There was a notable increase in BTC’s mining hash rate recorded as the mining event approaches. It seems that the miners are trying to acquire more coins before the event as we are reading in the Bitcoin news below.
Bitcoin’s major price drop last month resulted in a huge mining drop and the less-efficient rigs became unprofitable. The price is moving backup and the miners are putting the rigs back in action before the event. There is a prevailing incentive to put the older rigs to operate and the temporary volatility aside, Bitcoin’s price is up by 40% since mid-March. The hash rate is only by 12.5% which is not surprising that the miners will try to take control over the opportunity to make more profit.
The boost in hash rate was not unnoticed by most of the crypto analysts and it is a reflection of the increasing interest in Bitcoin investment and adoption. Analyst Plan B commented:
‘’#Bitcoin halving ETA: May 11. Miners are really pumping up hashrate. Next difficulty adjustment will be up.’’
Over the past few days, Bitcoin Cash and Bitcoin SV that both had to block reward halving. Both of the platforms have seen their hash rates drop and since bitcoin can be mined with the same ASIC rigs, BSV and BCH can switch their networks as well. The miners have long swapped between the networks and other cryptocurrencies as well that use the SHA-256 algorithm to find the platform which offers the best profitability. It seems that many of the miners will come back to mine altcoins after the BTC halving.
It safe to say that the notable increase in Bitcoin’s hash rate will only continue to increase as the halving approaches as the miners will want to get a hold of more bitcoins before the block reward drops. Many of the mining rigs will be turned back on even those that seem unprofitable now as the confidence in the market recovers again. The excitement around the halving continues to grow as the analysts offer a steady stream of opinions on how it will affect the market price. Also, the searches for Bitcoin Halving on google are increasing and another major boost is expected in the next few weeks.
The Bitcoin network activity continues to increase as well, leaving little doubt that the investors are planning to purchase the coin while the price is low.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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