Bitcoin hashing power remains high despite the recent cryptocurrency price reduction. TAn analyst known in the crypto community under the nickname PlanB noted. He recorded that the hash rate is more than 100Eh/s, presenting to this a screenshot that includes the data of the service getmininginfo.
— PlanB (@100trillionUSD) November 23, 2019
Similarly, if we look at the data of another service Blockchain.info, the level of the same indicator is about 90Eh/s.
According to the user under nickname Hodlonaut, the Getmininginfo service does not provide accurate data on the real hash rate of the network.
“Getmininginfo is useless for getting the actual hashrate. Variance throws it around like crazy due to it using too short a timespan to measure. Even measured in daily bulks it jumps around like crazy,” he posts.
Hash Rate Volatility In 2019
In June, the network hash rate was at 59 EH/s when BTC set a 2019 high of $14,000. To date, there has been a decrease in the coin rate to $7,000, and the amount of computing power has almost doubled.
According to the Blockchain.com, the highest mining volumes in the history of Bitcoin were observed in October. The maximum hash rate of 114 EH/s was recorded on October 23 of this year. At the moment, the volume of computing power is 90.5 EH/s according to Blockchain.com data. This figure is 21% below peak values.
A steady increase in computing power indicates that the reduction of Bitcoin price does not stop miners. Although at this stage, cryptocurrency mining on some ASIC models is already unprofitable. For example, the break-even point of the Antminer S9 is at the level of $7,500. Probably, the participants of the space are betting on a long-term cryptocurrency price rebound, including due to the 2020 halving.
Predictions Of Bitcoin Rate
There is a possibility that the price will continue the downtrend. Well-known Bitcoin critic,…