Bitcoin Hash Rate Breaks New Records as Miners Shake Off Price Drop

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  • Bitcoin hash rate shatters record levels to reach 140 EH/s as miners remain defiant ahead of the May 2020 halving

The Bitcoin price index has recently dropped by over 22% from the high of USD 10,400 to as low as USD 8,070. But that hasn’t deterred miners at all from contributing bigger and bigger computing resources to the Bitcoin network in the face of the May 2020 halving. As a result, Bitcoin hash rate reached record levels recently with as much as 140 Exa Hash per second (EH/s) being reported by some monitoring organizations.

These are record levels of mining power being dedicated to the system the likes of which haven’t been seen in the all-time mining statistics of the Bitcoin network. While the network has regularly shattered records in the anticipation of the May 2020 Bitcoin halving process, recently it has gained further steam in spite of the recent sizeable price tank that pulled the price index back around 22%.

Bitcoin 1-year hash rate chart

This behavior of the mining community shows that they are unfazed by the latest price dynamics and are doing everything they can to maximize returns before the May 2020 halving kicks and reduces the block rewards. Miners believe that with less supply, the existing Bitcoin will become way more valuable and thus, they aren’t selling them on the market as well.

The whole market is abuzz with the latest halving news and developments but one thing is clear: Bitcoin will continue to shatter mining records in the future even after the halving process itself.

 

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