These days are quite interesting for the cryptocurrency industry, even if the prices aren’t necessarily heading where most people would like. That situation can always change without too many problems, but it remains to be seen how things will evolve. As far as the Bitcoin hashrate is concerned, it seems things are heading in the right direction.
While the current price of Bitcoin is not necessarily making too many people too happy – compared to a few days ago – there is nothing to be overly concerned about either. It seems a status quo is being maintained, albeit there are still a lot of volatile price swings to take into account. The price alone doesn’t necessarily dictate what the future will hold for the world’s leading cryptocurrency.
One of the more compelling statistics in this regard is the Bitcoin hashrate. Miners control the network and make valuable contributions to the transactions being processed, among other things. As such, a surge in hashrate can mean many different things, although it does not necessarily affect the BTC price itself. Instead, it seems the price will determine how the hashrate is evolving accordingly.
Over the past few months, there has been a notable increase as far as the Bitcoin hashrate is concerned. Given the price rise during the same period, it is not entirely surprising to see more mining hardware coming online. This uptrend has been notable since early 2019 and shows no signs of slowing down in the near future. For the industry, that is a very prominent sign, as it shows everything behind the scenes is still going according to plan.
What is rather intriguing is how the Bitcoin hashrate has suddenly surged to another new
all-time high. With the overall mining power hitting 69 exohash per second, one has to wonder who is bringing all of this hardware online all of a sudden. There are some rumors as to how a new ASIC unit is making the rounds, although no one knows exactly if that is the case. Bitfury would make an interesting candidate if this rumor is indeed true.As the hashrate continues to climb, there should be no real problems in terms of delayed Bitcoin transactions moving forward. That is, unless spam attacks would effectively create thousands of small transactions to fill up the available block space. The world’s leading cryptocurrency still needs a proper scaling solution, unless mass adoption of the Lightning Network would occur overnight. So far, that seems rather unlikely.
For the Bitcoin community, this new surge is positive news. It shows it is profitable to mine the world’s leading cryptocurrency for most parties, albeit no one knows exactly who those entities are at this time. Nor is it clear if the mined BTC will be sold off to offset the costs or simply kept in associated wallets. A very interesting situation to keep an eye on, as it shows the cryptocurrency industry is far from dead at this point.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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