Bitcoin (BTC/USD) Hash Rate is peaking again What Does It Mean? Price up?
We will see why the Hash rate is rising if the price remains at approximately $ 9,500.
Let's see
We have passed the halving and the reward of mining bitcoin has been cut in half
We know that the Hash Rate increases the more bitcoin miners mine, the hash rate is adjusted by the difficulty of the network
The difficulty of the network is increased, if more bitcoin are produced than the 900 daily bitcoin, it is adjusted automatically, to maintain the mining of the 900 daily blocks.
But after halving the reward has been halved, therefore, if we take the other variables as constants, the hash rate would have to be halved, to obtain the same benefit or the amount of Bitcoin is low, and the mining profit, I say this hypothetically again, keeping the other variables constant.
Why has this not happened and we see the hash rate at high values, if the price has not risen?
Because the miners are mining more bitcoin than the 900 daily and the network has to adjust.
As we see in the graph, 6688 have been mined weekly but it should have mined 6300 bitcoin daily and at the same time we see that the miners have not sold all the bitcoin mined.
Or if the miners are producing more bitcoin than the 900 daily and this will adjust the difficulty of the rising network and will affect the hash rate in the future
What has allowed this increase in mined bitcoin?
The hash rate is updated approximately every 15 days approximately.
On 2 occasions, the adjustments have been negative, which makes mining bitcoin more profitable.
This is being exploited to mine more bitcoin
On the other hand, we see that the costs of mining Bitcoin are around $ 15000 to $ 8000 dollars (although some reports go as far as $ 5000) depending on which part of the world is being mined, since the price is directly associated with the electrical cost and the difficulty of network.
At current prices $ 9700 dollars we could be at the cost of mining 1 bitcoin on average
So from what I analyze there are 2 possible reasons why more than 900 bitcoin are produced daily.
- Miners want to save Bitcoin at these prices to sell them at higher prices. The price will go up
- Miners' War, pressuring those who mine at a loss to stop mining, close their mining operations and gain market.
- both
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