Bitcoin hash rate hits new all-time high!

tbct_mt2

hero member

Activity: 2366

Merit: 838

Quote from: Abiky on October 17, 2022, 08:22:19 PM

Ironically, Bitcoin's mining hashrate is increasing at a time where energy costs are rising like crazy. That's good because it means miners (and people as a whole) have faith on Bitcoin. The more the hashrate increases, the stronger the blockchain will become.

Bitcoin network is stronger with time and it is continuing even during the energy crisis globally. Sometimes, hashrate can have hiccups along the way because of weak miners capitulate or natural disasters or other reasons related to policy changes. In general, the network has a solid upward trend in total hashrate.

Quote

Those people saying "Bitcoin is dead" really don't know what they're talking about. They're only saying this Bitcoin because has fallen in price from its ATH of over $65k per coin.

Price can have pumps and dumps because of greed and fearful but value is only increase year after year. If people want to find out about value growth, let's see lowest price of each year. We can see a clearer upward trend and it reflects the growth of value for Bitcoin. The value of Bitcoin is contributed by increasing use cases and utilities for it as well as expansion of Bitcoin communities globally.

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: GreatArkansas on October 03, 2022, 10:25:26 PM

Last October 01, 2022 Bitcoin hash rate hits a new all-time high of around 282.17M TH/s hash rate. (Source)
Even though the price of Bitcoin is dumping, the hash rate is still growing and creating a new all-time high. For me, this is fundamentally good news for Bitcoin.

I am curious that maybe there are some miners who switch from Ethereum to Bitcoin because Ethereum now is on POS, so this could be a factor too.

This is one of the answer for those people telling that "Bitcoin is dead"

Ironically, Bitcoin's mining hashrate is increasing at a time where energy costs are rising like crazy. That's good because it means miners (and people as a whole) have faith on Bitcoin. The more the hashrate increases, the stronger the blockchain will become. I think Ethereum's switch from PoW to PoS have contributed to the cause, as miners search for alternatives to avoid losing their business. Those people saying "Bitcoin is dead" really don't know what they're talking about. They're only saying this Bitcoin because has fallen in price from its ATH of over $65k per coin.

It's not price that counts, but rather the cryptocurrency's usefulness and level of mainstream adoption. Bitcoin is alive and healthy as ever at a time where Fiat is on the brink of collapse. It's still the best-performing asset in the world, despite the recent downturn in price. Who knows if we'll start to see more people relying on Bitcoin as a safe-haven from the deteriorating global economy? Just my thoughts Grin

Dave1

hero member

Activity: 1414

Merit: 542

Or maybe the next question is this, will it capitulate small miners when we hit a new hash rate or they have been shaken down when the price hits $17,500.

I guess it still boils down as how profitable it is, for mid to big time miners with this new increase, of the profit of margin is not enough for them to keep afloat in this business.

GreatArkansas

legendary

Activity: 2506

Merit: 1394

Quote from: dkbit98 on October 05, 2022, 10:08:58 AM

Quote from: GreatArkansas on October 03, 2022, 10:25:26 PM

I am curious that maybe there are some miners who switch from Ethereum to Bitcoin because Ethereum now is on POS, so this could be a factor too.

Maybe people sold their GPU and purchased ASIC miners, but price for used GPU's dropped very low that I don't think this would make any sense.
(....)

This is what I also mean, I saw a lot of people who are starting to sell their video cards (GPU) on the internet, especially on social media. I saw some videos on social media in which these miners are from my country, they are starting to sell their GPUs too.
I am not sure what is their next move. But for sure, there are lot of miners from Ethereum who switched from mining Bitcoin after they sold their video cards.

dkbit98

legendary

Activity: 2212

Merit: 7064

Quote from: GreatArkansas on October 03, 2022, 10:25:26 PM

I am curious that maybe there are some miners who switch from Ethereum to Bitcoin because Ethereum now is on POS, so this could be a factor too.

They can't use shitereum GPU miners for mining Bitcoin, except maybe with some nicehash workaround, but that probably wouldn't create this all-time high.
Maybe people sold their GPU and purchased ASIC miners, but price for used GPU's dropped very low that I don't think this would make any sense.
Bitcoin is far from dead, and it's the only blockchain network in the world that doesn't have censorship or ofac compliance built in.

Quote from: Hispo on October 03, 2022, 10:34:19 PM

It is possible to mine Bitcoin with GPU / Graphic Cards, isn't it?

