The overall security of the Bitcoin protocol, or hash rate, hit a new high of 158 exahash per second despite the price being down over 50% year to date.
Bitcoin price plummets while miner hash rate soars to all-time highs
BTC price still not at ‘max pain’ — 5 things to know in Bitcoin this week
Bitcoin has plenty of obstacles to weather in the current macro storm as two-year weekly close lows remain inches away.
Bitcoin is trapped in a downtrend, but a ‘trifecta of positives’ scream ‘deep value’
In a recent Twitter Space, Capriole Fund founder Charles Edwards told Cointelegraph that BTC could go lower, but currently reflects “incredible deep value” based on multiple price metrics.
Bitcoin Hash Rate Skyrockets Amid 55% Hike In 2 Months
With the swings in the crypto market, Bitcoin has been at different unexpected levels this year. The crypto winter in the year’s first half gave the leading crypto asset a blow off its balance. As a result, BTC’s price fell to over half its value as of November 2021.
But despite the price fluctuation, the Bitcoin hash rate moved upward since its drop in mid-July. In a recent report, the BTC hash rate has hit a new all-time high (ATH). This new position came following the last increase in the mining difficulty.
The significance of the hash rate metric for the Bitcoin blockchain is that it provides information on the strength of the network based on the BTC mining process. In addition, it correlates the number of active miners and their computational mining equipment working on the network.
Many people create a link between the price of a cryptocurrency and its hash rate for future moves. But there could be twists in some cases, as seen in the past few weeks for Bitcoin.
Hash Rate Gets Higher Amid Price Struggle
The price of BTC has been in a battle over the past few months. It could barely sustain its position around the $20K region in July. However, the Bitcoin hash rate has been at higher levels in the weeks that the price was struggling.
Usually, during the summer months, the regulatory authorities in several countries influence mining activities. For example, they forbid the local miners due to higher energy demand during the period. Hence, the BTC hash rate will drop. The record for this year’s season indicated a drop to 170 Ehash/s in mid-July from its June value of 250 Ehash/s.
But as summer fades, the metric is making its recovery. Within some weeks, the hash rate has surged by more than 50%, taking it to a new all-time high of 265 Ehash/s last weekend.
Source: BitInfoCharts
Trend In Bitcoin Mining Difficulty
BTC mining difficulty readjusts after every 2,016 blocks (two weeks). This readjustment is necessary to keep the network in the proper stance. This means that the Bitcoin blockchain will maintain the production of its block in just 10 minutes.
Hence, through the mining difficulty adjustment, it will be hard for miners to operate when there are lots of them connected to the network. Conversely, it will be easier to mine when the number of miners drops.
The mining difficulty is currently at 30.98 T, while the subsequent readjustment will occur in less than 24 hours. As per BTC.com data, the metric could be positive again and display up to a 3% increase.
Bitcoin falls significantly l BTCUSDT on TradingView.com
With many miners being offline during the summer, the mining difficulty indicated more negative readjustments. But the trend changed on August 31 to give the highest positive value for the metric since January this year.
Featured image from BBC, chart from TradingView.com
The Fed, the Merge and $22K BTC — 5 things to know in Bitcoin this week
A bullish weekly close sees Bitcoin tackle realized price while analysts speculate on major volatility in the coming days.
Bitcoin mining has never been more competitive even as BTC loses 13% in August
Bitcoin difficulty completes its largest single upward readjustment since January, with average hash rate eyeing new all-time highs of its own.
Australia-based crypto miner doubles hash rate after energizing Canadian rigs
Daniel Roberts, Iris Energy co-founder, said the firm had energized the facility on time “despite the current market backdrop and ongoing international supply chain challenges.”
Will the Fed prevent BTC price from reaching $28K? — 5 things to know in Bitcoin this week
Bitcoin prepares for what promises to be a tense week of rate hikes, earnings and more as BTC fails to reclaim crucial trendline.
Bitcoin network difficulty drops to 27.693T as hash rate eyes recovery
The reduced difficulty allows Bitcoin miners to confirm transactions using lower resources, enabling smaller miners a fighting chance to earn the mining rewards.
US dominates crypto ATMs installations and BTC hash rate worldwide
With China out of the competition, the US picked up the slack to become the highest BTC hash rate contributor — representing 37.84% of the total mining power by Jan 2022.
