Bitcoin Hash Rate Continue to Surge!

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: el kaka22 on January 15, 2020, 09:47:35 AM

Does this really mean the price will skyrocket tho? Like everyone is talking about how we are ready for another increase and it makes me happy to even think about that but I am not 100% sure that means price will go up to ATH levels once again, this alone is not a reason for it.

The probability is more of a "yes", than a "no". Miners are speculators too, would they waste resources if they didn't expect some bullishness?

Quote

I mean we all know only way price goes up is if people buy bitcoin and hashrate going up doesn't seem like one of the reasons how everyone will buy bitcoin, it may mean that people are using more miners, it may mean that we will have a faster transactions and cheaper etc but that doesn't 100% mean price will go up. I just think that we are getting more a "sector" like for example "health" sector, or "entertainment" sector etc etc where people spend so much money, so crypto is becoming a sector like that, that's all I kind read from this.

It may also mean the miners know something. Cool

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

Does this really mean the price will skyrocket tho? Like everyone is talking about how we are ready for another increase and it makes me happy to even think about that but I am not 100% sure that means price will go up to ATH levels once again, this alone is not a reason for it.

I mean we all know only way price goes up is if people buy bitcoin and hashrate going up doesn't seem like one of the reasons how everyone will buy bitcoin, it may mean that people are using more miners, it may mean that we will have a faster transactions and cheaper etc but that doesn't 100% mean price will go up. I just think that we are getting more a "sector" like for example "health" sector, or "entertainment" sector etc etc where people spend so much money, so crypto is becoming a sector like that, that's all I kind read from this.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: pooya87 on January 14, 2020, 01:50:56 AM

Quote from: Wind_FURY on January 14, 2020, 01:41:16 AM

It's the nature of competition. But, there are other rumors that there's a "hash war" between the mining farms in China and the mining farms in the United States.

there are lots of mining farms all around the world not just in these two countries. basically anywhere that there is a low electricity cost there is also a big mining farm. the problem is that we have no way of knowing where they come from since they all connect to a handful of mining pools some of which happen to be in China which is why people think China has the biggest hashrate!

But, has it already been a known fact that, by region, China has the most hashing power in the world? Or has it been disproven? Or have the trolls tricked me again? Hahaha.

Pamadar

legendary

Activity: 2982

Merit: 1028

Quote from: Yamifoud on January 12, 2020, 05:36:10 PM

Quote from: darkangel11 on January 07, 2020, 09:40:28 PM

It looks like people are getting ready for the halving and another bull market that will surely follow. You can see youtuber miners also upgrade their systems like https://www.youtube.com/watch?v=SmCVxj_Mslw

I'm very happy that the predicted miner capitulation did not happen. People were predicting BTC to go below 6k level which is the point where some miners are barely making money and 5k is sustainable only by the cheapest Chinese power. Miners defended this level and managed to exhaust sellers enough for the price to return to normal levels. I'm looking forward to 10k in a few months.

It is not only just ready but of very prepared for this kind of event and the good thing is that it helps to drive the market for increasing the high demand at this time. Since we are anticipating the future, we could expect that everyone is in the hold at this time and could expect that Bitcoin's price won't go down instead of seeing it to soars high.

We are able to saw the scaling price of crypto almost every year https://bircoin.top/ and quite so hopeful that it all working fine this year compared to the last 2 years in bear season.

Indeed. We are all expecting for more strong position and more people to hold, as the long bear experienced might be turned and
the cycle start the rise of bitcoin. Being optimistic can do help to stay calm and patience.
Incoming halving will bring benefits to those who will work well and pay attentions to every market movements.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: Wind_FURY on January 14, 2020, 01:41:16 AM

It's the nature of competition. But, there are other rumors that there's a "hash war" between the mining farms in China and the mining farms in the United States.

there are lots of mining farms all around the world not just in these two countries. basically anywhere that there is a low electricity cost there is also a big mining farm. the problem is that we have no way of knowing where they come from since they all connect to a handful of mining pools some of which happen to be in China which is why people think China has the biggest hashrate!

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: beerlover on January 13, 2020, 11:16:38 AM

I don't understand how even while we are getting so close to halving the hash rate goes into so much higher. Are the miners just trying to have more and more mining equipment to cover the difference so that they can have higher hashrate and faster once again but also gain more money somehow?

As miners are also speculators, they might know something after the halving that we don't. Cool

Quote

Not talking about small miners which will be in the toughest positions but the miners who are basically whales in the mining industry that are making their killing right now thanks to having most of the hashrate and as soon as halving happens these "increased" hashrates will be shown that it was the whales and the small ones will leave the sector while letting the whales make most of the money. I mean making 300 bitcoins a day on the 1800 bitcoin per day of today and making 300 bitcoins a day on the 900 it will be after halving is the same to them anyway, so maybe they are going for that?

