only way is up
About 8.1 exahash/second of BTC mining capacity was added to the global rate in August of this year by the 10 largest public miners.
As impressive as it may sound, improvement and increase in this number is to be expected as these companies anticipate deliveries for additional mining infrastructure later this year.
However, it is important to note that even with this, it is unlikely that the hash rate in 2022 will be greater than 260 EH/s.
Block production is also affected by this apparent increase as it reaches 6.45 blocks per hour. This is a point of concern as it could mean increased mining difficulties in the Bitcoin network.
Zack Voell, a market analyst, weighed in on this development and said that the impressive increase in hashrate could be a result of S19 XP Antminers going online.
The XPs are the latest offering from the popular Bitcoin mining hardware provider, Bitmain.
BTCUSD pair still clinging at the $20K mark, trading at $20,106 on the daily chart | Source: TradingView.com Featured image from Liquid Blog, Chart: TradingView.com
