The Bitcoin mining hashrate hits a new record as mining activity flourishes and competition among miners continues to rise. Bitcoin miners are increasingly eager to switch to renewable energy sources in order to not provoke tensions with regulators.
As of September 25, the Bitcoin hashrate jumped to a new all-time high of 226,633 EH/s based on a 30-day moving average. According to data from Blockchain.com, the hashrate has been steadily increasing since the lows recorded in early August, Finbold reports.
The hashrate, which refers to the total computational power used to process transactions, started peaking up in August when Bitcoin showed signs of short-term recovery. However, the hashrate has skyrocketed now but the price of Bitcoin continues to flounder below $20,000.
Interestingly, the current hashrate figures contrast historical trends when the metric correlates with Bitcoin price movement. Notably, the hashrate increases when Bitcoin’s value surges and tends to drop alongside the price. Overall, the rising hashrate translates to Bitcoin becoming more difficult to mine and partly indicates the asset’s next price movement.
The hashrate is rising as more attention is paid to Bitcoin's carbon footprint. Bitcoin mining is constantly criticized by environmentalists for its high power consumption. The criticism has inspired miners to increasingly switch to renewable energy sources in order to stay in good standing with regulators.
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