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Bitcoin’s Hashrate Jumps as Price Turns

Bitcoin’s hashrate has suddenly spiked for unclear reasons with it up by some 4 times more than the entire hashrate of Bitcoin Cash.

On the 29th of February bitcoin’s hashrate was at 107 petahashes per second. Now it stands at 136 as pictured above.

Making this one of the biggest jump in hashrate with it unclear why it has suddenly spiked.

One potential reason might be perhaps the re-opening of at least one mine which was closed in China due to the new strand of flu.

China is now trying to get back to normality, with workers who were previously told to stay indoors now urged to get off to work as new cases of this strand keep falling there.

Another reason may be the continued advancement in asics speed. At least three such manufacturers are locked in a fierce competition in China, with the slightest gain by one risking the complete obliteration and bankruptcy of the others as bitcoin mining is a very zero sum game.

Yet another reason might be potentially state mining, especially Iran or Venezuela for example, which might not necessarily engage in business calculations of profits and losses to mine a coin more than on the need to have the crypto for international commerce.

The apparent entrance of these new actors might have an effect on price because business miners tend to sell to cover their costs, while trade miners might even overpay for bitcoin through the cost of mining simply because they need it for a function instead of just mechanically. Read More...