Bitcoin hashrate new ATH: Miners’ Death Spiral FUD debunked again

Just when doomsayers are expecting Bitcoin hashrate to decrease significantly after its halving event that slashed block reward by 50 percent, miners are, in fact, increasing their activities, thereby increasing the network’s hashrate. Thanks to the newly-developed advanced Bitcoin mining equipment, which is somewhat facilitating a more efficient mining business.

Bitcoin hashrate reached a new all-time high (ATH)

The network of the top cryptocurrency became even stronger recently. Most precisely, Bitcoin hashrate spiked to its highest point at 125 EH/s on July 8. This shows how active the cryptocurrency miners have become since the halving. At the time of writing, the hashrate is briefly down to 124 EH/s, still above the previous ATH at 123 EH/s.

At least, Bitcoin hashrate has been performing in contrast to the opinion of doomsayers. The halving event of Bitcoin got many people talking that the network’s hashrate should be decreasing. These sentiments were laid on the fact that miners’ reward was reduced to 6.25 BTC from the previous 12.5 BTC. 

So, they perceived that many small-scale miners would be forced out of the market along the line since the industry is supposedly becoming unprofitable. Running mining operations is quite expensive, especially in electricity consumption. Bitcoin mining requires high computational power, which probably requires more energy for efficiency. 

The growing Bitcoin hashrate is, perhaps, a satisfactory development for many Bitcoin supporters. Dan Held, the director of business at Kraken exchange tweeted: 

Bitcoin hash rate just set a new all-time high. The Bitcoin halving was 63 days ago. Miner “Death Spiral” FUD debunked yet again.

How advanced ASICs are helping

One can easily predict that the newly-introduced ASICs are helping to sustain many miners in the industry. This improved mining equipment from the likes of Bitmain and MicroBT comes with additional computational power, which can ensure more efficiency in mining.