For several months, the trading price of Bitcoin (BTC) has been going through ups and downs. The price of Bitcoin is struggling to rise over the $20,000 for a longer term, let alone hit and cross the $25k mark.
Bitcoin Mining Keeps Rising
Despite the downfall in the trading price of Bitcoin, its mining activities continue thriving. To some extent, the mining activities for Bitcoin are benefiting from the current downtrend of its price.
With the price of Bitcoin falling to an extremely lower level, many mining firms have left the market. They have deserted their mining operations and projects for Bitcoin leaving the market open for the top miners to occupy the space.
With the mining equipment for Bitcoin becoming very cheap, the major mining firms have benefited from the opportunity. They have purchased mining rigs to increase their mining power to really high levels.
Competition Continues to Grow
As not many mining firms are left in the market, the ones left are the major ones. This means that the competition has become very tight in the Bitcoin mining industry.
Now, the major mining firms are competing with each other and with strong mining forces at their back, the Bitcoin computation power has started hitting higher levels.
With the constant downfall of the cryptocurrency industry, the mining power for Bitcoin has continued to rise. As of now, the mining power for Bitcoin has now reached an all-time high level.
Bitcoin Mining Reaches an All-time High
Blockchain.com has recently shared data surrounding Bitcoin mining developments around the world. The firm has revealed that in recent days, the Bitcoin mining hash rate has started to hit new records.
According to stats, September 25 was the day when the mining rate for Bitcoin hit an all-time high. On that particular day, the mining hashrate for Bitcoin reached all the way up to 226.633 EH/s.
This was the highest recorded hash rate in a 30-day moving average. It was in early August when the mining hashrate for Bitcoin was at a low figure but it has been rising since then.
Bitcoin Mining Hashrate is Defying Price Trajectory of Bitcoin
Given the current mining hashrate for Bitcoin, its price trajectory is going in a different direction. The future price predictions for Bitcoin are either fully bearish or are showing slight chances of a bullish run.
However, Bitcoin’s overall price situation is in the negative direction. As for the hashrate, it is moving in an upward direction.
In the past, Bitcoin mining was heavily criticized for being the reason of pollution rise in the world. Countries such as China were heavily dependent on coal energy production to run Bitcoin mining operations.
Now, the situation has changed as countries such as Russia, Ukraine, El Salvador and many more are resorting to renewable energy methods to mine Bitcoin.
Russia and Ukraine are looking forward to mining Bitcoin using nuclear energy while El Salvador wants to use volcanic power to mine Bitcoin.
Over time, the mining difficulty for Bitcoin will rise tremendously, increasing its market demand. This would eventually help Bitcoin regain its market price.