The bitcoin hash rate has again established a new all-time high (ATH). The trend has been bullish for a long time, which is a possible signal that more and more bitcoin miners are expecting the bitcoin price to rise in the future.
According to data from Blockchain, it appears that the hash rate reached 114.3 TH/s on 23 October, a level that has never been reached before. Other platforms that monitor the hash rate also reflect the same picture.
The hash rate indicates how many hash keys are spewed per second by miners. The bitcoin miners must guess a correct hash key, also called the target hash, to receive the reward for successfully processing a block in the blockchain. The higher the hash rate, the harder it is to guess the correct key as the network automatically adjusts the difficulty up. In other words, the more mining power, the more secure the Bitcoin network.
It is striking that the hash rate continues to rise while the bitcoin rate has been hit quite a bit in recent days. This could show that the miners continue to have faith in the future and therefore continue to mine, despite the sharp declines.
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Cointelegraph reports that the absolute minimum bitcoin price needed to remain profitable is close to $ 6,500. However, many popular mining rigs, such as the Antminer S9, could no longer mine profitably in many countries at the current bitcoin price. If the price goes down further, there is a chance that more miners choose to stop the work, resulting in a falling hash rate.
Bitcoin mining nevertheless remains popular. For example, the mining giant Bitmain recently opened “The world’s largest bitcoin mining farm” in Texas. This farm could eventually deliver a capacity of no less than 300 megawatts.
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