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Author Topic: Bitcoin hash rate at all-time highs again  (Read 223 times)
EarthToken
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September 16, 2019, 11:53:01 AM
 #1

The total computer power that is directed to the Bitcoin network has reached an all-time high again. The measurement of this metric is known as the “hashrate” and it is a good way of measuring the security of the network. The network hit a new high of 85 exahashes (EH/s) last week and the mining difficulty about 12 trillion. Read more here: https://www.cryptofish.com/blog/bitcoin-hash-rate-at-all-time-highs-again/

Does price lead hashrate or does hashrate lead price?
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September 16, 2019, 01:54:43 PM
 #2

I was taking a look at blockchain.com website, hash rate has been constantly increasing and reaching new highs every month since May 2019.
When price increases, we usually see a hash rate increase as well. We are in a bull run this year, so this was kind of expected. But it is a good indictor indeed.

You can see it here on this picture from blockchain.info


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September 16, 2019, 02:33:37 PM
 #3

It would be great to see that chart overplayed onto the price chart to see which one moves ahead (so to speak). Price moved up earlier this year, causing more miners to come on board, so probably hash rate follows price?
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September 16, 2019, 02:38:33 PM
 #4

It would be great to see that chart overplayed onto the price chart to see which one moves ahead (so to speak). Price moved up earlier this year, causing more miners to come on board, so probably hash rate follows price?

it is one of the many factors but at a slower response rate (meaning it happens a while after the price went up already).

but i believe this particular spike in hashrate is due to Bitmain getting ready to release a new version of their ASIC miner with more efficiency hence a higher hashrate. they usually test these things out and there is always a spike like this.

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September 16, 2019, 03:42:16 PM
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 #5

It would be great to see that chart overplayed onto the price chart to see which one moves ahead (so to speak).
You can do this easily using https://bitinfocharts.com.

Here's what the last 2 years looks like on a linear scale (click to go to site for full screen):


As you can see, there is no strong correlation. The hashrate started to climb along with the start of the big bull run back at the end of 2017. There was a dip in hashrate which corresponded to the dip in price from $6k to $3k at the end of last year. Beyond that, the hashrate has been on a fairly static upward trend regardless of what the price was doing.

If you zoom out to all data, and plot it on a log scale, it becomes a little more interesting:


Whether or not this apparent correlation means anything is highly dubious though. You can manipulate scales and time frames for two sets of data like this to prove almost anything you want.

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September 16, 2019, 05:29:17 PM
 #6

[...]
We are in a bull run this year, so this was kind of expected. But it is a good indictor indeed.
[...]

Are we? I think we're still far from bull run. Yes, price of Bitcoin has risen but, still market is in pain yet.

Would not be so sure. BTC halving in May 2020 is a major bullish factor, and it looks like miners are aware of it, and preparing in advance (so then there will be no such mining rig frenzy like in 2017).

The question is whether halving will exhaust bulls and end bull market for 2020, or not.

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September 16, 2019, 05:43:14 PM
 #7

One big factor why even if we aren't near the all time high and still the hash rate is up is because of the low network fees we have. Way back 2017 when the network fees are unbelievably you will see that the hash rates started to fall down. Now that we mitigated that cost for the miners this made Bitcoin mining much more appealing for them even if we are just at the 10,000$ level. The hash rate will still go up as soon as the prices starts to go back up again and I believe it will with a lot of new miners entering the market as well as the old ones resuming their operations again we won't have to worry about losing any hash rate any time soon.

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September 16, 2019, 10:59:28 PM
 #8

I see that an ever increasing hast rate is a good sign for Bitcoin and its stakeholders and I assume there are interesting things
that are about to happen soon! I was even wondering  if some of those computing power came from some of its forked cousins?
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September 17, 2019, 03:23:08 AM
 #9

[...]
We are in a bull run this year, so this was kind of expected. But it is a good indictor indeed.
[...]

Are we? I think we're still far from bull run. Yes, price of Bitcoin has risen but, still market is in pain yet.

