Bitcoin’s Hashrate Rises to a New All Time High

bitcoin hashrate July 10 2020

Demand for bitcoin mining has now jumped to a new all time high after a rare period of much volatility in bitcoin’s hashrate that began in March and saw it fall as well as rise by 40% or more. Between March and April bitcoin’s hashrate oscillated from 120 petahashes per second (ph/s) to 90, and then again in May. In June however the hashrate fall was smaller, from 117 ph/s to 105, indicating the situation was beginning to stabilize. Now with its rise above 125 ph/s as pictured above, it may suggest bitcoin mining confidence is beginning to return. The hashrate fall in March was to be expected because price more than halved within a short time after the lockdowns were announced. Why it then again fell in May, however, is not too clear but it may be because of floodings in China. The oscillations therefore were probably due to…

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