Bitcoin lost nearly 71% from its all-time high price of $69,044 in November last year and was trading at $20,100 at the time of writing, according to data from CoinGecko.
Here’s a quick look at Bitcoin hashrate:
- BTC hashrate’s new all-time high is 158 exahashes 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 cryptocurrency as its hashrate hit a new all-time high.
According to data mining tools and metrics company Braiins Insights, the hash rate rose to 258 Exahashes per second (EH/s) last October 4th.
Source: Arcane Research
This helped the overall security of the Bitcoin protocol set an all-time high of 158 exahash per second, a growth of 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 bullish and optimistic about the future of the digital asset.
However, this may also present a problem, especially as the crypto is stuck in a tight trading range between the $19,000-$20,000 levels.
The increase in hashrate could lead to an adjustment in the difficulty of mining and “margins for miners will be further reduced.”
The macro economy is also at stake, as miners invest in mining infrastructure that takes months to become fully operational.
For example, some BTC mining machines for 2022 came online as recently as July, increasing the current global hashrate.
Meanwhile, the price of Bitcoin struggled to gain momentum and dropped on more than one occasion, calling into question the ROI for BTC mining investors.
Hashrate’s only path is
According to Arcane Research, the 10 largest public miners added about 8.1 exahash/second of BTC mining capacity to the global rate in August of this year.
As impressive as it may seem already, this number should be expected to improve and increase as these companies expect additional mining infrastructure deliveries later this year.
It is important to note, however, that even with this, the hashrate in 2022 is unlikely to be higher than 260 EH/s.
Block production is also affected by this apparent increase, reaching 6.45 blocks per hour. This is a point of concern as it could mean increased mining difficulty on the Bitcoin network, Arcane said.
Zack Voell, a market analyst, weighed in on this development, saying that the impressive hashrate increase could be the result of S19 XP Antminers coming online.
XPs are the latest offering from 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