RATE Group | Hashrate goes up as Bitcoin price goes down
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Hashrate goes up as Bitcoin price goes down

24 Oct Hashrate goes up as Bitcoin price goes down

Posted at 11:50h in Bitcoin News by

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  • Bitcoin hash rate hit the new all-time high despite the price decrease.
  • The growing mining difficulty makes the mining business unprofitable.

Bitcoin hash rate has settled above 100 EH/s and hit another record high at 114 EH/s despite the collapsing market., according to the data from blockchain.info.

Notably, the aggregate mining difficulty is growing even though the most popular miners Antminer S9 are operating at a loss when the cost of electricity is higher than $0.06 kWh. 

“S9 is technically shut down now at $0.06/KWh  (And this is not counting operating cost and all other misc cost),” Dovey Wan (@DoveyWan) noted on her Twitter. 
Meanwhile, these devices are responsible for about 50% of the total bitcoin hash rate. 

Also, it is worth noting, that bitcoin’s hashrate has been growing even despite the price decrease. The so-called crypto winter of 2018 did not stop the metric from its stellar growth. 

The Chinese manufacturer of cryptocurrency…

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