Many factors influence the popularity and value of bitcoin. When looking at the overall network hashrate, the current situation doesn’t look half bad.
In fact, bitcoin’s mining power reached a new all-time high earlier this week.
Bitcoin Hashrate Grows Seems Unstoppable
It only seems like a year or two ago when seeing bitcoin pass 1 exohash per second seemed to be a major milestone.
This week, the total network hashrate has increased to 115 exohash per second.
Those statistics confirm the demand for the world’s leading cryptocurrency is not slowing down just yet.
More importantly, it also indicates that mining bitcoin can still be profitable in different ways.
With the overall hashrate still on the rise, bitcoin appears to be in a very good place.
One also has to keep in mind that the bitcoin halving will go into effect in mid-2020.
A reduction in block reward can be catastrophic for bitcoin miners.
It reduces their income by 50% unless the BTC price starts to move up accordingly.
Previously, the correlation between bitcoin’s price and block reward halvings has yielded positive results.
There is no indication that this trend will keep repeating itself, unfortunately.
For many, the halving has already been “priced in”, which doesn’t bode all that well.
However, this increase in hashrate shows the coming months will be very interesting regardless.