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Bitcoin miners can’t be stopped, can’t be stopped. Bitcoin (BTC) hash rate continues to hit all-time highs despite significant price drops.
Bitcoin mining hash rate peaked at 258 exahash per second (EH/s) on October 4th. according to To Braiins Insights, a mining data tools and metrics company. Bitcoin’s price is down 58% year-to-date against the US dollar, while the mining hash rate is up 43%.
The all-time high hash rate shows that miners are bullish about Bitcoins future prospects, Bitcoin Gandalf of Brains marketing team told Cointelegraph. . Nevertheless, the current macroeconomic environment can pose problems.
Bitcoin continues to trade in this tight band between $19,000 and $20,000, and the recent rise in hashrate has caused mining difficulty to rise sharply, further squeezing margins for miners. will be.
In a series of tweets, mining engineers and enthusiasts share Their thoughts on the all-time high hashrate while prices remained low.
I am really proud of all my fellow miners. Things are going well. pic.twitter.com/dIzh2ITTfq
Rob W. (@BikesandBitcoin) October 3, 2022
Market Analyst Zack Voell explained A spike in hash rate could be a result of “XP coming online”. The S19 XP Antminer is the latest model from Bitmain, one of the world’s most popular Bitcoin mining hardware suppliers.
The number of hashes generated per second is commonly called the hash rate. In terms of Bitcoin, hashrate is an important security metric and one that many of his BTC miners pay attention to.
Simply put, the more hashing (or computing power) the network generates in bulk, the higher the overall security of Bitcoin. As a result, Bitcoin is more resistant to attacks, the most common of which is known as his 51% attack.
Today, more and more miners are going online to solve valid blocks in order to receive Bitcoin block rewards. The Bitcoin block reward is currently 6.25 BTC, approximately $120,000. Blocks are solved every 10 minutes on average and Bitcoin is added to his blockchain.
Related: Nuclear and Gas Fastest Growing Energy Sources for Bitcoin Mining: Data
A hard adjustment determines the speed at which blocks are resolved. He is expected to increase on Oct. 10 based on the hashrate, which fluctuates approximately every two weeks and soars. Difficulty adjustments have been steadily increasing in 2022 after an initial drop in March 2022.
In short, despite the fact that the Bitcoin price continues to drop below $20,000, more and more miners see value in supporting the network. Glassnode analyst James Check said: explained and TweetDespite all promises to the contrary, it looks like #Bitcoin is not dead yet as hashrates are being pushed to new all-time highs again.
