Bitcoin hash rate at all-time highs again

Herbert2020

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Quote from: jostorres on October 03, 2019, 09:21:32 AM

The low hash rate happened a week back was due to there was a big mining farm that closed operation suddenly which made the hash rate very low, but if it was true, then this is definitely one of the factor that contributed to its down trend but fortunately we are bouncing back to another peak in terms of hash rate but prices of bitcoin yet to bounce back.

we are not bouncing back because to do that we first have to had gone down but the hashrate never dropped at all. what we saw was a bug in some shitty block explorer called blockchain.info that reported false values for hashrate then the news sites filled the internet with their FUD about how hashrate has dropped they even went as far as publishing some fake pictures showing some fake thing that was burnt!

Eugenar

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Quote from: EarthToken on September 16, 2019, 07:53:01 AM

The total computer power that is directed to the Bitcoin network has reached an all-time high again. The measurement of this metric is known as the “hashrate” and it is a good way of measuring the security of the network. The network hit a new high of 85 exahashes (EH/s) last week and the mining difficulty about 12 trillion. Read more here: https://www.cryptofish.com/blog/bitcoin-hash-rate-at-all-time-highs-again/

Does price lead hashrate or does hashrate lead price?

In terms of security, the main thing that might seems to be a problem is the distribution of the hashrate, I think, and based from my experience reading from news about crypto here on our forum, it is much safe if the hashes are distributed across huge volume of miners. the safety of the blockchain might somehow depends on the hashrate, if an entity or group handles a huge volume of the hashes, they might somehow have a control over how the blockchain will be.

jostorres

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Quote from: Thefrolly on October 03, 2019, 05:27:25 AM

When there is an increase in bitcoin hash rate, it invariably means that a bull season is coming for bitcoin. The same thing will very likely happen to Ethereum and other top cryptocurrencies. Now Bitcoin price is still on its low, but it will come back with force. Yes, Bitcoin has been undervalued for some time now, and this would restore back its glory.

The low hash rate happened a week back was due to there was a big mining farm that closed operation suddenly which made the hash rate very low, but if it was true, then this is definitely one of the factor that contributed to its down trend but fortunately we are bouncing back to another peak in terms of hash rate but prices of bitcoin yet to bounce back.

Another recent factor which may contribute for another bull rally of bitcoin markets must be bakkt, I would not really say anything yet as regards it and I am surprised that it was when they came to the market that all these are just happening, but I think we will get over that very soon. I don’t think that the president trump stand should be any factor to contribute to why bitcoin drop because people generally does not want Libra coin and this purpose makes it difficult for Facebook to really decide it launch. There is one particular factor that made the value of bitcoin drop suddenly which I am yet to find.

Thefrolly

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When there is an increase in bitcoin hash rate, it invariably means that a bull season is coming for bitcoin. The same thing will very likely happen to Ethereum and other top cryptocurrencies. Now Bitcoin price is still on its low, but it will come back with force. Yes, Bitcoin has been undervalued for some time now, and this would restore back its glory.

bitcoinposts

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Bitcoin hash rate itself confirm strong bull run in the coming months even the price drop to 30 percent still we can see positive bull run in the coming months to come

Reosta_

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Bitcoin hash rate is at the best level of all time and it went up very fast. Many people expected a rise on Bitcoin price but there is still no good news with the price. On the contrary, the price is still going down.

Linkkoin

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As well it could be so, that miners are certain about a huge bull run before BTC halving in May. Therefore hoarding it now and HODLing it for a couple of months would be a reasonable thing to do.

lighpulsar07

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Well, this proves that technology are growing in fast rate before you can mine bitcoins using your cpu and it upgraded to GPU and it upgraded to ASIC miners but i think that the reason why the hashrate is very high today is because of asic miners and manufacturers upgrading in even higher specs just to attract buyers and miners anyway, this is the proof that the technology evolves so fast as time goes by.

Quote from: Distraction on September 22, 2019, 02:43:14 PM

Bitcoin hash rate has risen up very much but it doesn't seem that it affected Bitcoin price. Still, this will be very good for Bitcoin. Besides, I wasn't expecting to see that Bitcoin hash rate go up this much in a short time.

