With Bitcoin’s third halving event approaching nearer and nearer, BTC mining hash rate is against pushing into record highs.
After the mid-March price crash, Bitcoin (BTC) hash rate posted a new all-time high (ATH) of more than 142 exahashes per second (EX/s) on March 3. The new record beat out the previous ATH of 123 EX/s posted on March 8.
BTC hashing power crashed 40% in two weeks after setting its previous ATH on March 8- dropping from 123 EX/s to just 75 EX/s. However, with prices bouncing back, the following six weeks saw hash rate gains with 90%.
Analysts speculate that a combination of rising crypto prices and outdated older ASICs amid the halving has contributed to hash power nearly doubling in less than two months.
Johnson Xu, the head of research and analytics at TokenInsight, predicted shortly after the halving transpires that:
“a large percentage of older generation miners such as S9s will be shut down”
Despite the disruptions the event has on the mining sector, Johnson describes the halving as
“a healthy rebalance to force the network to re-adjust itself into an efficient network where miners can make sufficient margin.”
“The bitcoin halving will result in the network in short term chaos, however, once the difficulty adjustment kicks in and self-adjust to an equilibrium state, we will see the bitcoin network back to a stable position quickly.”