Bitcoin mining industry has gotten busier than it has ever been since the inception of the cryptocurrency. The previous all-time high of the network was witnessed on July 29 at about 126.9 million terahashes per second (TH/s). However, the current Bitcoin hashrate is about 3 million TH/s away from the previous record.
Bitcoin hashrate now at 129 million TH/s
According to data from the Bitcoin block explorer, Blockchain.com, the Bitcoin network sees a hashrate of 129.075 million TH/s as of August 16. The new Bitcoin hashrate ATH signals that miners are now more active in cryptocurrency mining. Perhaps, it is now evident that are sticking to Bitcoin mining, despite the death spiral FUD spurred amid the third halving.
Many people had speculated that BItcoin mining industry would take the biggest hit that will see several miners dismissal, after the third halving. These sentiments hovered around the fact that the Bitcoin block reward will be slashed by 50 percent to 6.25 BTC. Thus, it was assumed that the industry would become unprofitable. However, miners have defied these thoughts by increasing their activities which is rasing the network hashrate as well.
Why miners are not quitting
Considering some factors which include the price of Bitcoin, and the introduction of highly-advanced mining machines, Bitcoin miners are being motivated to stay in business. The introduction of advanced mining machines kind of reassured hope for miners, given that the machines come with high hashing power. This would keep miners in a better state to win block rewards, thereby staying profitable.
Another important factor to consider is the soaring price of Bitcoin. Regardless of the fact that the Block reward was reduced from 12.5 BTC to 6.25 BTC, an increase in the price of the cryptocurrency is probably what matters to the miners.
Meanwhile, the new ATH in Bitcoin hashrate is most likely going to usher another all-time high in mining difficulty, to keep the cryptocurrency issuance regulated.