Bitcoin’s hashrate has returned to the level it was before China’s ban, despite course corrections.
If there is any way to measure the market sentiment of Bitcoin miners, it is with the hashrate. Because despite falling prices, miners make no move to run their devices in the background. On the contrary: At 178 exahashes per second (EH / S), the cumulative computing power on the Bitcoin network even writes a new all-time high.
How can it be that despite stagnant prices in the cryptocurrency 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 miners’ expectations. Because if you research diligently now, you can withdraw the found BTC in case the price increases. In other words, you are preparing for future bull runs on the cryptocurrency. The speed of the hash rate increase is also noteworthy. Because just last Saturday, the mining difficulty was adjusted by a good 8 percent, as can be seen in the data from the bitrawr Difficulty Estimators emerges.
On the other hand, mining remains a profitable business 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’s ban: yesterday’s news
Once the all-time hash high has been reached, China’s mining ban no longer affects the security of Bitcoin. It is true that the hashrate fell more drastically than ever in the wake of the mining ban. The fact that Bitcoin mining picks up in six months can only be interpreted positively. Because mining was previously heavily focused on China, the hashrate is much more distributed these days, which of course is desirable from a decentralization point of view.