Bitcoin’s hashrate, the number of hash operations that are performed in a particular amount of time, has reached a mind-blowing number of 100 EH/s.
The spike in BTC’s hashrate goes hand in hand with mining difficulty, which automatically adjusts itself every 14 days.
As reported by U.Today, more than 600,000 new ASIC miners have entered the market since mid-June. They injected plenty of fresh hashing power into the Bitcoin network.
That’s a world of difference compared to the peak of the crypto winter that took place in December when myriad miners had no other choice but close down shop due to tanking BTC prices.
While the hashrate keeps registering new highs, there is a growing debate about whether it could serve as a precursor to Bitcoin’s future price action.