Bitcoin Hash Rate Continues Climbing to New High Indicating Healthy Pre-Halving

[cheezcarls]

Bitcoin hash rate achieved a new all-time high (ATH) on Saturday, January 18. The startling jump moved the total hashes to 126 Eh/s. The figure represents 126 quintillion attempted solutions per second.

The growth in the Bitcoin network has been remarkable over the past two years. For perspective, the hash rate was just 13 Eh/s in December of 2017 when BTC reached its all-time high price. What’s more, the first-ever hash rate over 1 Eh/s occurred at the end of 2016.

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Achieved all-time high on my birthday? I mean wow!

Over the past couple of years, Bitcoin is on a momentum. Of course, we're not talking about the price, but the hash rate itself (also trading volume and massive adoption as well).

All I can say that it may achieve even higher in more months and years to come, especially that halving is approaching fast. For me, this is a great sign and great things may happen for Bitcoin later on.

#HODL and trade more BTC!

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[adaseb]

Don't know why this is always news, Bitcoin hashrate will always go up, even in bear markets. The reason why is due to improved efficiency of hardware.

Regarding the halving, in general its not great if the price of BTC is low. Because miners will need to sell some of their BTC to pay for electrical and equipment costs, if the price of BTC is low then they will need to sell more BTC to make up the difference in fiat, which means more selling pressure in BTC.

Sure the first 2 halving were a great time to invest in BTC, however keep in mind that history, especially in trading usually doesn't repeat itself. Many investors might end up trapped if they base their investment advice on articles such as this.

I Think we will trade sideways during the halving and maybe a higher price in 2021 or such.

[pooya87]

Don't know why this is always news, Bitcoin hashrate will always go up, even in bear markets. The reason why is due to improved efficiency of hardware.

that's true but only one of many reasons. usually another big reason for the hashrate rise is the price rise itself but not on the same day or week or even month! it could take a while for the price rise that happened in the past to affect the hashrate since more hashrate means new miners and they can't just jump in at a moment's notice. the simple ordering and receiving the ASIC takes a long time alone.

I Think we will trade sideways during the halving and maybe a higher price in 2021 or such.

that could have been true if the ATH was reached on December 2019 instead of December 2017. the 1 year of bear market (2018) and the 1 years of accumulation and start of bull run (2019) means 2020 is going to be a big bull year and 2021 be the bubble year.

[bitcampaign]

not only does bitcoin hashrate and prices increase before halving, the trading volume of all crypto currencies increases, bitcoin really dominates all crypto markets, so it seems like many other crypto markets are gradually recovering

I Think we will trade sideways during the halving and maybe a higher price in 2021 or such.

that could have been true if the ATH was reached on December 2019 instead of December 2017. the 1 year of bear market (2018) and the 1 years of accumulation and start of bull run (2019) means 2020 is going to be a big bull year and 2021 be the bubble year.

It seems like it makes perfect sense to make bubbles the following year and this year 2020 is the year the bull kicks

[HabBear]

Don't know why this is always news, Bitcoin hashrate will always go up, even in bear markets. The reason why is due to improved efficiency of hardware.

Does hashrate increase transaction rate? So as the hashrate increases we increase the pace at which we are approaching the halving? I'd appreciate the education!

Whether it has an influence or not, supply side changes from bitcoin halving have treated us well in the past! I hope it does so again, although it may take 12-18 months for us to really see its effects.

[blckhawk]

That is expected. Miners are hoarding as much as they can to sell on the peak of the halving's bull run. After the halving, expect miners quitting because of a significant 50% decrease on the rewards, while the cost maintains the same. The halving's bull run also does not immediately take effect on the prices too, so miners would be discouraged right after the halving, which would in turn bring the hash rates down.

[davis196]

That is expected. Miners are hoarding as much as they can to sell on the peak of the halving's bull run. After the halving, expect miners quitting because of a significant 50% decrease on the rewards, while the cost maintains the same. The halving's bull run also does not immediately take effect on the prices too, so miners would be discouraged right after the halving, which would in turn bring the hash rates down.

You are right.I expect some of the miners(the small ones) to quit after the halving.In the near future,only crypto whales will own BTC mining factories,because only they will have the finances to keep mining active (even in a bear market)and they have interest in gaining and hoarding more bitcoins in order to manipulate the market price.This is bad news,but it's kinda inevitable.

[sovie]

Don't know why this is always news, Bitcoin hashrate will always go up, even in bear markets. The reason why is due to improved efficiency of hardware.

Regarding the halving, in general its not great if the price of BTC is low. Because miners will need to sell some of their BTC to pay for electrical and equipment costs, if the price of BTC is low then they will need to sell more BTC to make up the difference in fiat, which means more selling pressure in BTC.

Sure the first 2 halving were a great time to invest in BTC, however keep in mind that history, especially in trading usually doesn't repeat itself. Many investors might end up trapped if they base their investment advice on articles such as this.

I Think we will trade sideways during the halving and maybe a higher price in 2021 or such.

I think this only means that more and more machines are joining the mining process and this will in no way have any effect on bitcoin price.

Last halving have impact after one year and that doesn't mean that this halving will also take price of bitcoin to new heights. Today's market scenario is much more different, we have many more in the community.

[charlesmichel1]

Do hash rate and price growth have a straight correlation? Hash rate always goes up. And we can't say the same about the price.

[Jet Cash]

I'm starting to think that some of the new miners are not in it just for the simple mining payments. Are the finance houses and exchanges starting to get into mining? Will India turn to Bitcoin mining to soak up spare electricity once their thorium reactors are online?

[pooya87]

Does hashrate increase transaction rate? So as the hashrate increases we increase the pace at which we are approaching the halving? I'd appreciate the education!

not in the way that you think.
obviously when hashrate (that is the total speed at which hashes are being calculated per second) increases it becomes faster to search the space and mine a block (find the correct hash smaller than the target). that means more blocks are found BUT you should keep 2 things in mind.
* since hashrate is huge, these rises don't make that much difference. so for example with these rises we may see halving happen half a day sooner than what was previously predicted (eg. instead of in 90 days it happens in 89.5 days).
* you shouldn't forget about "difficulty adjustment" which in this case means when hashrate increases and blocks are found faster the difficulty rises to make it harder to find blocks and make it so that it takes 2 weeks to find 2016 blocks again and that minimizes the effects of the hashrate rise on long term number of blocks that are found.