As the transition to renewable energy grows, the hash rate of bitcoin mining sets a record

Despite Bitcoin's (BTC) price struggling to stay over $20,000, mining activity for the commodity appears to be booming, and rivalry among miners is only increasing. As a result, this situation has caused the hash rate of mining Bitcoin to reach a new peak.

According to the 30-day moving average, the Bitcoin mining hash rate increased on September 25 to a new record of 226.633 EH/s. Blockchain.com data shows that since its lows in early August, the hash rate has been slowly increasing.

When Bitcoin started to show indications of short-term improvement in August, the hash rate, which measures the total processing power utilized to process transactions, began to peak up. The hash rate has increased despite Bitcoin's price continuing to fall, though.

Hash rate defies the direction of Bitcoin's price

It's interesting to note that the current hash rate estimates diverge from historical patterns when the measure tracks changes in the price of bitcoin. Notably, the hash rate rises when the value of Bitcoin soars and tends to fall along with the price. Overall, the increasing hash rate makes it harder to mine Bitcoin and partly predicts the next price movement of the currency.

It is important to note that as attention is drawn to Bitcoin's carbon impact, hashrate is increasing. Environmentalists have consistently decried the mining industry's high power usage.

As a result, several new suggestions to control Bitcoin have been pushed in response to the criticism. To maintain a good reputation with authorities, miners are switching more and more to renewable energy sources.

The effect on profitability

The profitability of Bitcoin mining will also probably affect the hash rate trajectory. In this scenario, miners will most likely halt operations if profitability declines, which translates to a hash rate deficit that causes mining difficulty to decrease.

As was previously reported, the miners' approach of keeping Bitcoin has changed as a result of the sharp increase in the Bitcoin mining hash rate. For instance, in May, Bitcoin miners recorded a sale rate of over 100%, departing from their prior tactic of hoarding gains.

In the interim, Bitcoin has risen just past $19,000, currently trading at $19,160, up about 1% in the previous day.

Article Credit: Finbold

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