I think it was possible with Nicehash before, but I am not sure if that is profitable now.

sunsilk

hero member

Activity: 3038

Merit: 634

Quote from: Hispo on October 03, 2022, 10:34:19 PM

It is possible to mine Bitcoin with GPU / Graphic Cards, isn't it?

Through nicehash and you can check how much a GPU can earn you. So far, when I'm checking profitability calculator even with the latest 4k series of RTX, you'll only going to get a negative profit.

Quote from: GreatArkansas on October 03, 2022, 10:25:26 PM

I am curious that maybe there are some miners who switch from Ethereum to Bitcoin because Ethereum now is on POS, so this could be a factor too.

Possible. Since there's now a good supply in the market with GPUs and many miners have sold their used GPUs. The money that they've got probably have been reinvested into an ASIC.

Quote from: GreatArkansas on October 03, 2022, 10:25:26 PM

This is one of the answer for those people telling that "Bitcoin is dead"

Let's don't mind them, they'll tell the same thing over and over again.

AnotherAlt

sr. member

Activity: 280

Merit: 259

https://bitcoincleanup.com #EndTheFUD

Quote from: tread93 on October 04, 2022, 09:44:41 AM

This may sound like a dumb question, but what kind of hardware do bitcoin miners use now? I was under the impression they were still mining using really geared up GPUs....

You are behind for almost a decade. The First Bitcoin ASIC Miner was introduced back in 2012. Since then, ASICs take over Bitcoin mining. I don't know when the last time GPU was able to mine SHA-256 was. The full form of ASIC is Application-Specific Integrated Circuit (ASIC).

Quote from: https://www.investopedia.com/terms/a/asic.asp#:~:text=An%20ASIC%20miner%20is%20a,miner%20can%20mine%20only%20bitcoin.

An application-specific integrated circuit (ASIC) is an integrated circuit chip designed for a specific purpose. An ASIC miner is a computerized device that uses ASICs for the sole purpose of "mining" digital currency. Generally, each ASIC miner is constructed to mine a specific digital currency. So, a Bitcoin ASIC miner can mine only bitcoin. One way to think about bitcoin ASICs is as specialized bitcoin mining computers optimized to solve the mining algorithm

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: tread93 on October 04, 2022, 09:44:41 AM

This may sound like a dumb question, but what kind of hardware do bitcoin miners use now? I was under the impression they were still mining using really geared up GPUs....

They are using "specialized" hardware that can perform A LOT better than GPUs when computing. They are called application-specific integrated circuit which is basically a specialized microchip that is designed specifically to compute SHA256 hash of bitcoin block headers in a loop. Which is why these ASICs can only be used for mining bitcoin (or its copies) and not other altcoins with different hash algorithm or vice versa.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: GreatArkansas on October 03, 2022, 10:25:26 PM

Last October 01, 2022 Bitcoin hash rate hits a new all-time high of around 282.17M TH/s hash rate. (Source)

Daily values are misleading, it all depends on when those making them decide the day stats (GMT, GMT-8, whatever their server hour is) and the luck in finding blocks in that time.
For example ycharts show on the 1st and 2nd 282 and then 244
Bitinfohcrats shows 1st with 268 and 2nd with 261.

Most likely the real value will be at something over 240Exa for this period, a new ATH but not that spectacular, for example, we had on average 223 back in May, still a 10% up but not 30%.

Quote from: GreatArkansas on October 03, 2022, 10:25:26 PM

I am curious that maybe there are some miners who switch from Ethereum to Bitcoin because Ethereum now is on POS, so this could be a factor too.

Maybe a few, but those must have been placing their order in advance by a few months, not to mention that feeding 2-3 Asics is different than a standard 8 GPU rig, not to mention the noise. The culprit behind the spike is probably another batch being delivered, October was a schedule for the first batch of S19 hydros, and usually, the buyers for those are doing it at the 190 MQO batches.
Also what DaveF said, prices and electricity availability are slowly going down in a few states and suspended operations are plugging again.

tread93

hero member

Activity: 1344

Merit: 583

Quote from: franky1 on October 04, 2022, 07:38:17 AM

new generation miners were released in summer and they are more efficient meaning more hashs for less electric.
at the moment they are taking old asics off to replace for new asics.

