• Bitcoin (BTC) hashrate recently hit an all-time high for the second time in the last seven days, rising 20% to 251.79 EH/s.
• Crypto lenders are taking advantage of miners using their rigs as collateral, using repossessed rigs to mine Bitcoin.
• The increased hashrate is expected to lead to a 9% rise in mining difficulty, according to bitrawr.
Bitcoin (BTC) recently hit an all-time high for the second time in the last seven days, with the hashrate rising 20% to 251.79 EH/s. This impressive milestone is being attributed to the consolidation of the mining industry, with crypto lenders taking advantage of miners using their rigs as collateral. This repossession of mining rigs has allowed lenders with mining experience to venture into crypto mining, making the most of the current situation.
The hashrate spike has caused some to speculate that the mining industry is being consolidated, with “weak hands” being replaced by “strong hands”. This consolidation is expected to cause a significant increase in the mining difficulty of Bitcoin, with bitrawr estimating a 9% rise.
The recent increase in hashrate is a clear example of the power of Bitcoin mining, and how it continues to be one of the most promising industries in the world. Crypto lenders have been quick to take advantage of the situation, repossessing rigs from miners who are struggling to keep up with the competition. This has allowed them to venture into the world of crypto mining, and possibly increase their profits.
The increase in hashrate will also have an effect on the network difficulty, making it harder for miners to mine Bitcoin. This may lead to an increase in the cost of mining, making it harder for smaller miners to be profitable. Despite this, the increased hashrate is a clear indication of the strength of Bitcoin’s network, and is a sign of the industry’s continued growth.