Even as mining difficulty increases, more devices are mining BTC
BTC hash rate remains high after hitting a new high on the 5th
Bitcoin.com, a cryptocurrency media outlet, reported on the 20th that Bitcoin's hash rate recorded 468 Exahash per second (EH/s).
Bitcoin hash rate refers to the computing power that performs transaction processing on the Bitcoin network. As more mining machines are operated, the hash rate increases. An increase in hash rate means an increase in mining demand and mining production volume, and is closely related to the future price of Bitcoin.
It was revealed that the Bitcoin hash rate has been consistently recording high numbers above 400 after hitting an all-time high of 475 Exahash on the 6th of this month.
The increase in Bitcoin hash rate is receiving more attention as it occurs at a time when Bitcoin mining difficulty is increasing. This is because it means that more miners are starting to mine Bitcoin at a time when Bitcoin mining production is becoming more difficult.
Bitcoin mining difficulty has been found to have steadily increased over the past two months. It was revealed that Bitcoin mining difficulty, which recorded 34.9 trillion won at the beginning of this year, currently stands at 64.68 trillion won.
The main reason for the increase in Bitcoin mining difficulty is the mining volume that has already reached its bottom and the 'halving' scheduled for April next year. The Bitcoin network is not only designed to make additional mining more difficult the more it is mined, but also has a halving period that reduces the amount that can be produced by half every four years.
Bitcoin.com said, “The mining quantity of Bitcoin is approximately 19,546,861.78, and approximately 93% of the total mining quantity has already been mined.” “With the halving effect of reducing the mining quantity by half, the difficulty of Bitcoin mining is expected to increase further.” explained.
It is interpreted that the recent rapid rise in the price of Bitcoin played a major role in the situation in which the Bitcoin hash rate increased despite the increase in Bitcoin mining difficulty.
A domestic cryptocurrency official said, "While various assets have recently fallen, Bitcoin has seen a price increase of about 30%, which has changed the perspective of the asset market surrounding Bitcoin." He added, "In particular, Bitcoin spot exchange traded fund (ETF). “The situation in which large financial institutions are likely to enter the market with approval appears to have caused more mining farms to overcome difficulties and continue mining,” he explained.
He continued, “The increase in hash rate is generally interpreted as having a relationship with the price a few months later.”
Reporter Seungwon Kwon ksw@
