Bitcoin Dominates Despite Current Market Conditions
Recently. Bitcoin managed to break mining records with more than 55 million TH/s which later dropped top around 52 million TH/s. Despite the drop in cryptocurrency mining, resulting in around 20 percent of the hashing gone, even though just temporarily.
BTC’s hashrate has been consistently growing even with its price drop, dropping once again to the $6300 mark. A few keys reasons can be provided, such as the arrival of Antminer crypto-mining hardware rigs that have been upgraded for more power and efficiency as well as a higher hashrate. Even with the significant spike in hashrate, Bitcoin’s energy usage has steadied.
The craze over mining BTC also points out that many are struggling to mine top-shelf coins. Alternative coins have also taken a hit in terms of hashrate, dropping around 30 percent over the last three months. Cryptocurrency mining in terms of the top alternative coins like Monero, DASH, as well as ZEC tokens is also at a flat state and at an incredibly minor part of BTC hashrate. Ethereum, the second leading coin has seen a positive increase in its crypto-mining over the last few months.
Bitcoin’s strong crypto-mining continues increasing the difficulty to new levels and an addition spike is set to occur in just over a week during its coins upcoming recalculation. Its most recent climb almost landing at 15 percent. Reports stated that the mining-highs come directly side by side with the concerns regarding the actual use cases of Bitcoin and its odds of survival. If Bitcoin mining was to drop during this period in which its difficulty is incredibly high, the entire network may experience slow blocks for some time.
Additionally, Bitcoin transactions have also taken a drop, making their way down to about 172K in just one day. Transactions that awaiting confirmation have racked up to about 1400, pointing to a significant drop in network usage. A few have seen Bitcoin’s climb in hashrate as a possible indication of another unprecedented surge in its price. Although, it is important to keep in mind that cryptocurrency miners often follow after opportunities of profits on the spot so a sluggish price over the point of breaking even may prove to be more than enough for cryptocurrency mining to go on.
As the rate of hashing continues climbing, this may render cloud mining worthless once again. For those mining on their own without joining a pool or other miners, rewards from successfully mining a block have also decreased. Mining farms with outdated mining hardware and incredibly costly power consumption will also see heavy declines in their profit.