Bitcoin Hashrate Indicators

[BTC Future 3946]

I pay close attention to a few websites that offer a few valid indicators on the course of Bitcoin's hash rate. Hashrate is important as the higher it is, the most secure is the Bitcoin Network. Bitcoin's hash rate has been climbing parabolically since it's release in 2009. There were always fake warnings about miners exiting and the network becoming compromised especially after a halving.

I'm posting this information on this section of the forum and not on "Mining" as these are statistics examined by investors and traders and do not just fall in the category of mining. Investors that want to research in-depth would probably demand to have production data. Also, these data provide an answer to how secure is the blockchain and give a good impression of miners' current sentiment. This information basically describes Bitcoin fundamentals.

 

Two months after the 3rd Halving that happened in May, we can now observe the network hash rate stabilizing and after taking a small pit-stop for miners to upgrade their equipment, we can safely say that hash rate will only go up from now on.

 

Bitcoin Difficulty Estimator ( cryptothis )

This is an amazing website I've recently found that provides various information on Bitcoin's hash rate and an estimation on the next Difficulty adjustment. 

 

Source

 

 

This is certainly giving much hope as it means more miners are running and more hash rate is being generated. As we can see by the above information it is estimated that the next difficulty adjustment will grow Bitcoin mining difficulty by 5.6%-9.8%. These estimates may change as there are still 10 days left for the next adjustment which is anticipated on 13-14 July. Still, it means that miners in total are increasing their contributions to the Bitcoin Network at this time when Bitcoin's price has dropped close to 9K. 

 

Difficulty statistics by btc.com (BTC.com is a mining pool).

These statistics and charts provided by btc.com provide a good picture of what is going on with Bitcoin mining and hash rate.

 

Source

The difficulty adjusts every 2016 blocks (which roughly take 2 weeks to be mined). As we can see after two large consecutive drops on the average hash rate the last two had been positive. Along with the first chart I posted that is estimating another rise in difficulty, it is obvious that Bitcoin never had any trouble concerning mining and hash rate.

The dust has settled and this can mean that Bitcoin's blockchain will be more secure as more miners are adding hash rate into the network. 

 

 

On a previous post on Cryptotalk, I've explained how hash rate and miners were facing problems after the halvening, and some were turning off their old ASICs.

You can find this post here. 

 

 

Edited July 5, 2020 by BTC Future