Well it doesn't affect the bitcoin price but the problem is the hashrate is getting higher and higher so, the miners had to upgrade their miners to keep up and maintain their profitability

Distraction

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Bitcoin hash rate has risen up very much but it doesn't seem that it affected Bitcoin price. Still, this will be very good for Bitcoin. Besides, I wasn't expecting to see that Bitcoin hash rate go up this much in a short time.

Nadziratel

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Quote from: pixie85 on September 22, 2019, 01:08:27 PM

Quote from: Nadziratel on September 22, 2019, 09:31:02 AM

I'm not sure that the miners issue has so much impact on the price. Because everyone was saying that if the Bitcoin price fell below $ 6,000, the miners would suffer. However, Bitcoin declined to $ 3,000 and stayed there. Still, as said, the miners did not stop mining.

This was being said because mining at that price would mean they would be at a loss. The mining cost would be higher than profit. But this doesn't mean they have to sell everything at a loss.

When you start a company you are usually at a loss because you have to buy stuff on credit. A worker needs machines to be able to work he needs cars he needs to pay employees to start a job but he knows he'll get paid when the job is done when he fulfills a contract. Miners can also be at a loss for some time and they were but the demand for bitcoin rose and everything was fine.

As a result, they did, but they continued to work and remain in the network. So as long as they trust Bitcoin's future, the miners will stay where they are.

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Quote from: EarthToken on September 16, 2019, 07:53:01 AM

The total computer power that is directed to the Bitcoin network has reached an all-time high again. The measurement of this metric is known as the “hashrate” and it is a good way of measuring the security of the network. The network hit a new high of 85 exahashes (EH/s) last week and the mining difficulty about 12 trillion.
Does price lead hashrate or does hashrate lead price?

Neither, unless you mean the downward direction.

Unless you live under a rock, you should have noticed this year the market has been flooded with last generation asic miners, those are commonly around 50 TH/s at around 2600w vs the 4 year old 12TH/S for 1400w.

In fact, the manufacturers can't cope with the demand, but they have been delivering, more or less, with the usual Chinese suspect leading (tho they are all Chinese nowdays).

Given a flat bitcoin price, this hashrate increase makes mining less and less profitable. Usually bitcoin price increases (for different reasons) and compensates this, but not in exact proportion. In fact, it has become less and less profitable and will eventually become unprofitable at all, even with higher bitcoin prices.

Large scale mining has its days counted. It might take a few more years, but not much longer large miners will be able to continue. Only those hobbyists with small setups and free electricity options will remain in the future.

pixie85

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Quote from: Nadziratel on September 22, 2019, 09:31:02 AM

I'm not sure that the miners issue has so much impact on the price. Because everyone was saying that if the Bitcoin price fell below $ 6,000, the miners would suffer. However, Bitcoin declined to $ 3,000 and stayed there. Still, as said, the miners did not stop mining.

This was being said because mining at that price would mean they would be at a loss. The mining cost would be higher than profit. But this doesn't mean they have to sell everything at a loss.

When you start a company you are usually at a loss because you have to buy stuff on credit. A worker needs machines to be able to work he needs cars he needs to pay employees to start a job but he knows he'll get paid when the job is done when he fulfills a contract. Miners can also be at a loss for some time and they were but the demand for bitcoin rose and everything was fine.

Nadziratel

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Quote from: Linkkoin on September 16, 2019, 01:29:17 PM

Quote from: ?? on ??

Quote from: bitmover on September 16, 2019, 09:54:43 AM

[...]
We are in a bull run this year, so this was kind of expected. But it is a good indictor indeed.
[...]

Are we? I think we're still far from bull run. Yes, price of Bitcoin has risen but, still market is in pain yet.

Would not be so sure. BTC halving in May 2020 is a major bullish factor, and it looks like miners are aware of it, and preparing in advance (so then there will be no such mining rig frenzy like in 2017).

The question is whether halving will exhaust bulls and end bull market for 2020, or not.

I'm not sure that the miners issue has so much impact on the price. Because everyone was saying that if the Bitcoin price fell below $ 6,000, the miners would suffer. However, Bitcoin declined to $ 3,000 and stayed there. Still, as said, the miners did not stop mining.

