- The Bitcoin miners have returned to their interests of mining after Bitcoin’s market value climbed more than $6000 after its recent breakdown.
- The surge in bitcoin mining activity has increased the average bitcoin hash rate to more than 100 h/s.
The Bitcoin miners have returned to their interests of mining after Bitcoin’s market value climbed more than $6000 after its recent breakdown. The surge in bitcoin mining activity has increased the average bitcoin hash rate to more than 100 h/s. This activity was observed on 24th of March after the high surge of activity on the Blockchain.
Previously the mining hash rate had dropped proportionately with the market value of Bitcoin which during the time most of the miners had quit the process due to the increased loses incurred in the mining of Bitcoin.
When Bitcoin hit below $4000 in market value, every market watcher, Bitcoin miner and investors quit their activities on the Bitcoin Blockchain fearing further loses in its activity.
Bitcoin Recent Spike Bring Miners Back
Half of the increment in miners and their mining activity was seen at large when Bitcoin’s price climbed just over $5000 prior to when it had dropped below $4500 while some speculated Bitcoin to climb back and waited until it reached to gain better yields.
As of now the surge in the price has seen a steep increase of the mining activity. Another official report analysed this trend and gave rise to two conclusions, the rise in bitcoin mining was speculated because this abrupt behaviour has caused the birth of a new decentralised market cycle which shows new wave functions. Second is that Bitcoin tends to show larger market capitalization than the previous cycles compared to the new ones.
The current increase of Bitcoin market value above $6500 has favoured large pool Bitcoin miners and with the new bulls in place the miners have increased their capacity by investing into new rigs and expanding through cloud mining for higher computing power.
Russian enthusiasts have also taken a keen liking in mining while the Russian ruble is crashing against the US dollar currently and the decreased cost of power for consumption had spiralled the activity of mining to its peaks.
The only catch now is the market value of Bitcoin is lesser than the price of mining equipment and still miners continue the process at large.