Bitcoin (BTC) Hashrate Crushes a New All-Time High Amidst Stability in the Markets
According to data from Bitinfocharts, Bitcoin’s hashrate has experienced a new jump and record above 60 EH/s. The reason for this to happen is that there was a difficulty adjustment of 0.02%. A higher difficulty means that it is more difficult for miners to find a block. Lower difficulty makes it easy to discover one.
During the last months, Bitcoin’s hash rate has fluctuated between 57 million TH/s and 40 million TH/s. These fluctuations could be related to the fact that some mining operations may be switched off temporarily since Bitcoin’s price has been operating under $7,000 in the last months.
Since the beginning of August, Bitcoin prices are moving between $6,050 and $6,800. There was only one week in which Bitcoin price moved higher than $6,800 and reached $7,300 at the end of August. Since September 6, Bitcoin is traded between $6,250 and $6,750 dollars.
At the time of writing, Bitcoin is being traded close to $6,350 and has a market capitalization of $110 billion dollars.
It is important to mention that Bitcoin mining activities are very harmful to the environment and could have a negative impact on the ecosystem. In order for ASIC miners to smoothly run, it is necessary to spend an important amount of energy. Nevertheless, in the last months, there was an increased effort from mining farms to start using electricity from renewable sources.
According to a study in the Nature Climate Change journal, Bitcoin could play a very negative role in terms of climate change.
On the matter, the Journal explained:
“We cannot predict the future of Bitcoin, but if implemented at a rate even close to the slowest pace at which other technologies have been incorporated, it will spell very bad news for climate change and the people and species impacted by it.”
There is another possibility for the hash rate to have increased in this way. Bitmain might have launched the ASICBoost solution. This can optimize mining rigs’ hash rate and improve their efficiency. Although there was an increase in hash rate, this does not represent the actual usage of Bitcoin. At the moment, the network is handling between 500,000 and 600,000 transactions per day.
At the moment, Bitcoin is not being used as a means of payment, but instead, most of the times, it is used to move money from one exchange to another.
According to Bitcoin’s mining rate distribution, BTC.com, AntPool, SlushPool, ViaBTC and BTC.TOP account for more than 60% of the total hash rate of the Bitcoin network.