The Bitcoin network hashrate is something that’s incredibly important to the Bitcoin network, and it ebbs and flows like the waves of the ocean. However, it does tend to act as a precursor for Bitcoin price movements. As the hash rate goes up, mining becomes harder and the rewards are harder to get. This is usually due to the fact that the price of Bitcoin is going up, meaning it’s more profitable for miners to switch on their rigs. After Bitmain all but collapsed, the Bitcoin network hashrate sank considerably – falling by 48% since the exit of Jihan Wu.
Now, as Bitcoin’s price is on the rise, more miners are switching on their rigs to take advantage of this new price increase. This new influx of miners are looking to cash in on the higher price of Bitcoin, as the network hashrate has hit a new all-time high.
More Miners Grabing the Action
For the next Bitcoin bull run, we have a whole host of new Bitcoin mining firms ready to join in the action. A lot are setting up in Canada and Washington State to take advantage of the super-low-cost electricity as well as pushing for green and clean crypto mining. These miners are adding significant hashrate to the network, and it’s helping to ensure that the network remains decentralized.
Is New Hardware Helping?
Over the last few weeks, we’ve seen a flurry of new mining rigs and GPUs hit the market – meaning miners now have access to more powerful hardware. Back in May, we saw AMD unveil its brand-new Radeon VII that packs a huge 100MH/s, as well as a memory bandwidth of 1 TB/s and 16 GB High Bandwidth Memory (HBM2). This new GPU isn’t holding back and will give GPU miners a chance to fight back against ASIC miners for control of the network.
Recently, we saw Bitcoin’s price fall dramatically – along with the network hashrate. However, the price slide has turned into an epic rocket launch to the moon, as the hashrate has decided to follow the price and increase at an outstanding rate. If the current trend continues, we could see the hashrate all-time high of 62,246,627 TH/s be blown away by an even bigger figure. If the halving even in 2020 is as successful as people are predicting, we could see the network hashrate climb above 100,000,000 TH/s for the first time ever by the end of 2019.