We have another win for cryptocurrency miners! The hashrate, the computing power that is dedicated to the mining of bitcoin, has reached yet another high. According to data from BTC.com bitcoin’s two-week average hash rate has reached a whopping 85 exahashes per second (EH/s) last Friday. The data suggests that over 600.000 mining rigs have been activated in the last three months.
At the same time, the mining difficulty of bitcoin also increased to a new record close to 12 trillion. For those who are not aware, the mining difficulty adjusts every 2.016 blocks to make sure that the time it takes to mine and produce a block on the blockchain stays approximately 10 minutes. Even if the hashing power produced by all the mining rigs increases or decreases.
Despite the rising mining difficulty, the level of mining keeps on growing. This is according to research data from Bitinfocharts. The source that offers cryptocurrency statistics argues that the current price levels of bitcoin (BTC) that are above the psychological barrier of $10.000 are exceptionally favorable with breakeven prices for cryptocurrency mining as little as $4.000 per bitcoin.
If we compare the current state of the bitcoin blockchain with its state in 2017, we can see that the blockchain is roughly 20 times more active. At this moment, with the events described above, the favorable mining conditions and high block rewards leave room for ASIC miners to flourish. Click here to see our assortment of ASIC miners!
Key figures in the blockchain and cryptocurrency realm argue that hashrate and price surges are connected. CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ) and former Wall Street trader Max Keiser for instance believe that cryptocurrency prices follow hashrate.
Their train of thought is that miners are eager to put in computing power if they are bullish on the price of bitcoin. However, it is noteworthy that not everyone subscribes to this view. Some even argue that hashrate follow cryptocurrency prices.