Even though we reported earlier how the Bitcoin network’s hashpower had started to drop off when the price started slipping, it looks like the missing hashrate has returned in spectacular fashion. In fact, the charts have peaked well above the 1,000 petahash mark over the past 12 hours, indicating somebody is adding a lot of hardware to Bitcoin mining in general.
Also read: Popular Digital Currency Bitcoin Is Nowhere Close To Dying Just Yet
As soon as Bitcoin‘s price started slipping a few days ago, people started to get worried about how low we could go. When the resistance at US$350 was thoroughly tested, a lot of traders were calling for sub-US$200 prices in the very near future. However, that doom scenario never happened, and Bitcoin miners seem to flock back to the network with force.
A drop in Bitcoin’s hashpower is not an unusual event, as the charts indicate there have been various peaks and lows throughout the course of the past seven years. In most cases, the missing hashpower returns to the network shortly afterwards, and in some cases, it looks like even more mining hardware came online.
This is one of those cases, as we reported yesterday how there was a very small dip in the total amount of computational power pointed at the Bitcoin network. No big losses were recorded, although roughly 200 Petahash was moved elsewhere for an unknown reason. Looking at the charts today, the missing hashpower has returned in spectacular fashion.
To be more precise, there is even more mining hardware pointed at the Bitcoin network than even before. The previous peak was recorded just shy of the 1,000 Petahash mark, but that record has been shattered over the past 12 hours. At the time of publication, the new peak was 1130 Petahash per second, according to CoinWarz.
Explaining why this is happening is pretty much impossible right now, as there is no clear indication for such a spectacular increase. However, the Bitcoin community is rejoicing at the news, as it means there is an increased interest by individuals – or companies – to get involved in the mining game.
It is hard to predict if this trend will continue over the next few weeks as mining hashpower is fluctuating on a daily basis. That being said, this new record is a positive sign for the future of the Bitcoin network. Only time will tell where the hashpower is coming from, but more information is expected to become available soon.
Source: Coinwarz
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