Bitcoin Hash Rate Skyrockets Amid 55% Hike In 2 Months
14 September 2022 - 11:28AM
NEWSBTC
With the swings in the crypto market, Bitcoin has been at different
unexpected levels this year. The crypto winter in the year’s first
half gave the leading crypto asset a blow off its balance. As a
result, BTC’s price fell to over half its value as of November
2021. But despite the price fluctuation, the Bitcoin hash rate
moved upward since its drop in mid-July. In a recent report, the
BTC hash rate has hit a new all-time high (ATH). This new position
came following the last increase in the mining difficulty. Related
Reading: Here’s Where Investors Expect Cardano (ADA) Price To Be At
The End Of September The significance of the hash rate metric for
the Bitcoin blockchain is that it provides information on the
strength of the network based on the BTC mining process. In
addition, it correlates the number of active miners and their
computational mining equipment working on the network. Many people
create a link between the price of a cryptocurrency and its hash
rate for future moves. But there could be twists in some cases, as
seen in the past few weeks for Bitcoin. Hash Rate Gets Higher Amid
Price Struggle The price of BTC has been in a battle over the past
few months. It could barely sustain its position around the $20K
region in July. However, the Bitcoin hash rate has been at higher
levels in the weeks that the price was struggling. Usually, during
the summer months, the regulatory authorities in several countries
influence mining activities. For example, they forbid the local
miners due to higher energy demand during the period. Hence, the
BTC hash rate will drop. The record for this year’s season
indicated a drop to 170 Ehash/s in mid-July from its June value of
250 Ehash/s. But as summer fades, the metric is making its
recovery. Within some weeks, the hash rate has surged by more than
50%, taking it to a new all-time high of 265 Ehash/s last weekend.
Trend In Bitcoin Mining Difficulty BTC mining difficulty readjusts
after every 2,016 blocks (two weeks). This readjustment is
necessary to keep the network in the proper stance. This means that
the Bitcoin blockchain will maintain the production of its block in
just 10 minutes. Hence, through the mining difficulty adjustment,
it will be hard for miners to operate when there are lots of them
connected to the network. Conversely, it will be easier to mine
when the number of miners drops. Related Reading: Crypto Traders
Bleed Heavily After Betting Against Market The mining difficulty is
currently at 30.98 T, while the subsequent readjustment will occur
in less than 24 hours. As per BTC.com data, the metric could be
positive again and display up to a 3% increase. With many miners
being offline during the summer, the mining difficulty indicated
more negative readjustments. But the trend changed on August 31 to
give the highest positive value for the metric since January this
year. Featured image from BBC, chart from TradingView.com
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