- The computing power required to process bitcoin transactions—known as the hashrate—has grown by more than sixfold since November 2019.
- As bitcoin's price rises, it often incentivizes miners to join the network since it becomes more profitable, and in turn, this pushes up the hashrate.
- Since bitcoin's fourth halving event in April 2024, the hashrate has hit all-time highs, while bitcoin's price has increased by roughly 4% as of November 4, 2024.
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Its very competitive.
That is why miners who arent efficient are cut out of the system eventually.
Hashrate is a beautiful thing.