Bitcoin's hash rate has just hit another new all-time high of 136 EH / s, an indication that miners are not backing down despite recent selling pressure that caused a drop in the price of BTC last week. The data on Blockchain.com suggests that the Bitcoin hashrate has been increasing steadily since the beginning of 2019.
The network is now processing up to 136 quintillion hashes per second, representing an increase of approximately 25 quintillion since the last all-time high in December of last year. The continued increase in the hash rate shows that miners aren't overly concerned about Bitcoin's current price, perhaps because they have great confidence in the cryptocurrency's potential.
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Although the bear market of 2018 forced some companies to leave the mining industry, the latest data suggests that new miners are joining the game, and may be investing in improved equipment and platforms.
This occurs approximately 70 days before the Bitcoin Halving , which is arguably one of the most significant events of the year. It will reduce block rewards from 12,5 to 6,25 BTC. This is expected to lead to fiercer competition among miners, potentially pushing the hash rate to new all-time highs in the coming months.
China undoubtedly has the largest market in the Bitcoin mining sector, as it is home to the major mining giants. As the nation continues to battle the coronavirus outbreak , the government has had to take several measures to contain the epidemic.
As expected, many businesses across the country were affected. Police reportedly had to shut down a bitcoin mining farm as a result of these measures. Three other hardware manufacturers in the country, including Bitmain and Canaan , also had to delay their after-sales services last month due to the impact of the outbreak.
