By Adeline Gibbs (Italy)
The bitcoin hash rate seems to be an uprising at the start of 2020. As recorded on Jan.1, the hash power reached 119EH/s cracking the past record of October at 114EH/s and on Jan.6 it reached 120EH/s.
First Week remained Good for Mining
As of Jan. 6, the mining power has attained the mark of 120 exa hashes. It is interesting to note that the hash power of the Bitcoin has surged from 93exa hashes on Dec.30 to the 106 exa hashes per day on Jan.5.
The year 2019 has been recorded a good year in which the mining power surged a lot. The data shows that the weekly average of hash power surged from 40EH/s at the beginning of the year to 80EH/s that was recorded in September. And the interesting thing about it is that the price also increased in the same period from $4,000 to $10,000.
High Hash Rate Implies what
When the hash rate is high, it means that miners who are busy in mining are in great numbers. The recent trend of mining power in the upward direction is giving the signal the miners are taking an interest in mining BTC. And the activity has also pumped the price value from $6,850 on Friday to the current level of $8,350.
The miners decided to stop mining operations in 2018 when the prices of cryptocurrencies went down but the large-scale miners remained open. The second upset faced by the mining industry in April when the government of China pressurized the industry and called it ‘’undesirable’’.
2020-Crucial Year
But the passing year remained good for crypto mining as ASICS rigs became functional in the third quarter of 2019. The coming year is considered to be very important for BTC mining as Bitcoin halving is approaching. The block reward will be cut into half and it is expected that small level players will leave the field.
The miners producing companies are also seeing a drop in the profit from mining after the halving event. The Chinese-based giant firm Bitmain decided to kick off the unrequited staff from the company as reported by the Chinese media.
Argo blockchain, the UK-based mining firm stated that they attained more than 3,600 Bitcoin ASICs. After the announcement on the part of the firm, the share price of the companies surged by 6% on the London Stock Exchange.
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