Despite the fall in the price of Bitcoin, the cryptocurrency continues to excite miners, who are mining it more and more.
While one might have expected Bitcoin’s hash rate to drop sharply with the cryptocurrency’s price drop, scholars have noted continued growth in the cryptocurrency’s hash rate in recent days, to a record high.
In jargon, the hash rate defines the mining power of a dedicated Bitcoin mining machine. These machines validate operations within a chain of blocks.
The rate varies depending on the number of people who carry out simultaneous mining actions.
As the value of Bitcoin increases, the number of miners tends to increase. Conversely, when prices drop, some miners take their machines offline to avoid losing money. Expenses for electricity, materials and labor considerably affect profits.
Logically, the drop in the price of Bitcoin in recent months – the cryptocurrency has seen its value drop from $69,000 to $40,000 – should have affected the hash rate. However, we observe that on the contrary it has skyrocketed, many companies and freelancers have chosen precisely to invest in mining, betting on a future increase in assets.
According to data from Glassnode, the Bitcoin hash rate would thus have reached 215 million terahash per second, a rate never reached before.
Most miners have also opted not to sell their Bitcoins currently. In jargon, this is called the “build-up phase.” These tend to precede a period of increased volatility.
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