Bitcoin’s economy may be bearish but not its power to mint further coins i.e. the ‘hashrate’. On Wednesday, 8th December 2021 Bitcoin set up a new record wherein it was able to see its All-Time High (ATH) ‘hashrate’.
The earlier record was set up within this year also in the month of May when it went as high as 191.42 exahash p/second. At that time Bitcoin had also gone past the value of US$ 64,000 but this time it is different.
At present, Bitcoin’s economy is going through a difficult phase where none of the factors are supporting Bitcoin. Resultantly, Bitcoin has had to settle down at a reduced value of US$ 50,000 even though it went as high as US$ 69,000. Even in these circumstances, it is very shocking that Bitcoin has set up a new ATH in terms of its hashrate. The highest hashrate for Bitcoin was recorded lastly on 8th December (Wednesday) when it reached 194.95 exahash p/second.
Since April 2021, the difficulty in the Bitcoin mining process has declined by almost 27.94%. Thereafter, at least ten times, Bitcoin mining difficulty had been seen increasing. However, the new decline in mining difficulty had been seen for the past 3 to 4 weeks. So what are the odds which are still supporting Bitcoin although the asset is struggling in overcoming the US$ 60k price threshold? Analysts believe that the boost in hashpower is because of state-of-the-art and most advanced Bitcoin mining machines coming into play.
The top Bitcoin pools as of today are that of Antpool, F2pool, and Foundry USA. Three of them are collectively contributing @ 83.19% exahash p/second with a total shared hashrate of 46.62.
However, there is yet another major force contributing to a great extent in Bitcoin hashrate. This force is known as “stealth miners”. These stealth miners have been very active since the 3rd quarter of 2021 had started. As per the statistics, stealth miners are contributing extensively to Bitcoin’s hashrate which, as of 12th December 2021, is 20.20% exahash p/second. They are, at present, the fifth major pool of Bitcoin miners. This is so because they are aware that with just one Bitcoin mining rig they can earn US$ 22 on daily basis.
Another intriguing aspect of a boost in Bitcoin hashrate is that there were hundreds of thousands of mining machines purchased by top miners. Most of these machines were the top models of Bitcoin rigs and the largest seller was the Chinese manufacturing company Canaan. Still, there are hundreds of thousands of mining machines that are awaiting their shipments.
So if there is a difficulty for Bitcoin against its value, then there are a few positives such as high hashrate and reduced selling pressures. Bitcoin would need a couple of more aspects for it to overcome its present crisis and get back on the US$ 100,000 tracks.