Bitcoin Hash Rate Continue to Surge!

[GreatArkansas]

Last few weeks, we experienced breaking everytime the all-time high of Bitcoin Hash rate, which is extemely important for Bitcoin, although we still not on new all-time high price but achieving it first on the Hash rate, is something a good sign.



We can also monitor the hash rate: here Or here

[franky1]

as long as we dont see a 90exahash bottom again we should be in for some promising good new price supports

[Icygreen]

I believe the larger mining farms are retiring some of the older Antminers and replacing them with much more powerful S17's
This will take some time and likely we'll continue to see increased hash as they come online.

[darkangel11]

It looks like people are getting ready for the halving and another bull market that will surely follow. You can see youtuber miners also upgrade their systems like https://www.youtube.com/watch?v=SmCVxj_Mslw

I'm very happy that the predicted miner capitulation did not happen. People were predicting BTC to go below 6k level which is the point where some miners are barely making money and 5k is sustainable only by the cheapest Chinese power. Miners defended this level and managed to exhaust sellers enough for the price to return to normal levels. I'm looking forward to 10k in a few months.

[hatshepsut93]

Last few weeks, we experienced breaking everytime the all-time high of Bitcoin Hash rate, which is extemely important for Bitcoin, although we still not on new all-time high price but achieving it first on the Hash rate, is something a good sign.

Hashrate can't grow as fast as the price, it takes time to manufacture new hardware, and hardware producers won't necessarily start making more asics just because the price is growing - it can be risky to them if the price falls before they can sell them, it's easier to just raise their prices, which they did.

Also, hashrate is growing due to hardware becoming more efficient, perhaps a better metric would be the amount of electricity consumed by mining if we want to measure security of the network.

[seoincorporation]

...

Also, hashrate is growing due to hardware becoming more efficient, perhaps a better metric would be the amount of electricity consumed by mining if we want to measure security of the network.

True, always a new miner with more power or more efficient will bring a bump in the hashing power, and as we know antminer have these new s17 miners with really big power. I think the hash bump comes more from the new miners than from the bitcoin price and markets.

[Darooghe]

The hashrate increase we're seeing now is the result of The next halvening. I personally run 24 Antminer S17. I’ll run these bad boy until I start to break even. If this continues and the price moves up to around $12,000 you will see a fat rising in hash rate. that’s when many people will turn on their Mining operation until prices go down again. Hashrate follows price, but It's a lagging because it's impossible to instantaneously produce mining hardware. Put another way, the chip fabrication process is relatively slow when compared to price movements in this space.

[lobat999]

I think having a consistent and a steady hashrate reflects a renewed interest in BTC mining and could complement its price as what is happening right now.

I just hope this scenario will continue over the next few weeks / months that I assume something good will happen with it.

[DeathAngel]

as long as we dont see a 90exahash bottom again we should be in for some promising good new price supports

That’s what I like to read
We’ll see but the price SHOULD naturally start to rise now as the halving is near.

Hopefully there could be the chance of a new ATH in 2020. Not sure how likely that is though.

[kryptqnick]

Last few weeks, we experienced breaking everytime the all-time high of Bitcoin Hash rate, which is extemely important for Bitcoin, although we still not on new all-time high price but achieving it first on the Hash rate, is something a good sign.



We can also monitor the hash rate: here Or here

Wow, now I'm wondering whether the price boost from $7k to $8k is related to that. I know that mining is not directly related to price growth or anything but at the same time, it usually correlates. Oh, and does it have anything to do with the upcoming halving? Like, for instance, since halving is getting closer, more miners experience FOMO and do their best to mine some coins when the rewards are not too small yet... Would it boost the price even more, though? What if the rate gets more and more difficult, but the price does not go along with it and mining gets unprofitable, could it even have a negative impact then?

[Asmonist]

If this is a good sign then it definitely keep us encourage. Its really good to see chart like this to serve as reference. Seeing it in an image or chart is something more interesting in the eyes and somehow more understandable. Bitcoin halving is coming so most likely if this increase continues it may somehow increase the value of halving period.

[joinfree]

The competition is getting keener with bitcoin halving just around the corner. This is likely going to increase as the days go by along with the price of bitcoin. My worry is that i hope the meme pool of transactions don't become clogged when this mini bull run kicks in because it leaves us to pay higher fees at the end of the day when making transactions.

[adaseb]

If this is a good sign then it definitely keep us encourage. Its really good to see chart like this to serve as reference. Seeing it in an image or chart is something more interesting in the eyes and somehow more understandable. Bitcoin halving is coming so most likely if this increase continues it may somehow increase the value of halving period.

