Bitcoin lost almost 71% of its all-time high price of $69,044 hit in November last year, and trading at $20,100 as of this writing, according to data from CoinGecko.
Here’s a quick glance at Bitcoin’s hashrate:
- BTC hashrate’s new all-time high is 158 exahash per second
- Hashrate this year is not expected to surpass 260 EH/s
- Bitcoin loses almost 71% of its all-time high price
But despite this heavy price drawdown, Bitcoin miners remain optimistic about the top crypto’s future as its hashrate reached a new all-time high.
According to mining data tools and metrics company Braiins Insights, hash rate climbed all the way up to 258 Exahashes per second (EH/s) last October 4.
Source: Arcane Research
This helped the overall security of the Bitcoin protocol to set an all-time high of 158 exahash per second, growing by 43%.
Bitcoin Hashrate Growth – Good For Crypto
Bitcoin Gandalf of Braiins Insights shared some thoughts about this recent development involving the largest cryptocurrency by market capitalization.
The marketing team member said this might be an indication that BTC miners are optimistic and bullish regarding the future of the digital asset.
However, this can also present an issue, especially that the crypto is caught in a tight trading range between the $19,000 and $20,000 levels.
The increase in hashrate might cause adjustment in mining difficulty and “miner margins will be further squeezed.”
Macroeconomics is also at play, given that miners invest in mining infrastructures that takes months to be fully operational.
Case in point, some BTC mining machines for 2022 just recently went online on July, increasing the current global hashrate.
Meanwhile, Bitcoin’s price struggled to gain momentum and slipped down on more than one occasion, casting doubt on ROI for BTC mining investors.
Hashrate’s Only Way Is Up
Some 8.1 exahash/second of BTC mining capacity was added to the global rate in August this year by the 10 biggest public miners, according to Arcane Research.
As impressive as that may sound already, improvement and increase in that number is to be expected as these companies are expecting deliveries for additional mining infrastructures later this year.
It is important to note, however, that even with this, it is unlikely that hashrate in 2022 will be greater than 260 EH/s.
Block production is also affected by this apparent surge as it reaches 6.45 blocks per hour. This is a point of concern, as it might mean increased mining difficulty in Bitcoin network, Arcane said.
Zack Voell, a market analyst, weighed in on this development, saying the impressive increase in hashrate might be the result of S19 XP Antminers going online.
The XPs are the latest offering of popular Bitcoin mining hardware supplier, 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
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Author: Christian Encila