In response to miners' mode of operation, the Bitcoin hashrate reached a new All-Time High (ATH). Time to shift to something new?
Although mining hardware equipment also helps with mining Bitcoin, there’s a major difference that puts rigs ahead of the curve. While hardware uses Central Processing Units CPUs, mining rigs employ the services of Graphic Processing Units .
Moreover, GPUs are better at solving the cryptographic equations needed to verify transactions on a blockchain than CPUs. In response to the mode of operation, the Bitcoin hashrate reached a new All-Time High . The hash rate reflects the computational power dedicated to securing the Bitcoin network. It is used to determine the health, security, and mining difficulty of a blockchain network.
So, the increase in hashrate implies that miners are continually dedicated to ensuring maximum security on the Bitcoin network. But how has this affected miners’ outlook on the BTC market?The difficulty ribbon acts as a visual representation of the network mining difficulty relative to Bitcoin’s price.
As new coins are mined into existence, miners sell some of their coins to pay for production costs. This produces bearish price pressure on the BTC value .of their coins to remain operational, they capitulate. Also, the hashing power and network difficulty reduce in this instance. This leaves only the strong, who sell less, leaving more room for more bullish price action .At press time, Glassnode showed that the difficult ribbon had compressed.
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