Bitcoin’s Halving is just a few days away and the miners, now more than ever, are trying to make the most of the network. So Bitcoin’s hash rate breaks a new record, but what happens next?
The Bitcoin hash rate has approached an all-time high. So, according to the data provided by Glassnode, the average one-day hash rate on the Bitcoin Blockchain reached 139 exhashes per second (EH/s).
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Hash rate of Bitcoin and the Halving
In one week, on May 12, the BTC Blockchain is expected to experience its third Halving. It is important to remember that this event means that the miners will be rewarded with 6.25 BTC per block, instead of the 12.5 BTC they can still get today.
Therefore, miners have one last week to make the most of the network before Bitcoin Halving Bitcoin Lifestyle – Bitcoin Loophole – Bitcoin Circuit – Bitcoin Rush – Bitcoin Billionaire occurs. It is probably this that has encouraged them to increase processing power to over 140 (EH/s), a historic high for the network.
For a more tangible perspective, this increase in the hash rate represents the equivalent of more than 71,000 new Antminers S9 machines on the network.
In fact, according to new research by Coin Metrics, Bitmain’s Antminer S9 contributes approximately 23% of the Bitcoin hash rate.
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Did the price of BTC have anything to do with it?
The BTC price rose to $9,300 on April 30 and remained above the $9K range until Sunday. Subsequently, on May 3rd the price hovered below $9K, but above the $8,500 support.
Currently, BTC is valued at $8,875, according to Crypto Online’s Crypto Trend tool.
So, the hash rate growth over the last week follows the jump in Bitcoin price from $7,500 to around $9,000 in two days.
Without a doubt, the price spike turned out to be a miracle for the older mining platforms that have very high associated costs.
In fact, many miners experienced times of distress after „Black Thursday“ and thought they could never recover from it. That’s why March saw a 36% drop in Bitcoin’s hash rate over the two-week period.
So, as the price rises, the miners see light again and start turning on their machines before their profits are halved by Bitcoin’s Halving.