Despite the energy crisis, the phenomenon of bitcoin (BTC) mining is still very much alive, although many miners are having a hard time. Still, public BTC miners keep their spirits up. TBy the end of this year they want to have considerably more computing power.
Bitcoin hashrate must be even higher
That writes Arcane Research. The combined hashrate of public miners on the Bitcoin network should reach 80.7 exahash per second (EH/s) by the end of this year, according to this blockchain analyst. Many public miners are planning to increase their computing power, which capacity should slowly come online in the near future.
Lately, the hashrate is already on the rise, indicating that the network itself is very robust despite the low prices. Unfortunately, this is not all good news. Due to the high activity, the mining difficulty also went up a lot. Miners are therefore less easily paid for their work, while they put a lot of effort into the network and the bitcoin price has fallen sharply.
According to Arcane Research, the high hashrate is not done yet. At the time of writing, it stands at about 270 EH/s. The public miners currently account for about 54 EH/s, or about 20% of the network. The data analyst has examined the expansion plans of publicly traded miners. Although the year is almost over, the plan is to add another 27 EH/s of capacity.
High hashrate not good for bitcoin price
A high hashrate does mean that the network is very active, but according to some analysts this is anything but good for the price. Some miners will be forced to sell their holdings. As a result, the supply increases, and if the demand is the same, the price decreases.
It also looks less good with Ethereum (ETH). After the Merge upgrade, many ETH miners have also started selling, and the stack of ether they are sitting on is not exactly small.