Bitcoin-Hashrate, the computing power of the network, last reached in November 2018. However, bitmain-driven hashrates have bottomed in the last 16 months.
Bitcoin hasp power at a 3-month high
As of yesterday, February 7, the Bitcoin Hashrat has hit hash per second, according to data from over 50 doublens Blockchain.com,
The last time the Bitcoin network's computing power reached these levels was in November 2018.
The increase in hashrates is causing new miners to join the network, as mining difficulties in 2019 dropped for the first time by about 1.5 percent at the end of January.
Bitcoinist Earlier this year, we reported that bitcoin mining improved 10% for the first time in months after the hash stabilized after the November decline.
The uptrend could be a bullish sign for the Bitcoin price as some believe miners are investing in Bitcoin's future spot price.
"The price follows the hashtag and the hash value chart continues its 9-year bull market" says Wall Street veteran, Max Keizer.
Others, like Casa CTO, Jameson Lopp, believe that it's the other way round, as miners speculate on a future Bitcoin price. Lopp explains:
Hashrate follows the price. Some people believe the price follows the hash, possibly because the hash does not simply track the spot price, but rather the speculative future price. Miners are also speculators!
Bitmain loses market share
In the first half of 2018, Bitmain's Hashrate peaked through Antpool and BTC.com. According to data from BTC.comBoth pools accounted for over 40 percent of the network's total processing power.
Their dominance has since diminished. At the time of printing, BTC.com and Antpool together control less than 30 percent of the network's hashrates Blockchain.com,
The last time Bitmain's share was so low was in early October 2017 – 17 months ago.
The second half of last year turned out to be quite challenging for the company, as rumors of massive losses in the third quarter raised serious doubts about its financial position.
Bitcoinist In late 2018, Bitmain's monopoly collapsed when the mega-mine project in Rockdale, Texas, was put on hold. The company has dismissed its entire development team for Bitcoin Cash.
In any case, Bitcoin mining seems to become increasingly decentralized as Bitmain loses access to Bitcoin mining, increasing security and preventing the possibility of an attack of 51 percent.
Is Haschraterie a good sign for the price? Do not hesitate to let us know in the comments below!
Images courtesy of Shutterstock, blockchain.com
The contribution Bitcoin Hashrate reaches 3-month high: Is the BTC price the next? first appeared on Bitcoinist.com.
Contribution Source: Bitcoin Hashrate Reaches 3-Month High: Is the BTC Price the Next?
More Bitcoin news and cryptocurrency news on TheBitcoinNews.com