Would not be so sure. BTC halving in May 2020 is a major bullish factor, and it looks like miners are aware of it, and preparing in advance (so then there will be no such mining rig frenzy like in 2017).

The question is whether halving will exhaust bulls and end bull market for 2020, or not.

if this rise were a reaction to the price rise then it is the rise that happened so far this year from $31000 to $10000 (a 220% rise) not because of a rise that may come in the future because of halving! if miners start thinking that way then they should increase their hashrate every single day because one way or another there is a price rise coming to bitcoin.

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September 17, 2019, 06:38:58 AM
 #10

I am still planing to buy one of the fastest asic miner to start mining bitcoin but since the difficulty have reach a new high i bet bitmain will release better asic miners so i will have to wait and see, i don't want to end up with miners that we be obsolete in few years

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September 17, 2019, 06:45:47 AM
 #11

With all this hash power available and steady investment probably for years ahead into the sector, would the BTC protocol ever change to reduce block times and use that hash power in a different way rather then raising difficulty to maintain 10 minutes.    I guess there has always been a reason not to do this but I was thinking it was mostly down to latency across the internet which might be improving in the age of mass fibre optic roll out in many countries.   Would it lower security, raise problems to alter block time and so is never likely to happen ?   Just wondering if there any greater side effect or benefit to this higher hash rate.

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September 17, 2019, 07:55:34 AM
Last edit: September 17, 2019, 11:43:31 AM by stompix
 #12

One big factor why even if we aren't near the all time high and still the hash rate is up is because of the low network fees we have. Way back 2017 when the network fees are unbelievably you will see that the hash rates started to fall down. Now that we mitigated that cost for the miners this made Bitcoin mining much more appealing for them even if we are just at the 10,000$ level

Lol, what are you saying?
MIners profit from high fees as this adds to their reward mined per block, a clogged network with high fees would make mining more profitable and thus push them to add more gear and by doing so increase the hashrate .

Ignoring that we were at 60exa with 4000$ per btc so considering the spike in efficiency we could probably reach 150 by the end of the year even without a further increase in price, but this only if there is going to be enough gear produced and delivered by then which I'm starting to doubt.

LE:
Whether or not this apparent correlation means anything is highly dubious though. You can manipulate scales and time frames for two sets of data like this to prove almost anything you want.

Comparing price and pure hashrate won't show anything, hashrate will grow even if the price will go down because of increased efficiency per kw consumed.
So the only way to create a meaningful graphic would be to take those two

a) Reward per block value in usd
b) Hashrate electricity costs (based on the most common miner at the time) at a 0.1 or 0.05 cents/kwh

But it's time-consuming research that would simply tell us what we all know already.

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September 22, 2019, 01:31:02 PM
 #13

[...]
We are in a bull run this year, so this was kind of expected. But it is a good indictor indeed.
[...]

Are we? I think we're still far from bull run. Yes, price of Bitcoin has risen but, still market is in pain yet.

Would not be so sure. BTC halving in May 2020 is a major bullish factor, and it looks like miners are aware of it, and preparing in advance (so then there will be no such mining rig frenzy like in 2017).

The question is whether halving will exhaust bulls and end bull market for 2020, or not.

I'm not sure that the miners issue has so much impact on the price. Because everyone was saying that if the Bitcoin price fell below $ 6,000, the miners would suffer. However, Bitcoin declined to $ 3,000 and stayed there. Still, as said, the miners did not stop mining.

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September 22, 2019, 05:08:27 PM
 #14

I'm not sure that the miners issue has so much impact on the price. Because everyone was saying that if the Bitcoin price fell below $ 6,000, the miners would suffer. However, Bitcoin declined to $ 3,000 and stayed there. Still, as said, the miners did not stop mining.
This was being said because mining at that price would mean they would be at a loss. The mining cost would be higher than profit. But this doesn't mean they have to sell everything at a loss.

