The biggest cryptocurrency in the market saw its network hashrate jump more than 60 EH/s, which is an absolute record. This data is from Bitinfocharts, though the data on the hashrate seem to differ. However, the latest spike in mining has pushed Bitcoin to a record.
The reason for this is the 1st of November’s re-adjustment difficulty. There was a difficulty in finding a block and it rose only by 0.2%. Crypto miners will choose to slow down and wait for difficulty levels that are relatively low. When this happens, they will start increasing their hashrate. When the difficulty is lower, people will have more chances of discovering a block. Thus, they are racing to put in hashing power as much as they can.
Bitcoin network has been varying. However, it has almost always stayed close to the 50 EH/s to 60 EH/s range. This year, we saw the occurrence of more mining farms opening up and new shipments of rigs around the world. The mining levels change up to 20%, which indicates that there would be mining operations that might be switched off for a period.
More than half of the blocks found goes to the four of the largest mining pools. These mining pools include ViaBTC, AntPool, BTC.top, and BTC.com. This pattern makes critics think that the cryptocurrency is too dependent on mining operations based on China. They also feel that Bitcoin extremely influenced by Bitmain.
Spike Of BTC Mining
The mining’s spike happened at a time when the price of Bitcoin is hoping to find a trigger to help it choose its direction. In the past few months, mining of Bitcoin is not entirely affected by prices falling and even saw growth. However, there are few predictions of Bitcoin falling to $3,000 again in a “capitulation event.” People are still unsure if the record hashrate number should be seen as a positive indicator for the crypto market.
What do you think of this new hashrate record?
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