The Bitcoin mining hash rate has hit a new all-time high of 98.5 EH/s as of 10 September 2019. This is up roughly 300% since December when the hash rate dropped as low as 32 EH/s, coinciding with Bitcoin’s bear market low near USD 3,000.
Additionally, this new all-time high hash rate is 60% higher than the peak of 62 EH/s recorded in August 2018 before the bear market began to cause the mining industry to contract. In other words, the Bitcoin mining industry is now far healthier than ever before, and the security of the Bitcoin network is higher than ever before.
Bitcoin mining difficulty is also at a new all-time high of nearly 12 trillion, meaning it is harder than ever before to mine Bitcoin, or equivalently each unit of hash rate earns less Bitcoin. This is due to a new line of application-specific integrated circuits (ASICs) with 55 TH/s of mining power hitting the market this summer. If it is assumed that the hash rate rise since June is all due to these new 55 TH/s ASICs, that means over half a million of these top of the line mining rigs have come online, which would generate USD 1 billion of revenue for Bitcoin mining manufacturers.
It remains to be seen if the Bitcoin mining hash rate continues to rise from this all-time high. The Bitcoin price will have to rise off of the $10,000 level in order to make that happen.
Image Courtesy: Pixabay