It has been quite some time since the Bitcoin network hashrate underwent major changes. In fact, it appeared there was a little less hashpower on the network a few days ago. But ever since SegWit signalling began, the overall mining power has grown once again, and even exceed two ExaHash/second.
The Bitcoin Hashrate Continues To Grow
In the cryptocurrency world, any ecosystem is only as robust as the total hashpower pointed towards it. As Bitcoin is based on a proof-of-work system, an increasing hashrate will only strengthen the network. Moreover, as mining becomes more difficult over time, there is a need for additional mining equipment to be brought online.
Looking over the BitcoinWisdom charts, it appears Bitcoin has reached a significant mining milestone. For the first time, over two exo hash per second of mining power is generating additional bitcoins. That is an incredibly large number, although it is expected to increase further in the coming months.
Multiple factors are driving the Bitcoin mining ecosystem. First of all, there is the fact that Antminer revealed their S9 miner not too long ago. Compared to any other hardware available; the S9 is far more energy efficient and affordable. Large mining farms are deploying these machines in large quantities, as they help bring down electricity costs while boosting revenue.
The second factor influencing the “appeal” of Bitcoin mining is the current price per BTC. In recent weeks, the price has been climbing upwards and continues to do so as of today. A higher Bitcoin price makes it easier to offset any expenses associated with cryptocurrency mining. Ever since the 2016 block reward halving took place, a higher Bitcoin price seemed to be only a matter of time.
For those people who are not mining at home – either by choice or because it is not viable – cloud-based offerings are the solution. In the Bitcoin world, there are a few established players offering such products. ViaBTC, a relatively new mining pool, recently announced their cloud mining products as well. As customers purchase these contracts, the overall network hashrate will go up.
Just a few weeks ago, a small drop-off in hashpower was visible on the BitcoinWisdom mining charts. That is not entirely uncommon, as there have been several hashrate dips throughout the year. But for now, the two exohash milestone has been reached. The only question is whether or not this trend will continue, or if a new dip will occur in the coming days.
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