It is evident that from the past few weeks, Bitcoin is remaining in quite a big action as its price is increasing very impressively. Now, this was quite obvious that with such a huge price increase, the hash rate will ultimately increase. According to an analyst, Coinwarz, the Bitcoin hash rate has increased by around 30% in the past 24 hours. This also indicates that with such a huge increase, Bitcoin’s difficulty is also going to increase anytime soon. Bitcoin Hash Rate Counts at 160 EX/s According to the current data, the Bitcoin hash rate currently counts at 160 EH/s which recently got increased from 157.5 EH/s. Along with this, at the present moment, the hash power of Bitcoin has increased by around 42% in the past two days. Back in October, there was a huge decline in Bitcoin hash power which indicated towards the end of a season in the Chinese mining hub. Now this sudden increase in Bitcoin has rate is related to the migration of Chinese miners from Sichuan to other mining hubs in the country. It is also indicated that the Bitcoin network is soon going to have a significant mining difficulty adjustment. The Second-Largest Downward Adjustment for Bitcoin It is revealed that non-Chinese miners have been enjoying the increased profit, which happened after the migration of miners from Sichuan. This migration took place in October and led to a 16% negative difficulty adjustment. This downward adjustment is the second largest one in the entire history of Bitcoin. En+ Group, a Russian firm that is the largest generator of hydroelectric power across the world has also announced to launch a crypto mining venture. This mining venture will be launched through En+ Group’s partnership with BitRiver. Despite such a huge increase in the Bitcoin hash rate, it is yet to be seen how the market will perform in this regard.
The post Bitcoin Hash Rate Increases by 42% in Two Days: Analyst appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
