The hash rate of the Bitcoin network remains strong and has not been affected by the rainy season and power outages in ChinaAccording to a report by Stack Funds dated September 10th.
Coin Metrics data supports the claim and The average 7-day hash rate for Bitcoin (BTC) has been over 120 terahashes (TH / s) since mid-August, despite the risk of flooding and power outages in China. Data from Glassnode also shows that the hash rate hit an all-time high on September 8th, surpassing the 150 TH / s mark for the first time in Bitcoin’s history.
“”The hash rates stayed strong and could continue to rise after the rainy season“concluded the Stack Funds report.
“In the future when the price stabilizes above USD 10,500 […] a bullish continuation is to be expected. “
Hashrate is a key indicator of the health and security of the Bitcoin network. China dominates around 65% of mining worldwide, and the excessive rainfall during the rainy season can create benefits and problems by providing additional hydropower to bitcoin miners at a lower cost. Mining in the Sichuan region – especially this month with high risk of rain – can become more profitable, resulting in an increase in the overall hash rate.
The hash rate is a key indicator of the health and safety of the Bitcoin network. China dominates around 65% of mining worldwide Excessive rain during the rainy season can create both benefits and problems as Bitcoin miners provide additional hydropower at a lower cost. Mining in the Sichuan area, especially this month at risk of heavy rainfall, could become more profitable, resulting in an increase in the overall hash rate..
Bitcoin is changing hands for $ 10,350 after rising 0.66% in the past 24 hours.