Apr 14, 2020 15:08 UTC
Apr 14, 2020 at 15:08 UTC
Bitcoin Miners Pushing BTC’s Hash Rate for the Halving
Bitcoin’s price is constantly falling down since the last month due to the equally notable drop in mining. Older, less efficient rigs simply became too unprofitable to operate. Miners are pulling out to get the rigs back in action.
According to the reports, there is some significant incentive to put older mining rigs to work. Bitcoin has accounted for its price by over 40% since mid-March. Moreover, the hash rate is registered by 12.5%. It seems like miners are taking advantage of gaining maximum profits out of it.
Analyst tweeted a post that looks the rise in the hash rate is a reflection of overall interest in Bitcoin adoption and investment.
Over the past few days, Bitcoin SV and Bitcoin Cash have blocked their rewards of halvings. Both the platforms have witnessed their hash rate plummet. Bitcoin is expected to get mined with the same ASIC-based rigs, former BSV and BCH miners which are switching networks. Moreover, other cryptocurrencies using the SHA-256 algorithm to find a platform that offers quality profitability.
It is usual to predict that the hash rate will remain constant to boost the halving approaches, as miners would require to load up on as many Bitcoins as possible prior to the block reward drops. Most of the long-dormant rigs will turn back even though it remains unprofitable as it is estimated to be a major market recovery.
The market sees the halving will project steady growth as an analyst offers a stream of opinions on how it will harm the market price. Searches for Bitcoin Halving on Google are projecting a constant growth with a tremendous increase estimated in the next coming weeks. Overall Bitcoin network activity would also remain constant to upscale. The investor is making a strategy of buying the Bitcoin even if the fall down of the prices.