It's the nature of competition. But, there are other rumors that there's a "hash war" between the mining farms in China and the mining farms in the United States.

Febo

legendary

Activity: 2730

Merit: 1288

Quote from: GreatArkansas on January 07, 2020, 06:53:07 PM

Last few weeks, we experienced breaking everytime the all-time high of Bitcoin Hash rate, which is extemely important for Bitcoin, although we still not on new all-time high price but achieving it first on the Hash rate, is something a good sign.

We can also monitor the hash rate: here Or here

Hash rate itself dont tells us everything. Better than hash rate would be electricity spent. Or even better then that would be cost of electricity spent. I know this two data is much harder or even impossible to get.

beerlover

legendary

Activity: 3052

Merit: 1188

I don't understand how even while we are getting so close to halving the hash rate goes into so much higher. Are the miners just trying to have more and more mining equipment to cover the difference so that they can have higher hashrate and faster once again but also gain more money somehow?

Not talking about small miners which will be in the toughest positions but the miners who are basically whales in the mining industry that are making their killing right now thanks to having most of the hashrate and as soon as halving happens these "increased" hashrates will be shown that it was the whales and the small ones will leave the sector while letting the whales make most of the money. I mean making 300 bitcoins a day on the 1800 bitcoin per day of today and making 300 bitcoins a day on the 900 it will be after halving is the same to them anyway, so maybe they are going for that?

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: adaseb on January 12, 2020, 12:06:24 AM

Quote from: Asmonist on January 11, 2020, 07:13:00 PM

If this is a good sign then it definitely keep us encourage. Its really good to see chart like this to serve as reference. Seeing it in an image or chart is something more interesting in the eyes and somehow more understandable. Bitcoin halving is coming so most likely if this increase continues it may somehow increase the value of halving period.

This is not how it works. If anything the opposite might be true.

Like a few posts above, hashrate follows price and not the other way around. Think about it this way, when the hashrate is higher, so is the difficulty and the payout is lower for the same amount of work put in. So if miners need to sell BTC to pay for hardware and electricity then the price of BTC might decrease more than if the hashrate was lower, and rewards were higher and miners would be selling less to just stay in the game.

That chart is mostly what happens when new technology comes out and miners become more efficient. Even if price remains flat for the next few years, the hashrate will keep increasing. Hashrate will most likely never decrease.

That was how I believed it was too. BUT, we forget, miners are also speculators. Of all speculators, the miners have the most skin, and are risking the most in the game.

Yamifoud

hero member

Activity: 2828

Merit: 518

Quote from: darkangel11 on January 07, 2020, 09:40:28 PM

It looks like people are getting ready for the halving and another bull market that will surely follow. You can see youtuber miners also upgrade their systems like https://www.youtube.com/watch?v=SmCVxj_Mslw

I'm very happy that the predicted miner capitulation did not happen. People were predicting BTC to go below 6k level which is the point where some miners are barely making money and 5k is sustainable only by the cheapest Chinese power. Miners defended this level and managed to exhaust sellers enough for the price to return to normal levels. I'm looking forward to 10k in a few months.

It is not only just ready but of very prepared for this kind of event and the good thing is that it helps to drive the market for increasing the high demand at this time. Since we are anticipating the future, we could expect that everyone is in the hold at this time and could expect that Bitcoin's price won't go down instead of seeing it to soars high.

We are able to saw the scaling price of crypto almost every year https://bircoin.top/ and quite so hopeful that it all working fine this year compared to the last 2 years in bear season.

pixie85

hero member

Activity: 2184

Merit: 531

Many analyst say that the current price is not a good indicator of the value of bitcoin but only an indicator of the mood investors are in.

It was the same in 2017. People were overhyped and overvalued not only Bitcoin but also altcoins. BCH and LTC were both worth much more than they should be and so was XRP and some other shitcoins. Now the mood is different and Bitcoin is undervalued. It will have to return to normal at some point.

aamirsuh

full member

Activity: 686

Merit: 101

The difficulty is very important for Bitcoin. Miners operate their devices with this in mind. It does not make sense for people to continue this business at a time when they are not making money from mining equipment. However, in Ethereum mandlik, we saw the opposite situation. Since Ethereum is highly valued, it is necessary not to act with current data.

Artemis3

legendary

Activity: 2030

Merit: 1569

CLEAN non GPL infringing code made in Rust lang

Quote from: GreatArkansas on January 07, 2020, 06:53:07 PM

Last few weeks, we experienced breaking everytime the all-time high of Bitcoin Hash rate, which is extemely important for Bitcoin, although we still not on new all-time high price but achieving it first on the Hash rate, is something a good sign.

Yes, because more and more efficient asics enter the market, and this ironically strangles the miners which are about to get their profits halved this year.

