The Bitcoin hashrate is back to the level it was before the China ban – despite course corrections.
If there is any way to measure the market sentiment of Bitcoin miners, then it is with the hashrate. Because despite falling prices, the miners make no move to run their devices on the back burner. On the contrary: With 178 exahashes per second (EH / S), the accumulated computing power in the Bitcoin network even writes a new all-time high.
How can it be that, despite stagnating prices on the crypto market, Bitcoin miners tend to have more than fewer devices connected to the network?
On the one hand, the hash rate should allow conclusions to be drawn about the expectations of the miners. Because if you dig diligently now, you can cash out BTC found in the event of any price increases. In other words, you are getting ready for future bull runs of the cryptocurrency. The speed of the hashrate increase is also noteworthy. Because only last Saturday, the mining difficulty adjusted by a good 8 percent, as can be seen from the data of the bitrawr Difficulty Estimators emerges.
On the other hand, mining is still a profitable undertaking even at this price level. Because according to data from Hashrate index Miners earn an average of $ 0.2563 per terahash per second. That is less than in October this year, but still more than in June.
China Ban: Yesterday’s news
With the hashrate all-time high reached, the mining ban from China no longer affects Bitcoin’s security. It is true that the hashrate fell more sharply than ever before in the wake of the mining ban. The fact that Bitcoin mining is recovering within six months can only be interpreted positively. Because mining was previously heavily centered in China, the hashrate is much more distributed these days – which is of course desirable from the point of view of decentralization.