This is not how it works. If anything the opposite might be true.

Like a few posts above, hashrate follows price and not the other way around. Think about it this way, when the hashrate is higher, so is the difficulty and the payout is lower for the same amount of work put in. So if miners need to sell BTC to pay for hardware and electricity then the price of BTC might decrease more than if the hashrate was lower, and rewards were higher and miners would be selling less to just stay in the game.

That chart is mostly what happens when new technology comes out and miners become more efficient. Even if price remains flat for the next few years, the hashrate will keep increasing. Hashrate will most likely never decrease.

[pooya87]

i believe this is still the continuation of the delayed reaction to the price rise accompanied with the speculation of the big future price rises.
in that same chart you posted with 599% rise in hashrate you can see that in the time frame starting from January 2019 price has been solidly rising from $3k up. and hashrate has not. the big $2000 (70% price rise) that happens in April/May doesn't start showing up in hashrate chart until July and by then price is at $13k (330% price rise) then that effect shows up in October and by then price has dropped down which causes some fluctuations until equilibrium is reached mostly because price has been stable for a couple of months.
now that it is rising back up again we can see the delayed reaction with small rises at first and if price goes up today the hashrate should rise up a couple of months from now.

[samuraijin]

bitcoin hash continues to soar following the slowly rising bitcoin price, keeping current prices around $ 8,000 without a big dump and panic, investors and big whales don't dare to play too long in the trade swing, there is only an increase without any decrease that's cool, as long as it stable will be even better, prices don't move far below $ 8k and above $ 8k, see another surprise when bitcoin halving

[Eugenar]

bitcoin hash continues to soar following the slowly rising bitcoin price, keeping current prices around $ 8,000 without a big dump and panic, investors and big whales don't dare to play too long in the trade swing, there is only an increase without any decrease that's cool, as long as it stable will be even better, prices don't move far below $ 8k and above $ 8k, see another surprise when bitcoin halving

With this, we could relate and form a relationship between the hash rate and the market price of bitcoin as a directly proportional relationship in which market price could be predicted depending on the amount of hash rate a certain cryptocurrency has because of some factors in which I think induces market adoption that impacts demand to increase its market price further. How? Because having huge hash rate is having faster mining of blocks which means faster completion of transactions.

[sovie]

This increase in has rate is good thing but this only means that more powerful machines are joining the mining industry. Hash rate has nothing to do with bitcoin adoption rate, which unfortunately is still very low. Hash rate can only be beneficial in the long run if we see bitcoin getting accepted as main stream payment method.

[X-ray]

This increase in has rate is good thing but this only means that more powerful machines are joining the mining industry. Hash rate has nothing to do with bitcoin adoption rate, which unfortunately is still very low. Hash rate can only be beneficial in the long run if we see bitcoin getting accepted as main stream payment method.

Kinda true, it's basically just a war of rigs to get the most share of profits and have nothing to do with adoption, i really hope the miners become more decentralized than it is right now. meanwhile small miners are being plummeted and their only option is to resort into mining more profitable altcoins. Although these increase of hashrate might aswell make people think bitcoin become more valuable considering the energy it requires to generate.

[Artemis3]

Last few weeks, we experienced breaking everytime the all-time high of Bitcoin Hash rate, which is extemely important for Bitcoin, although we still not on new all-time high price but achieving it first on the Hash rate, is something a good sign.

Yes, because more and more efficient asics enter the market, and this ironically strangles the miners which are about to get their profits halved this year.

In the previous halving the S9 was introduced while there were several people running S7s. Now the S17 are here and several people run S9s.  Due to the halving, and a not spectacular bitcoin price, do not be surprised to see people "retiring". Do you remember the S7 owners complains in 2016? I do. While mining continued, a good chuck said goodbye. This story will repeat again this year. Even with bitcoin price rising, this only delays the inevitable somewhat, maybe a few more years.

If your mining operation is already running borderline, you are in trouble. Shrink or leave before its too late. If you are relaxed because you use Solar energy or such, you will be fine. Smaller mining might profit less, but its also much more stable.

[aamirsuh]

The difficulty is very important for Bitcoin. Miners operate their devices with this in mind. It does not make sense for people to continue this business at a time when they are not making money from mining equipment. However, in Ethereum mandlik, we saw the opposite situation. Since Ethereum is highly valued, it is necessary not to act with current data.