Crypto

Another Bitcoin All-time High as the Hashrate Keeps Spiking

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.

Related Post

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. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

The Mid-cap Token Poised to 10x Your Crypto Portfolio

The crypto market has given its investors huge returns over the years. If you had…

10 hours ago

Investing in June: PEPE, DOGE, or BEFE – The Best Bet?

We've had exciting stories from the memecoin market since the opening of June. From DOGE's…

10 hours ago

Loopring Network Hit By $5M Hack, Market Cap Drops Amidst FUD

Loopring's network suffered a significant breach, with hackers stealing over $5 million. This incident has…

14 hours ago

UwU Lend Suffers $19M Loss In Price Manipulation Attack

UwU Lend has experienced a significant attack resulting in the theft of over $19 million…

14 hours ago

BlockDAG: Leading Crypto Investment with $48.8M Presale | Cardano & Shiba Inu Insights

Crypto News: Cardano Collab With Elon Musk, Shiba Inu (SHIB) Price, And BlockDAG’s Historical Presale…

16 hours ago

BDAG’s 1000% Boom; BNB Surges & TRON Dips

BlockDAG's Impressive Surge: Keynote 2 And X1 App Catapult Presale To $48.8M, Outshining BNB And…

20 hours ago