The Bitcoin hashrate has been on the rise, with new highs reached yesterday. With a current market cap of $72 billion and an ‘appetite’ for adoption by more people, this resurgence shows that crypto is still here to stay.
The “how long to mine 1 bitcoin” is a question that has been asked for a while. The answer to the question is dependent on how much power you have available, and your hardware.
Last year, during the height of China’s anti-crypto crackdown, the Bitcoin mining hashrate fell to an all-time low of 58.4 million terahashes per second, as many miners were forced out of business owing to the country’s stringent anti-crypto policies.
The hashrate of bitcoin has reached a new high.
However, according to recent Glassnode statistics, the Bitcoin hashrate has entirely recovered from last year’s lows and has even gone on to reach a new all-time high just two days into the new year. The Bitcoin hashrate has reached an all-time high of 208 million terahashes per second, according to the statistics.
The amount of processing power allocated to the minting of new coins, security, and transaction verification on the network of the flagship digital asset is referred to as Bitcoin hashrate.
A greater hashrate often indicates that there are more miners in the area wanting to assist protect the network; as a result, some experts view this as a positive indication for the industry.
According to Bitfury, the rise is not due to the movement of miners.
In a comment to the Financial Times, a key crypto mining outfit, Bitfury, declared that “the recovery is attributed to new-generation equipment coming online, not the migration of equipment from China.”
This implies that, although the movement of many miners to other places like as the United States or even Russia helped keep the business viable during the Chinese crackdown, the revival of the space might be mostly attributed to BTC miners’ efforts to broaden their horizons.
Jason Zaluski, the chief of technology at Hut 8 Mining Corp, echoes this sentiment, saying that China’s prohibition has just resulted in “a regional shift.”
While some Chinese miners are still figuring out how to secure inexpensive electricity for their data centers, Marathon Digital, a US-based mining company, recently said that its mining operations might reach a new high by the middle of this year, after all of its Bitcoin machines are deployed in Texas.
According to available statistics as of press time, the asset has lost nearly 7% of its value in the previous seven days.
Posted in: Bitcoin, Cryptocurrency, Mining
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