In the previous halving the S9 was introduced while there were several people running S7s. Now the S17 are here and several people run S9s. Due to the halving, and a not spectacular bitcoin price, do not be surprised to see people "retiring". Do you remember the S7 owners complains in 2016? I do. While mining continued, a good chuck said goodbye. This story will repeat again this year. Even with bitcoin price rising, this only delays the inevitable somewhat, maybe a few more years.

If your mining operation is already running borderline, you are in trouble. Shrink or leave before its too late. If you are relaxed because you use Solar energy or such, you will be fine. Smaller mining might profit less, but its also much more stable.

X-ray

hero member

Activity: 3066

Merit: 536

Leading Crypto Sports Betting & Casino Platform

Quote from: sovie on January 12, 2020, 11:41:38 AM

This increase in has rate is good thing but this only means that more powerful machines are joining the mining industry. Hash rate has nothing to do with bitcoin adoption rate, which unfortunately is still very low. Hash rate can only be beneficial in the long run if we see bitcoin getting accepted as main stream payment method.

Kinda true, it's basically just a war of rigs to get the most share of profits and have nothing to do with adoption, i really hope the miners become more decentralized than it is right now. meanwhile small miners are being plummeted and their only option is to resort into mining more profitable altcoins. Although these increase of hashrate might aswell make people think bitcoin become more valuable considering the energy it requires to generate.

sovie

sr. member

Activity: 1274

Merit: 265

This increase in has rate is good thing but this only means that more powerful machines are joining the mining industry. Hash rate has nothing to do with bitcoin adoption rate, which unfortunately is still very low. Hash rate can only be beneficial in the long run if we see bitcoin getting accepted as main stream payment method.

Eugenar

sr. member

Activity: 1274

Merit: 278

Quote from: samuraijin on January 12, 2020, 03:23:01 AM

bitcoin hash continues to soar following the slowly rising bitcoin price, keeping current prices around $ 8,000 without a big dump and panic, investors and big whales don't dare to play too long in the trade swing, there is only an increase without any decrease that's cool, as long as it stable will be even better, prices don't move far below $ 8k and above $ 8k, see another surprise when bitcoin halving

With this, we could relate and form a relationship between the hash rate and the market price of bitcoin as a directly proportional relationship in which market price could be predicted depending on the amount of hash rate a certain cryptocurrency has because of some factors in which I think induces market adoption that impacts demand to increase its market price further. How? Because having huge hash rate is having faster mining of blocks which means faster completion of transactions.

samuraijin

sr. member

Activity: 1834

Merit: 261

20BET - Premium Casino & Sportsbook

bitcoin hash continues to soar following the slowly rising bitcoin price, keeping current prices around $ 8,000 without a big dump and panic, investors and big whales don't dare to play too long in the trade swing, there is only an increase without any decrease that's cool, as long as it stable will be even better, prices don't move far below $ 8k and above $ 8k, see another surprise when bitcoin halving

pooya87

legendary

Activity: 3472

Merit: 10611

i believe this is still the continuation of the delayed reaction to the price rise accompanied with the speculation of the big future price rises.
in that same chart you posted with 599% rise in hashrate you can see that in the time frame starting from January 2019 price has been solidly rising from $3k up. and hashrate has not. the big $2000 (70% price rise) that happens in April/May doesn't start showing up in hashrate chart until July and by then price is at $13k (330% price rise) then that effect shows up in October and by then price has dropped down which causes some fluctuations until equilibrium is reached mostly because price has been stable for a couple of months.
now that it is rising back up again we can see the delayed reaction with small rises at first and if price goes up today the hashrate should rise up a couple of months from now.

adaseb

legendary

Activity: 3808

Merit: 1723

Quote from: Asmonist on January 11, 2020, 07:13:00 PM

If this is a good sign then it definitely keep us encourage. Its really good to see chart like this to serve as reference. Seeing it in an image or chart is something more interesting in the eyes and somehow more understandable. Bitcoin halving is coming so most likely if this increase continues it may somehow increase the value of halving period.

This is not how it works. If anything the opposite might be true.

Like a few posts above, hashrate follows price and not the other way around. Think about it this way, when the hashrate is higher, so is the difficulty and the payout is lower for the same amount of work put in. So if miners need to sell BTC to pay for hardware and electricity then the price of BTC might decrease more than if the hashrate was lower, and rewards were higher and miners would be selling less to just stay in the game.

That chart is mostly what happens when new technology comes out and miners become more efficient. Even if price remains flat for the next few years, the hashrate will keep increasing. Hashrate will most likely never decrease.

joinfree

sr. member

Activity: 1274

Merit: 260

1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

The competition is getting keener with bitcoin halving just around the corner. This is likely going to increase as the days go by along with the price of bitcoin. My worry is that i hope the meme pool of transactions don't become clogged when this mini bull run kicks in because it leaves us to pay higher fees at the end of the day when making transactions.