Bitcoin’s bottom might not be in, but miners say it ‘has always made gains over any 4-year period’
To mine, or not to mine, that is the question. Professional Bitcoin miners discuss the nuance of BTC mining and whether now is a good time to get started.
3 charts showing this Bitcoin price drop is unlike summer 2021
Bitcoin looks like a different planet this year, according to several popular on-chain metrics.
Bitcoin network power demand falls to 10.65GW as hash rate sees 14% drop
The Bitcoin network recorded the year 2022’s lowest power demand of 10.65 gigawatts (GW). At its peak, the BTC network demanded 16.09 GW of power.
These 3 metrics suggest the Bitcoin price crash is not over
$20,000 feels scary, but it may not be the end of the story for Bitcoin’s latest bear cycle.
Bitcoin Hash Rate Jumps To Sky As BTC Falls Below $25k
Hash rate plays a vital role in every Proof-of-Work (PoW) blockchain. It measures the computational drive for all transaction verification and block additions to the network. Hence, the Bitcoin hash rate represents the number of people involved in BTC mining.
As the number of miners increases, the hash rate will also increase. This results in maintaining the security and stability of the Bitcoin ecosystem. Many investors will consider hash rates before engaging in any project.
Before now, the BTC price and hash rate have maintained a direct proportionality relation. This is because there are always more transactions with the buying and selling BTC when the price is up. With such a price surge, there will be more mining activities to mint more tokens to balance the liquidity.
Total Hash Rate of Bitcoin. Source: Blockchain.com
Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next?
But the recent outturn of events has proved a deviation between the relationship between BTC price and hash rate. Despite the bearish market trend with BTC going below $25,000, its hash rate has drastically risen. Bitcoin hash rate has reportedly grown to a new all-time high of 231.428 ExaHash per second.
The network difficulty of Bitcoin follows similarly with the rise in its hash rate. It has created a formidable stance for BTC in its recent position at 30.283 trillion.
Bitcoin Records More Growth In Different Aspects
The new growth cuts across several BTC mining pools, including AntPool, Poolin, SlushPool, F2Pool, and ViaBTC. The highest part of the hash rate came from miners denoted as OTHERS.
Also, the BTC Lightning Network grew its capacity to 4,000 tokens. This is a network development that inculcates layer-2 (L2) technology. The present increase would facilitate cheaper and faster peer-to-peer (P2P) transactions on the network.
Bitcoin is currently staging more substantial traction for sailing through the general crypto price drop. As the bearish market almost blows off most crypto protocols, Bitcoin is gradually thickening its survival instincts.
The BTC ecosystem’s components collectively create a more favorable and sustainable core. There is consistency in the growing all-time high for its network capacity, hash rate, and network difficulty.
Suggested Reading | Crypto Markets Lose $100 Billion As Bitcoin Drops Below $26K – More Pain Ahead?
The network is also getting backing from developers, miners, and traders. So, the Bitcoin network could get the ranking as the most global secured blockchain. Another implication is that the Bitcoin network is still healthy and functioning correctly. By that, there’s the hope of a rebound from the ongoing bearish trend.
Bitcoin took a drastic fall on the day chart | Source: BTCUSD on TradingView
In a new development, TBD, a block subsidiary, has disclosed plans for building Web5. This new development would be a decentralized web solely for Bitcoin. The concept would emphasize the belief of Jack Dorsey, the founder, on getting more influence in internet evolution from BTC.
Featured image from BBC, chart from TradingView.com
Bitcoin hash rate marks all-time high as BTC price drops below $25K
Complimenting the new hash rate ATH of 231.428 ExaHash per second, Bitcoin’s network difficulty stands at a strong position of 30.283 trillion.
$30K BTC price has ‘severe impact’ on Bitcoin miner profits — analysis
Miners are facing an increasingly problematic climate for participating in the Bitcoin blockchain, and only higher BTC prices can help.
Bitcoin daily mining revenue slumped in May to eleven-month low
Bitcoin miners have had a tough month, with revenue and profitability tanking in May. Hash rates remain high, however.
Gov’t says crypto miners consume 2% of total electricity in Russia
Crypto mining falls under the “gray zone” in Russia, which means even though it’s not banned, it doesn’t fall under the purview of law which could pose risks for those involved.
Bitcoin network difficulty falls 4.3% to 29.897T, biggest drop in 10 months
The network difficulty recorded a drop of 4.33% — falling from 31.251 trillion to 29.897 trillion on May 26, just two weeks after attaining its all-time high.
