Many different factors contribute to the Bitcoin network health. Almost hitting a new hashrate all-time high is always a promising sign.
Mining Bitcoin remains a very interesting, albeit somewhat costly venture.
Bitcoin Mining is in a Good Place
During the recent price volatility, many expected the interest by miners to drop off significantly.
So far, that hasn’t happened, as things are turning out very differently.
Earlier this week, a near new all-time high was noted as far as Bitcoin’s hashrate is concerned.
This further confirms that miners are pushing their hardware to its absolute limits.
Bringing additional mining power online is also still ongoing, by the look of things.
Although the hashrate dropped off a bit due to corrections, it is still approaching the 125 exohash mark.
This level has been reached and surpassed twice in 2020 already.
Making this surge even more remarkable is the upcoming Bitcoin block reward halving.
In a few months, the reward per block mined will decrease to just 6.25 BTC.
For miners, this can make it more difficult to break even.
That is, assuming the Bitcoin price doesn’t move up at all.
However, many expect to see a Bitcoin price increase to take place later today.
Only time will tell how that situation will pan out.
There is never a guarantee of history repeating itself for a third time.
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