Asmonist

sr. member

Activity: 756

Merit: 251

If this is a good sign then it definitely keep us encourage. Its really good to see chart like this to serve as reference. Seeing it in an image or chart is something more interesting in the eyes and somehow more understandable. Bitcoin halving is coming so most likely if this increase continues it may somehow increase the value of halving period.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Quote from: GreatArkansas on January 07, 2020, 06:53:07 PM

Last few weeks, we experienced breaking everytime the all-time high of Bitcoin Hash rate, which is extemely important for Bitcoin, although we still not on new all-time high price but achieving it first on the Hash rate, is something a good sign.

We can also monitor the hash rate: here Or here

Wow, now I'm wondering whether the price boost from $7k to $8k is related to that. I know that mining is not directly related to price growth or anything but at the same time, it usually correlates. Oh, and does it have anything to do with the upcoming halving? Like, for instance, since halving is getting closer, more miners experience FOMO and do their best to mine some coins when the rewards are not too small yet... Would it boost the price even more, though? What if the rate gets more and more difficult, but the price does not go along with it and mining gets unprofitable, could it even have a negative impact then?

DeathAngel

legendary

Activity: 3304

Merit: 1617

#1 VIP Crypto Casino

Quote from: franky1 on January 07, 2020, 08:15:32 PM

as long as we dont see a 90exahash bottom again we should be in for some promising good new price supports

That’s what I like to read

We’ll see but the price SHOULD naturally start to rise now as the halving is near.

Hopefully there could be the chance of a new ATH in 2020. Not sure how likely that is though.

lobat999

sr. member

Activity: 1078

Merit: 310

I think having a consistent and a steady hashrate reflects a renewed interest in BTC mining and could complement its price as what is happening right now.

I just hope this scenario will continue over the next few weeks / months that I assume something good will happen with it.

Darooghe

sr. member

Activity: 1120

Merit: 255

The hashrate increase we're seeing now is the result of The next halvening. I personally run 24 Antminer S17. I’ll run these bad boy until I start to break even. If this continues and the price moves up to around $12,000 you will see a fat rising in hash rate. that’s when many people will turn on their Mining operation until prices go down again. Hashrate follows price, but It's a lagging because it's impossible to instantaneously produce mining hardware. Put another way, the chip fabrication process is relatively slow when compared to price movements in this space.

seoincorporation

legendary

Activity: 3346

Merit: 3125

Quote from: hatshepsut93 on January 07, 2020, 10:33:02 PM

...

Also, hashrate is growing due to hardware becoming more efficient, perhaps a better metric would be the amount of electricity consumed by mining if we want to measure security of the network.

True, always a new miner with more power or more efficient will bring a bump in the hashing power, and as we know antminer have these new s17 miners with really big power. I think the hash bump comes more from the new miners than from the bitcoin price and markets.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Quote from: GreatArkansas on January 07, 2020, 06:53:07 PM

Last few weeks, we experienced breaking everytime the all-time high of Bitcoin Hash rate, which is extemely important for Bitcoin, although we still not on new all-time high price but achieving it first on the Hash rate, is something a good sign.

Hashrate can't grow as fast as the price, it takes time to manufacture new hardware, and hardware producers won't necessarily start making more asics just because the price is growing - it can be risky to them if the price falls before they can sell them, it's easier to just raise their prices, which they did.

Also, hashrate is growing due to hardware becoming more efficient, perhaps a better metric would be the amount of electricity consumed by mining if we want to measure security of the network.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

It looks like people are getting ready for the halving and another bull market that will surely follow. You can see youtuber miners also upgrade their systems like https://www.youtube.com/watch?v=SmCVxj_Mslw

I'm very happy that the predicted miner capitulation did not happen. People were predicting BTC to go below 6k level which is the point where some miners are barely making money and 5k is sustainable only by the cheapest Chinese power. Miners defended this level and managed to exhaust sellers enough for the price to return to normal levels. I'm looking forward to 10k in a few months.

Icygreen

legendary

Activity: 1463

Merit: 1135

I believe the larger mining farms are retiring some of the older Antminers and replacing them with much more powerful S17's
This will take some time and likely we'll continue to see increased hash as they come online.

franky1

legendary

Activity: 4410

Merit: 4788

as long as we dont see a 90exahash bottom again we should be in for some promising good new price supports

GreatArkansas

legendary

Activity: 2506

Merit: 1394

Last few weeks, we experienced breaking everytime the all-time high of Bitcoin Hash rate, which is extemely important for Bitcoin, although we still not on new all-time high price but achieving it first on the Hash rate, is something a good sign.

We can also monitor the hash rate: here Or here

Topic: Bitcoin Hash Rate Continue to Surge! (Read 340 times)