769,8 Exahash

Bitcoin’s halving event in May of this year was the start of a rise of the hashrate of Bitcoin, but at the same time prices have also risen. Yesterday we hit a new record hashrate of 769,8 Exahash, a number almost impossible to explain.

With the halving miners have invested in more energy efficient miners and smaller miners were pushed outside of the market because of lower profitability. But there was a fear that lots of miners would sell a huge chunk of their mined coins to invest in newer, more efficient hardware. But that number is surprisingly low. Just shy of 3000 BTC was sold by the miners. Which had very little effect on the price.

Smaller miners profitable again?

The rising price of Bitcoin has also reinstated smaller miners again, because it became profitable again. Which had an immediate effect on the difficulty and the hashrate. It seems like the hashrate will rise a lot more in the coming months which will in turn make prices also rise more.

It seems like the bullrun has begun!

Sincerely,

Pele23

Posted Using InLeo Alpha