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Processing capacity (hashrate) in the Bitcoin network is approaching the values of its historical maximum when it is a week before the third occurs halving Bitcoin.
According to the Glassode charts, the hashrate Bitcoin network is very close to breaking its historical record. It should be remembered that, the network’s historical maximum was 137.31 Exhash per second on March 1, 2020. Currently Bitcoin’s processing speed is 132.79 Exahash per second.
Alejandro de La Torre, vice president of the mining pool Pooling.com, noted that after the mining reward at Bitcoin Cash and Bitcoin SV was halved, a large number of miners have migrated to the Bitcoin network. The appeal of mining on the Bitcoin network for these miners has been evident since the beginning of March if you look at the graph of hashrate.
The low profitability in the Bitcoin Chash and Bitcoin SV networks has not been the only reason why miners have decided to migrate to the Bitcoin network. According to CoinMarketcap data, on March 24 the difficulty of mining the Bitcoin network decreased to 13,913 Teras. This also made mining in Bitcoin more attractive to miners. Since then, the difficulty of the network has been increasing until reaching 15,959 Teras, and according to Cryptothis, It is expected to exceed 16 Teras in the next adjustment in the early hours of this Tuesday.
Bitcoin’s halving could have an effect on hashrate
As the halving of Bitcoin the hashrate of the network has been increasing. However, decreasing the mining reward could have a negative effect on this metric according to De La Torre. He noted that since China has a monopoly on the new generation of miners, the hashrate Bitcoin could fall as much as 30% after halving.
CryptoNews reported comments made on the involvement of the next halving in Bitcoin’s processing capacity. De La Torre said that since the European and North American markets have less capacity to obtain state-of-the-art mining equipment, this would impact the Bitcoin network.
After the next halving Bitcoin, the S9 generation of miners will become obsolete. And according to De La Torre, this generation of miners represents around 30% of Bitcoin’s processing power. In addition, various ecosystem experts have taken into account historical network data to point out that a drop in hashrate after the halving.
