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Bitcoin Hashrate has risen 14% in the last 24 hours

June 5, 2020

After suffering a huge drop in computing power after halving, Bitcoin’s network recovered again, and the hash rate has only increased by 14% in the last 24 hours.

Bitcoin uses a form of consensus known as “proof of work” to authorize transactions.

In this system, transactions are validated by network participants that provide enormous computing power to ensure network security and to receive a reward for new bitcoins.

Bitcoin Hashrate has risen 14% in the last 24 hoursBitcoin Hashrate has risen 14% in the last 24 hours

By providing their computing power, Bitcoin miners spend an enormous amount of energy and have to sell part of their reward in Bitcoin to pay the energy and maintenance costs.

At the beginning of Bitcoin, it was possible to extract the digital asset on a home computer with little effort.

With the development of the market, the difficulty has increased and it is currently only possible to be profitable by using specific machines developed for bitcoin mining, the so-called ASIC (Application Specific Integrated Circuit).

After the last bitcoin halving, which took place in early May, the new bitcoin’s reward for miners was halved. As a result, many participants saw their profits drop 50% overnight and shut down their outdated and unprofitable mining equipment.

With miners now getting half the reward for each block they successfully mine, smaller mining groups have found it more difficult to stay profitable. which has forced some miners to close their operations.

This has led to a significant drop in the bitcoin network’s hashrate, but recent data shows the network is recovering.

Currently, At around 116.6 TH / s, the hash rate of Bitcoin has improved by more than 13.8% in the last 24 hours, continuing a week of solid growth.

The minimum was registered last week at 90.29 TH / s.

According to the BitInfoCharts website, the expected mining revenue is for TH / s They have dropped from $ 0.161 a day to just $ 0.09 today.

This reduction is less than that caused by halving Bitcoin The price has risen by around 7.7% in the past month, while competition among miners has decreased.

In addition, new mining ASIC models such as MicroB’s Whatsminer M30S + will be launched, and the network’s hash rate is likely to continue to increase.

The sudden surge in mining performance of the Bitcoin network suggests that miners are optimistic about digital assets in the near future.