Bitcoin miners seem tension free at the current significant down price of Bitcoin, which is 71% down from the all-time high price.
The current price of Bitcoin is $19,567 and this price is up by 2.38% over the past 24 hours global trade price.
The all-time high price of Bitcoin was $69k, which hit last year, and now at current price Bitcoin is down by more than 70%. Usually, a significant downfall in the price of Bitcoin results in less support from Bitcoin miners because mining remains less profitable for mining companies.
On 2 October, Bitcoin mining difficulty was very high because the bitcoin network hitted the highest hash power, which was 240.28 million TH/s, as per available information on the popular Bitcoin wallet website Blockchain.com.
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Bitcoin mining hash rate based on the 7-day average. Source: Blockchain.com
Probably this is going to be very good news for Bitcoin investors because a high hash rate usually shows that the Bitcoin network consumes a high amount of energy to process transactions with a highly decentralized nature.
Usually, when the Bitcoin network hash rate drops then the price of Bitcoin plunges accordingly and vice versa, so here we can expect a significant increment in the price of Bitcoin in the incoming days.
Few reports claimed that the increment in the Bitcoin network hash rate may be because of the shift of the Ethereum blockchain from the Proof-of-work model to the Proof-of-stake. Experts claimed that former Ethereum miners are not getting better options over Bitcoin, so a significant number of former Ethereum miners shifted into Bitcoin mining businesses.
Read also: Vietnamese people showing significant inclination toward crypto & blockchain: Report
Despite macroeconomic concerns, Bitcoin mining power hits ATH
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