bathtub heated by Bitcoin mining

Bitcoin hashrate continues to climb even after price drop

The Bitcoin mining industry is booming as the hashrate continues to climb even after price crashes. During the May crash when the China ban happened, we saw that the Bitcoin hash rate collapsed all of a sudden. But since then, it has been continuously recovering. In fact, in the past week, we saw a major hash rate increase from 168 exahash per second to 181 EH/s. The hash rate increase was also complemented by a decrease in difficulty in mining.

Bitcoin hashrate continues to increase

It is generally seen that Bitcoin’s price and hash rate are directly proportional to each other. When one increases, so does the other and vice versa. But this time around, things are different as the hashrate has still increased after the price crash of Bitcoin. We are seeing highs in Bitcoin’s hash rate almost every day, which shows that Bitcoin mining power is increasing, and so is the adoption. We are also very near the all-time high hash rate of 191.42 EH/s and even reached 190 EH/s on December 3, 2021.

It is difficult to say whether the old mining rigs that were profitable a few weeks back when BTC was above $60k are still profitable or not. But we might still see them in use due to the latest mining difficulty decrease on November 28. It is also important to note that almost 11% of these mining powers are unknown.

Bitcoin hashrate continues to climb
Image Source: Coingape

Bitcoin mining info

There are a lot of dedicated mining companies that command a high percentage of the total hash rate for Bitcoin. In the mining hash pool distribution, we have a lot of known names, but it’s being seen that 11.8% of the total hash rate is unknown. They are called the stealth miners and account for nearly 20 EH/s from the total amount.

Coming to the known ones, we have Bitmain’s Altpool that has 30.28 EH/s which is 17.94% of the total hashrate. Then we have Foundry USA with 27.84 EH/s accounting for 16.49% of the total. There are a lot of other comparatively small miners like Luxor, Mara Pool, SBI crypto with 1-2% of the total hash rate.

What are your thoughts as the Bitcoin hashrate continues to climb despite the flash crash? And do you think this is a positive sign for the crypto market? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: SEC Chairman says the crypto market is open to manipulation.