EG 100% asics running at 110thash for 3.25kw
is like 2m asic =220exahash
changing to 140thash for 3kw
is like 2m asics =280exhash but with less electric

so a swap 1 unit for 1 unit creates more hashrate. before even adding extra asic units
so using less electric means they can profit more at low prices

..
as for assumptions that ethereum miners are shifting to bitcoin.. no definitely not.

GPU mining bitcoin wont earn profit. all them GPU racks are now mining other altcoin

.. i would say by mid october to december when more batches of new gen bitcoin asics are delivered. then we will see extra units on the network which will push the cost up due to competition. and we might see a price push

This may sound like a dumb question, but what kind of hardware do bitcoin miners use now? I was under the impression they were still mining using really geared up GPUs....

franky1

legendary

Activity: 4410

Merit: 4788

new generation miners were released in summer and they are more efficient meaning more hashs for less electric.
at the moment they are taking old asics off to replace for new asics.

EG 100% asics running at 110thash for 3.25kw
is like 2m asic =220exahash
changing to 140thash for 3kw
is like 2m asics =280exhash but with less electric

so a swap 1 unit for 1 unit creates more hashrate. before even adding extra asic units
so using less electric means they can profit more at low prices

..
as for assumptions that ethereum miners are shifting to bitcoin.. no definitely not.

GPU mining bitcoin wont earn profit. all them GPU racks are now mining other altcoin

.. i would say by mid october to december when more batches of new gen bitcoin asics are delivered. then we will see extra units on the network which will push the cost up due to competition. and we might see a price push

DaveF

legendary

Activity: 3500

Merit: 6320

Crypto Swap Exchange

Quote from: AnotherAlt on October 04, 2022, 03:08:20 AM

Quote from: GreatArkansas on October 03, 2022, 10:25:26 PM

I am curious that maybe there are some miners who switch from Ethereum to Bitcoin because Ethereum now is on POS, so this could be a factor too.

Most of the Ethereum Miner were mining with GPUs. Of course, there were some ASIC miners. But I don't think those ASICs can mine SHA-256. So, Those ASICs are basically dead. Or they still Mine ETC (Ether Classic), but I don't think it's profitable anymore. It's Possible that maybe GPU Miners selling their GPU and buying Bitcoin minable ASIC miners? That's the only thing I can imagine. I don't see any other reason behind this pump.

Bitmain was selling a lot of gear over the last few months slated for September delivery, so there probably is a lot of that going online.
With the hot weather over in Texas some of the mines there that were off to keep their grid from exploding are back on.
Add in the places that had both ETH and BTC miners but were power limited so could not run them all are now BTC only.
And here we are at a new mining high.

-Dave

tranthidung

legendary

Activity: 2310

Merit: 4085

Farewell o_e_l_e_o

Quote from: GreatArkansas on October 03, 2022, 10:25:26 PM

Even though the price of Bitcoin is dumping, the hash rate is still growing and creating a new all-time high. For me, this is fundamentally good news for Bitcoin.

It is fundamentally good growth but to turn it into growth of price, it needs a lot of time, months not days or weeks.

Quote

This is one of the answer for those people telling that "Bitcoin is dead"

Above are two websites for reference about times of "Bitcoin is dead" callings. Hundreds of time it was called "is dead" but it has yet been dead and actually strive to stronger lively.

AnotherAlt

sr. member

Activity: 280

Merit: 259

https://bitcoincleanup.com #EndTheFUD

Quote from: GreatArkansas on October 03, 2022, 10:25:26 PM

I am curious that maybe there are some miners who switch from Ethereum to Bitcoin because Ethereum now is on POS, so this could be a factor too.

Most of the Ethereum Miner were mining with GPUs. Of course, there were some ASIC miners. But I don't think those ASICs can mine SHA-256. So, Those ASICs are basically dead. Or they still Mine ETC (Ether Classic), but I don't think it's profitable anymore. It's Possible that maybe GPU Miners selling their GPU and buying Bitcoin minable ASIC miners? That's the only thing I can imagine. I don't see any other reason behind this pump.

dansus021

copper member

Activity: 2156

Merit: 983

Part of AOBT - English Translator to Indonesia

Quote from: Hispo on October 03, 2022, 10:34:19 PM

It is possible to mine Bitcoin with GPU / Graphic Cards, isn't it?

it is possible but you will get nothing from it because ASIC hardware is more powerful thank graphic card but you can mine altcoin and then turn it into bitcoin

Quote from: Hispo on October 03, 2022, 10:34:19 PM

By the way, I have read news about this recent increase of the hashrate within the network, as long as the distribution stays decentralized then it is good news for the safety of Bitcoin. On the other hand, I have also read on Cointelegraph that miners are feeling the pressure because these price leves and they are in a situation where they can't accumulate much Bitcoin, I assume it is because the price of BTC and the local energy prices (which depends of the location).

