Cryptocurrency Miners Ignore the Bitcoin Price Fall, Focus on Expansion Instead

The recent decline in cryptocurrency prices has cast a shadow on several aspects of the digital currencies space. However, one area where this bearish outlook has not extended to is cryptocurrency mining. 

The Hash Factor is an Indicator

According to a report from Bloomberg, bitcoin mining has remained profitable for some miners who have improved their investments and efficiencies in the space — even against the continued bitcoin price drops.

One of the indicators of this has been the increased hashrate, which is the computing ability for mining bitcoin measured on the Bitcoin network. The increased hashrate corresponds with additional investments made by miners into computing power.

At the start of August 2018, Bitcoinist reported that the Bitcoin network’s hashrate had recorded an all-time high of 52 quintillion hashes per second. This ties in with a hashrate growth that started in late 2017 and has extended into 2018. During this period, some of the larger players in the…