After the fall in prices in mid-March led to a brief exodus of miners working with old hardware, Bitcoin’s hash rate (BTC) hit a new all-time high (ATH) of over 142 exahashes per second (EX / s) on March 3.
The new record beats the previous one ATH of 123 EX / s released on March 8th.
The BTC hash rate sets a new record 8 days after halving
With the third halving of Bitcoin in about three weeks The BTC mining hash rate is against hitting all-time highs.
BTC hash performance dropped 40% within two weeks after the previous ATH ended on March 8and drops from 123 EX / s to only 75 EX / s.
IndeedIn the following six weeks, the hash rate increased by 90%. Analysts speculated that A combination of the rise in crypto prices and the impending fixation of many older ASICs in the middle of the halving has helped the hash performance to almost double in less than two months.
Halving is a “healthy balance”
Talk to Cointelegraph Johnson Xu, the head of research and analysis at TokenInsight, predicted that “a large percentage of old generation miners like the S9 will be shut down shortly after halving”.
Despite the disruptions that the event has in the mining sector, Johnson describes the halving as “a healthy balance to force the network to re-hire.” in an efficient network where miners can have enough leeway “
“Halving Bitcoin will, however, lead to short-term chaos on the web. Once the difficulty adjustment is made and self-equilibrium is achieved, the Bitcoin network will quickly return to a stable position, “added Johnson.