I believe a small decrease of the hashrate and difficulty would make sense in the short term, but then both will likely increase again, I would not be surprised if some Ethereum users (afraid of the centralization of Ethereum after the Merge) have swapped some of Ether for Bitcoin these days.

and yes the hashrate in my opinion would be grow maybe this time is ATH but soon will gonna tech new ATH multiple times when BITCOIN price increase and adopter getting more and more

OgNasty

donator

Activity: 4760

Merit: 4323

Leading Crypto Sports Betting & Casino Platform

The recovery in hashrate since the Chinese mining ban has been astounding. The fact that so much equipment and manpower could be replicated across the earth without any real organization is pretty amazing. With hashrate continuing to grow, you can see that there's demand for Bitcoin and lots of power that needs a use during certain periods of the day. The fact that Bitcoin is integrating itself into the power grid really shows it's maturity. It came a long way fast.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: GreatArkansas on October 03, 2022, 10:25:26 PM

I am curious that maybe there are some miners who switch from Ethereum to Bitcoin because Ethereum now is on POS, so this could be a factor too.

In short that won't work because of the different PoW algorithms and much higher bitcoin difficulty.

When you are mining a shitcoin like Ethereum that uses a different algorithm (Keccak256) you can't just switch to bitcoin mining that uses SHA256d mining algorithm. Not to mention that ethereum had a much lower difficulty so people mined it using GPUs whereas you can't mind bitcoin with a GPUs, you'll need ASICs which need to be bought and delivered.

There is an ETH ASIC available too but again that ASIC is designed to mine Keccak not SHA256 so it can't be used to mine bitcoin (so ether miners using those ASICs can't just switch to bitcoin).

Most likely all those ETH miners would simply switch to another shitcoin with similar algorithm (like ETC) or a shitcoin that can be mined using GPUs.

Don Pedro Dinero

legendary

Activity: 1358

Merit: 1565

The first decentralized crypto betting platform

Quote from: GreatArkansas on October 03, 2022, 10:25:26 PM

Even though the price of Bitcoin is dumping, the hash rate is still growing and creating a new all-time high. For me, this is fundamentally good news for Bitcoin.

How curious. I wouldn't have thought so, even though I don't usually follow hashrate evolution.

Quote from: GreatArkansas on October 03, 2022, 10:25:26 PM

I am curious that maybe there are some miners who switch from Ethereum to Bitcoin because Ethereum now is on POS, so this could be a factor too.

Probably yes:

Quote from: GreatArkansas on October 03, 2022, 10:25:26 PM

This is one of the answer for those people telling that "Bitcoin is dead"

Yes, this shows it is more alive, and secure, than ever.

Hispo

legendary

Activity: 1162

Merit: 2025

Leading Crypto Sports Betting & Casino Platform

It is possible to mine Bitcoin with GPU / Graphic Cards, isn't it?

By the way, I have read news about this recent increase of the hashrate within the network, as long as the distribution stays decentralized then it is good news for the safety of Bitcoin. On the other hand, I have also read on Cointelegraph that miners are feeling the pressure because these price leves and they are in a situation where they can't accumulate much Bitcoin, I assume it is because the price of BTC and the local energy prices (which depends of the location).

I believe a small decrease of the hashrate and difficulty would make sense in the short term, but then both will likely increase again, I would not be surprised if some Ethereum users (afraid of the centralization of Ethereum after the Merge) have swapped some of Ether for Bitcoin these days.

GreatArkansas

legendary

Activity: 2506

Merit: 1394

Last October 01, 2022 Bitcoin hash rate hits a new all-time high of around 282.17M TH/s hash rate. (Source)
Even though the price of Bitcoin is dumping, the hash rate is still growing and creating a new all-time high. For me, this is fundamentally good news for Bitcoin.

I am curious that maybe there are some miners who switch from Ethereum to Bitcoin because Ethereum now is on POS, so this could be a factor too.

This is one of the answer for those people telling that "Bitcoin is dead"

Topic: Bitcoin hash rate hits new all-time high! (Read 314 times)