Bitcoin Mining Hash Rate Briefly Spikes to Near 700 PH/sBitcoin’s total network hash rate briefly spiked to near 700 PH/s (1 PH = 1015 hashes, or encryption procedures), continuing its upward trajectory amid higher bitcoin prices.
The rate quickly retreated to below 600 PH/s shortly after hitting its peak. Currently near 580 PH/s, it is still well above the recent average.
The total hash rate gravitates towards an equilibrium of slight profitability for network participants. High profitability brings more equipment into the network until the increasing difficulty makes it no longer profitable to do so. Conversely, when prices unexpectedly drop, hardware may depart the network until slight profitability is restored.
After exponential increases in prior years, the recent phenomena of network saturation and bitcoin price declines rendered mining profitable only for those with the most advanced and efficient hardware configurations.
The hash rate is on pace to roughly double in 2015, despite a stagnant first half of the year. Bitcoin’s miserable decline in 2014 had knocked a large number of miners off the network because they were unable to stay profitable.
http://www.financemagnates.com/cryptocurrency/news/bitcoin-mining-hash-rate-briefly-spikes-to-near-700-phs/
