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- Bitcoin hashrate has reached an all-time high since 2022.
The increasing hash rate of bitcoin is troubling miners and mining companies. On the other hand, the surging hash rate is helping electricity companies to reduce excessive pressure to produce more energy.
The Bitcoin hash rate is defined as the amount of computational and processing power needed to mine a single block on the blockchain. The hashrate of Bitcoin has been continuously increasing since the last few months, which is ultimately making Bitcoin mining harder in comparison to earlier.
According to data from Blockchain.com The Bitcoin hash rate reached an all-time high of 267 exahashes per second (EH/s) on November 1, 2022, and has increased by 60% since the beginning of 2022.
The founder of Capriole Fund,Charles Edwards, talked about the increasing hashrate and mentioned that “New Bitcoin hash rate world record! 9% higher than the prior all-time high set just a few days ago.” he added “Large scale efficient government and oil company enterprises were entering the mining game.”
He said it was bullish and did not indicate the surrender of the miners. Nonetheless, in a short period, it could be considered a recession as miners sell coins to cover their expenses and stay in business.
Although he also noted that ” Big oil will undoubtedly become a major player.”
It appears that the big oil influence is already happening.
According to TheCoinRepublic, oil giant ExxonMobil has also begun running a pilot that converts flare gas into the energy required for bitcoin mining, and ExxonMobil has collaborated with Crusoe Energy System to start bitcoin mining in North Dakota.
Earlier, on June 19, 2022, TheCoinRepublic reported that Gazpromneft Taps BitRiver to Mine Bitcoin. Gazpromneft is a leading energy company in Russia.
The oil organisation has tapped BitRiver, Russia’s biggest mining co-area specialist co-op, to build green digital currency mining server farms on its oil fields fueled by erupted petroleum gas.
Oil Fields: Lacking vehicle availability or far-off areas will be the focus of BitRiver’s operations. The new offices will consider the development of up to two gigawatts of force limit in the following two years.
In the last week of October 2022, YPF, Argentina’s state-owned energy company, stated that they are supplying power to an unmentioned international crypto mining corporation..
The energy segment of YPF, YPF Luz’s CEO, Martin Mandarano, said that they started a 1 megawatt (MW) pilot operation three months ago in order to provide power which is generated through waste gas left after oil production.
Bitcoin mining is becoming tougher day by day and the companies/firms relying on BTC mining are experiencing great trouble because of the continuous hike in hashrate and increasing prices of electricity, which is also a major factor which is hitting mining firms hard.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
