Bitcoin’s hash rate just hit another new all-time high of 136 EH/s, an indication that miners are not backing out despite the recent selling pressure which led to a slump in the price of BTC last week.
Miners Are Bullish On Bitcoin
Data on Blockchain.com suggests that Bitcoin’s hash rate has been increasing steadily since the start of 2019. And now the network is processing as much as 136 quintillion hashes per second, which is about 25 quintillion increase since the last ATH in December last year.
The continuous increase in the hash rate shows that miners are not very much bothered about the current price of Bitcoin, perhaps, because they are very confident about the potentials of the cryptocurrency.
Although the 2018 bear market forced some companies out of the mining industry, the latest data suggests that new miners are joining the game, and they could be investing in improved rigs and equipment.
This comes just about 70 estimated days before Bitcoin’s halving which is arguably one of the most important events of the year. It will reduce the block rewards from 12.5 to 6.25 BTC. That would lead to fiercer competition among miners, which would push the hash rate to newer ATHs over the coming months.
China Continues To Lead Bitcoin Mining
China, no doubt, has the largest market when in the bitcoin mining sector as it houses the major mining giants. As the nation continues to battle the coronavirus outbreak, the government had to take several measures to contain the epidemic.
As expected, many businesses across different the country were affected. According to reports, the police had to shut down a bitcoin mining farm as a result of such measures. Three other hardware manufacturers in the country, including Bitmain and Canaan, also had to delay their after-sale services last month due to the impact of the outbreak.