Bitcoin’s hashrate has seemingly been recovering in the last few months, after hitting a low of little over 32 million TH/s when miners were struggling to stay afloat because of the bear market. While the cryptocurrency’s price hasn’t yet fully recovered, it appears miners are showing renewed confidence in it happening.
In November of last year Bitcoin’s hashrate was plummeting as the cryptocurrency’s price went from trading sideways at the $6,000 to a low of $3,200 by the end of the year, before it started to recover.
Because of the price drop, most miners started struggling to stay afloat and were eventually forced to shut down their machines. This, in turn, saw the difficulty drop significantly. As the flagship cryptocurrency’s price started to recover, reaching a high above the $4,000 mark, miners started turning their machines back on.
Soon after, BTC’s mining difficulty adjusted 10% upwards, breaking a months-long downward trend caused by the bear market. Now, available data shows BTC’s hashrate has risen about 35% from its recent low
Bitcoin’s hashrate is up over 35% in the last 3 months.— DRIVE Markets (@DriveMarkets) January 16, 2019
November 2018: 32 million TH/s
Today: 43.5 million TH/s
Bitcoin is once again becoming profitable for more miners. pic.twitter.com/2L642jtq8K
Bitcoin itself has been recovering from various sell-offs that saw its price drop to about $3,550, as it’s currently trading at $3,660 even after falling 0.3% in the last 24-hour period. Its market cap is at $64 billion.
While it’s unclear whether most miners are currently able to make a profit paying retail electricity prices, large-scale mining operations are likely being able to stay afloat. According to a report published by blockchain research firm Diar back in October, mining while enduring retail energy costs was becoming unprofitable at the $6,400 mark.