Bitcoin Hashrate has recorded 150 quintillion after BTC price recovered higher. Moreover, Bitcoin block halving is expected in just over two months. The profitability of bitcoin mining will instantly be cut in half unless the price of bitcoin doubles before then.
05 March, 2020 | AtoZ Markets – Bitcoin (BTC) hashrate is essential for ensuring the security of its network. It also serves as an indicator of its profitability for miners who validate the blockchain. Hashrate calculations are at best estimates, and large upward or downward movements should not be taken as an indication of the exact participation of the miner.
Bitcoin Hashrate Hits New All-Time High
In recent times, Bitcoin has been consistent records in this regard, whether its price has gone up or down. Bitcoin miners have reached a new record in terms of computing power that they are ready to devote to transaction validation.
According to data from Coin Dance, the hashrate of the Bitcoin network could have exceeded 150 quintillion hashes (h/s) for the first time. It happens just days after its previous record, and the hash rate continued to increase. On Thursday, the measure reached 157 quintillion h/s – its best performance in history.
On 29 February, the bitcoin hashrate reached an all-time high of 136 EH/s, or almost 120 EH/s. It represents an increase of 235% over the previous year.
The price increase for Bitcoin probably fueled this increase in the hashrate. It went from $ 6,500 in mid-December to a maximum of $ 10,500 in February, making exploitation more profitable mining.
Notably, the hashrate continues to rise despite the drop in Bitcoin to almost $ 9,000 in the past two weeks. This makes sense because the network hashrate is lower than the price of Bitcoin. If BTC price goes up and miners decide to buy additional rigs to take advantage, and it takes weeks or months for those rigs to come online.
Anthony Pompliano, the co-founder of Morgan Creek Digital, tweeted after the hashrate reached 136 quintillion h/s. He said:
“This happened in the face of a potential pandemic, utter chaos in the public markets, and helicopter money distribution in Hong Kong. Bitcoin doesn’t care about other than doing what it made for.”
Upcoming Bitcoin Block Halving
The Bitcoin block halving will take place in just over two months, and it may take place on 12 May. After the event, the profitability of Bitcoin mining will instantly cut in half, unless the price of Bitcoin doubles before that date.
Therefore, the rapid increase in the hashrate over the past year could indicate that miners are betting on a significant Bitcoin rally nearing Bitcoin halving event. Meanwhile, the BTC/USD is currently trading at the $9,070 level after having dropped below $8,500 for more than a week. BTC daily gains are 3.58% at the time of writing.
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