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Quote from: Harlot on September 16, 2019, 01:43:14 PM

One big factor why even if we aren't near the all time high and still the hash rate is up is because of the low network fees we have. Way back 2017 when the network fees are unbelievably you will see that the hash rates started to fall down. Now that we mitigated that cost for the miners this made Bitcoin mining much more appealing for them even if we are just at the 10,000$ level

Lol, what are you saying?
MIners profit from high fees as this adds to their reward mined per block, a clogged network with high fees would make mining more profitable and thus push them to add more gear and by doing so increase the hashrate .

Ignoring that we were at 60exa with 4000$ per btc so considering the spike in efficiency we could probably reach 150 by the end of the year even without a further increase in price, but this only if there is going to be enough gear produced and delivered by then which I'm starting to doubt.

LE:

Quote from: o_e_l_e_o on September 16, 2019, 11:42:16 AM

Whether or not this apparent correlation means anything is highly dubious though. You can manipulate scales and time frames for two sets of data like this to prove almost anything you want.

Comparing price and pure hashrate won't show anything, hashrate will grow even if the price will go down because of increased efficiency per kw consumed.
So the only way to create a meaningful graphic would be to take those two

a) Reward per block value in usd
b) Hashrate electricity costs (based on the most common miner at the time) at a 0.1 or 0.05 cents/kwh

But it's time-consuming research that would simply tell us what we all know already.

STT

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With all this hash power available and steady investment probably for years ahead into the sector, would the BTC protocol ever change to reduce block times and use that hash power in a different way rather then raising difficulty to maintain 10 minutes. I guess there has always been a reason not to do this but I was thinking it was mostly down to latency across the internet which might be improving in the age of mass fibre optic roll out in many countries. Would it lower security, raise problems to alter block time and so is never likely to happen ? Just wondering if there any greater side effect or benefit to this higher hash rate.

DDante

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I am still planing to buy one of the fastest asic miner to start mining bitcoin but since the difficulty have reach a new high i bet bitmain will release better asic miners so i will have to wait and see, i don't want to end up with miners that we be obsolete in few years

pooya87

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Quote from: Linkkoin on September 16, 2019, 01:29:17 PM

Quote from: ?? on ??

Quote from: bitmover on September 16, 2019, 09:54:43 AM

[...]
We are in a bull run this year, so this was kind of expected. But it is a good indictor indeed.
[...]

Are we? I think we're still far from bull run. Yes, price of Bitcoin has risen but, still market is in pain yet.

Would not be so sure. BTC halving in May 2020 is a major bullish factor, and it looks like miners are aware of it, and preparing in advance (so then there will be no such mining rig frenzy like in 2017).

The question is whether halving will exhaust bulls and end bull market for 2020, or not.

if this rise were a reaction to the price rise then it is the rise that happened so far this year from $31000 to $10000 (a 220% rise) not because of a rise that may come in the future because of halving! if miners start thinking that way then they should increase their hashrate every single day because one way or another there is a price rise coming to bitcoin.

lobat999

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I see that an ever increasing hast rate is a good sign for Bitcoin and its stakeholders and I assume there are interesting things
that are about to happen soon! I was even wondering if some of those computing power came from some of its forked cousins?

Harlot

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One big factor why even if we aren't near the all time high and still the hash rate is up is because of the low network fees we have. Way back 2017 when the network fees are unbelievably you will see that the hash rates started to fall down. Now that we mitigated that cost for the miners this made Bitcoin mining much more appealing for them even if we are just at the 10,000$ level. The hash rate will still go up as soon as the prices starts to go back up again and I believe it will with a lot of new miners entering the market as well as the old ones resuming their operations again we won't have to worry about losing any hash rate any time soon.

Linkkoin

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Quote from: ?? on ??

Quote from: bitmover on September 16, 2019, 09:54:43 AM

[...]
We are in a bull run this year, so this was kind of expected. But it is a good indictor indeed.
[...]

Are we? I think we're still far from bull run. Yes, price of Bitcoin has risen but, still market is in pain yet.

Would not be so sure. BTC halving in May 2020 is a major bullish factor, and it looks like miners are aware of it, and preparing in advance (so then there will be no such mining rig frenzy like in 2017).

The question is whether halving will exhaust bulls and end bull market for 2020, or not.

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