When you start a company you are usually at a loss because you have to buy stuff on credit. A worker needs machines to be able to work he needs cars he needs to pay employees to start a job but he knows he'll get paid when the job is done when he fulfills a contract. Miners can also be at a loss for some time and they were but the demand for bitcoin rose and everything was fine.

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September 22, 2019, 05:19:09 PM
 #15

The total computer power that is directed to the Bitcoin network has reached an all-time high again. The measurement of this metric is known as the “hashrate” and it is a good way of measuring the security of the network. The network hit a new high of 85 exahashes (EH/s) last week and the mining difficulty about 12 trillion.
Does price lead hashrate or does hashrate lead price?

Neither, unless you mean the downward direction.

Unless you live under a rock, you should have noticed this year the market has been flooded with last generation asic miners, those are commonly around 50 TH/s at around 2600w vs the 4 year old 12TH/S for 1400w.

In fact, the manufacturers can't cope with the demand, but they have been delivering, more or less, with the usual Chinese suspect leading (tho they are all Chinese nowdays).

Given a flat bitcoin price, this hashrate increase makes mining less and less profitable. Usually bitcoin price increases (for different reasons) and compensates this, but not in exact proportion. In fact, it has become less and less profitable and will eventually become unprofitable at all, even with higher bitcoin prices.

Large scale mining has its days counted. It might take a few more years, but not much longer large miners will be able to continue. Only those hobbyists with small setups and free electricity options will remain in the future.



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September 22, 2019, 05:54:28 PM
 #16

[...]
We are in a bull run this year, so this was kind of expected. But it is a good indictor indeed.
[...]

Are we? I think we're still far from bull run. Yes, price of Bitcoin has risen but, still market is in pain yet.
I'd say we had more of a correction after being oversold, I do expect a true blue bull run in due time where we see higher highs but I do enjoy the slow and steady rises. This market cycle is looking promises with how mainstream we're getting.

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September 22, 2019, 06:11:10 PM
 #17

I'm not sure that the miners issue has so much impact on the price. Because everyone was saying that if the Bitcoin price fell below $ 6,000, the miners would suffer. However, Bitcoin declined to $ 3,000 and stayed there. Still, as said, the miners did not stop mining.
This was being said because mining at that price would mean they would be at a loss. The mining cost would be higher than profit. But this doesn't mean they have to sell everything at a loss.

When you start a company you are usually at a loss because you have to buy stuff on credit. A worker needs machines to be able to work he needs cars he needs to pay employees to start a job but he knows he'll get paid when the job is done when he fulfills a contract. Miners can also be at a loss for some time and they were but the demand for bitcoin rose and everything was fine.

As a result, they did, but they continued to work and remain in the network. So as long as they trust Bitcoin's future, the miners will stay where they are.

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September 22, 2019, 06:43:14 PM
 #18

Bitcoin hash rate has risen up very much but it doesn't seem that it affected Bitcoin price. Still, this will be very good for Bitcoin. Besides, I wasn't expecting to see that Bitcoin hash rate go up this much in a short time.

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September 23, 2019, 07:11:31 AM
 #19

Well, this proves that technology are growing in fast rate before you can mine bitcoins using your cpu and it upgraded to GPU and it upgraded to ASIC miners but i think that the reason why the hashrate is very high today is because of asic miners and manufacturers upgrading in even higher specs just to attract buyers and miners anyway, this is the proof that the technology evolves so fast as time goes by.

Bitcoin hash rate has risen up very much but it doesn't seem that it affected Bitcoin price. Still, this will be very good for Bitcoin. Besides, I wasn't expecting to see that Bitcoin hash rate go up this much in a short time.

Well it doesn't affect the bitcoin price but the problem is the hashrate is getting higher and higher so, the miners had to upgrade their miners to keep up and maintain their profitability

 
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September 23, 2019, 02:23:36 PM
 #20

As well it could be so, that miners are certain about a huge bull run before BTC halving in May. Therefore hoarding it now and HODLing it for a couple of months would be a reasonable thing to do.

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