MiningPoolStats, a data-tracking website has recently shared information pertaining to Bitcoin mining. The firm has revealed that the hash rate for Bitcoin mining has risen tremendously.
The report shared by the data tracking website has shown that a new record has been hit in terms of Bitcoin mining hashrate.
The data gathered by MiningPoolStats has revealed that Bitcoin mining has hit a hashrate of 300 EH/s. This is the new record that has been recorded for Bitcoin mining.
The tremendous rise in the hashrate suggests that the adoption of the network has risen significantly. This means that many people and investors are becoming part of Bitcoin.
As more investors become part of the Bitcoin community and keep on investing in Bitcoin, its adoption rate would continue rising. This would mean that the hashrate for Bitcoin would keep on rising.
As more miners become part of the mining activity, more security and protection would be granted to the network. This would make the network more attractive and increase its demand in the process.
Braiins, another major mining company has confirmed that Bitcoin mining has achieved a hashrate of 300 EH/s.
Users must be Cautious
Although Bitcoin mining hashrate has hit a new record, several users claiming to be part of the Bitcoin community are trying to warn the communities.
One user on the Twitter platform asked the Bitcoin communities not to get too excited with the hashrate hitting a new record.
As per the user, it is not wise at all to consider the daily hashrate performance to be absolute. If the hashrate actually gets pushed up, it needs to remain in the particular territory for a longer period of time.
According to the user, it is recommended that the 7-day hashrate of Bitcoin mining or altcoin mining is recorded instead of a single-day activity.
If it is not to be 7 days, then the users must pay attention to at least a 3-day hashrate of the asset before trusting its strength.
Despite the risks and possibilities, it is still exciting that the daily hashrate has hit a new record, which is quite phenomenal and promising for Bitcoin.
No Bullish Sign
One thing to clarify here is that the hashrate growing higher does not mean that Bitcoin has or will hit the bullish market.
Bitcoin is not going to hit a bullish market just because the Bitcoin mining hashrate has increased tremendously.
However, the mining hashrate does suggest that the strength of the network has grown stronger. This gives strong hope to the investors that they can start investing in Bitcoin and increase its price.
This is what allows investors to invest heavily in Bitcoin, which would increase its value in the market in near future.
This is something that Bitcoin had not witnessed throughout the year 2022. As the hashrate surged in the year 2023, it means that the network is going to gain a lot of strength, which is to push its trading price.
Claims from Other Tracking Companies
Other data tracking firms have also shared their own data collection for daily hashrate. One major firm is BTC.com which has revealed that the hashrate they have recorded for Bitcoin mining is 283.38 EH/s.
There is another firm known as Blockchain.com that has shared its data collection for mining hashrate. It has been revealed that the hashrate they have recorded for mining is 274 EH/s.
Mining Difficult Would Rise as well
According to the mining firms, as the mining hashrate for Bitcoin is rising, it is only a matter of time before the mining difficulty would also rise.
The surge in hashrate means that the mining firms have increased their mining power. With more mining power being added to the network, the mining difficulty also increases.
This also tends to increase the scarcity of Bitcoin, which would eventually create high demand for Bitcoin. This would help increase the trading price of Bitcoin in the upcoming days.