Many people held predictions that the recently Bitcoin halving event would bring about a drop in the Bitcoin mining hashrate. However, these predictions seem very far from happening, as Bitcoin hashrate has continued to reach new highs. This somewhat points out that the industry is getting even stronger.
Bitcoin hashrate reached new high
On July 28, the Bitcoin network hashrate surged to a new height of 124.99 million terahash per second (TH/s), according to Blockchain.com. The growing Bitcoin hashrate signals that miners are getting active than they were before the halving. Notably, the hashrate dropped to 90 million TH/s, a few days after the halving, which slashed block rewards to 6.25 BTC.
However, the network took a turn for the better after that drop, as reports held that miners where deploying advanced mining machines. Later in July, the Bitcoin hashrate jumped to a new high, debunking the miners’ death spiral FUD. As Cryptopolitan reported, the hashrate reached approximately 125 million TH/s.
What’s behind the rising hashrate
Notably, miners have been increasing their capacity with the newly-introduced mining machines such as the Antminer S series and more, which comes with advanced functionalities and high hash power. While this might be seen as one factor contributing to the rising Bitcoin hashrate, the vice president of Poolin, Alejandro De La Torre, mentioned that there had been a decrease in the Difficulty Adjustment.
Difficulty is now lower than the last two weeks from 17.35T to 16.85T, and the price is much higher so expect strong hashing for the next two weeks, all dependent of the price at the end of the day.
Having said that, Torre added that old mining machines have become profitable again, following the increasing price of the cryptocurrency.