The value of any cryptocurrency project can be determined in many different ways. Looking beyond the current price of an altcoin, the network hashrate is perhaps the most effective indicator for determining the long-term success and viability of a project. In the case of Bitcoin, its network hashrate briefly surpassed the 60 exahash threshold, although it dipped back to 51 exahash shortly after.
Brief Bitcoin Hashrate Spike
Over the past few months, there has been no noteworthy decline in terms of Bitcoin’s overall network hashrate. Instead, the numbers have continued to increase, with the five exahash threshold being surpassed in the second half of 2017. Fast forward to today, and the network has amassed a total hashrate of over 51 exahash– a number that is very respectable and cannot be rivaled by any other cryptocurrency in existence today.
However, what is rather interesting to note is that for some unknown reason, BTC saw its hashrate increase from 45 exahash all the way to 62 exahash within the span of a few days. If that wasn’t surprising enough, the currency’s hashrate then began to dip almost immediately after and eventually settled near the 53 exahash mark.
Although that latter figure is more than respectable, the sharp rise and consequent dip are raising a lot of questions amongst crypto enthusiasts.
Despite growing concerns over Bitcoin mining’s energy consumption, the industry is not slowing down. In fact, there are more companies involved in mining Bitcoin right now as compared to any point in history. This would also explain why the network hashrate is growing at such an accelerated pace.
There is no reason to think that interest in Bitcoin mining will decrease anytime soon. Mining firms are cropping up all over the world and are paying more and more focus on using renewable energy sources to run their operations. For the industry as a whole, this is a more than positive development at a crucial time in history. The bigger question is whether or not more hashrate spikes like this one can be expected in the near future.
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