Despite Recent Market Issues, Bitcoin Hashrate Is Still Soaring

Bitcoin hashrate, the processing power that its used to issue new cryptocurrency and manage the transactions to maintain a healthy blockchain, is still going strong and rising despite the poor performance that bitcoin has had in the markets lately, losing more than 70% of its value since last December, when it skyrocketed to $15,000+ level, gaining notoriety worldwide. This means that people are expecting the cryptocurrency market to grow more and more in at medium or long term.
This phenomenon has to do with how investors and miners view the cryptocurrency market in the future: clearly, miners (the ones that own the hardware that runs bitcoin) are still waiting for the price to go up, and they have spent their money in consequence. According to the source, the hashrate of the complete network has grown more than 100% in four months, and it has more than tripled since last year.
For some, this could defy logic in a sense, because at these market prices miners in some regions are barely making any money and maintaining their machines just waiting for the price to go up. In a way this is true, but mining startups are trying to be prepared for the positive period that many analysts and crypto experts have predicted for the last three months of the year.
This hashrate is expected to keep growing at the same rate or at higher rates because some areas are already offering incentives and discounts to mining companies in the energy rates. Also, the energy consumption of mining hardware has been going down, and the new wave of miners will be more efficient than the current one, making mining less expensive and giving more breathing room to startups to find profitability.
The most hashrate that a network has, the more secure it is; that is why this constant growth is also a good thing for traders and people just wanting to use cryptocurrencies for everyday payments. But it will reach the desired profitability? No one knows.

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