Wtf is going on with the Bitcoin hashrate \ stacker news ~bitcoin

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Wtf is going on with the Bitcoin hashrate

807 sats \ 17 comments \ @028559d218 20 Nov bitcoin

Yes I know... 'hashrate' is just an estimate of the current rate.

But according to https://mempool.space/graphs/mining/hashrate-difficulty#1y

The network today just took a massive leap up in hash to a total 897 EH.

The previous high was 811 on October 30th (according to mempool.space)

897 - 811 = 86 86 / 811 x 100 % = 10.6% So an increase of over 10% above its previous high of about 3 weeks ago.

That's a 10% increase in just a few weeks. Did a large-scale mining facility just come online? It 'looks' significant on the 1 year chart... and even on the 2 and 3 year charts it looks obscene...

???

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417 sats \ 2 replies \ @kristapsk 20 Nov

I got my Avalon Nano 3 yesterday and turned it on. :D

0 sats \ 1 reply \ @krispy_donkey 20 Nov

Fellow stacker, if I wanted to start learning about devices such as the Avalon Nano 3 and home mining etc. do you have any resources you can recommend?

100 sats \ 0 replies \ @nullama 20 Nov

If you're interested to learn the actual mining process, I can recommend you to check out this open source miner. It runs with cgminer (mining software) which is also open source.

194 sats \ 0 replies \ @bren 20 Nov

It just turned profitable for lots to turn their miners back on for now.

1 sat \ 1 reply \ @CruncherDefi 20 Nov

Hashrate follows the price. If price goes up, more miners are spun up because profit margins get better.

0 sats \ 0 replies \ @028559d218 OP 20 Nov

I actually believe it's the other way around. Price follow hashrate.

0 sats \ 0 replies \ @josephbaske37 21 Nov

According to Cointelegraph, Galaxy Digital's research division projects that Bitcoin layer-2 (L2) networks could see approximately $47 billion in Bitcoin liquidity by 2030. This estimation comes as part of a broader analysis of the Bitcoin L2 ecosystem's growth, which has seen a significant increase in projects and venture capital investments. In its latest report, Galaxy Research highlighted the expansion of Bitcoin L2 ecosystems in 2024, noting a sevenfold increase in projects and around $447 million in venture capital investments to date. The report emphasized that venture funding in Bitcoin L2s has already reached $447 million, with 39% of these investments occurring in the first three quarters of 2024. Between January and September 2024, Bitcoin L2s secured $174 million in funding, with $105 million allocated to sidechains and $63 million to rollups.

0 sats \ 0 replies \ @xz 20 Nov

I might be imagining, mempools always seem more distibuted in terms of different pools picking up blocks these days.

0 sats \ 0 replies \ @alexbit 20 Nov

Number go up tech.

https://bitcoinisdata.com/hash_rate/

0 sats \ 0 replies \ @TomK 20 Nov

Mara spiked to 120.

0 sats \ 0 replies \ @josephbaske37 20 Nov

According to Odaily, recent data reveals that cross-chain transfers to Solana have exceeded $200 million over the past week. Notably, one-third of these funds were transferred using the deBridge cross-chain protocol.

0 sats \ 0 replies \ @realBitcoinDog 20 Nov

The vicious cycle of bullish continues 😈

0 sats \ 0 replies \ @OT 20 Nov

When the price goes up it makes older miners profitable again. I might guess that older miners have recently come online because of this.

0 sats \ 0 replies \ @RdioActiv 20 Nov

A good sign Bitcoin is about to moon

0 sats \ 1 reply \ @Solomonsatoshi 20 Nov

Home mining is more accessible than ever before!

Seriously though there is greatly increased incentive to deploy mining gear given the much higher price of recent weeks. There will often be mining gear not deployed sitting idle which can and is fired up when the reward incentive (BTC Price) increases substantially over short time.

0 sats \ 0 replies \ @028559d218 OP 20 Nov

I don't know however... what was so seminal about this particular exchange rate.

So at... 95k older miners are now profitable? Has someone actually done analysis on this?

In my opinion exchange rate (price) follows hashrate. In the bear market of last year... hash rate continued to go up, and go up a lot. What followed?

0 sats \ 0 replies \ @sangekrypto 20 Nov

Yes, if you look at the current conditions there seems to be an increase in Hash, is this influenced by the decline in market prices?