- Bitcoin hash-rate jumped considerably reaching several record milestones.
- A hash rate of around 140 EH/s has been recorded after halving.
- A higher hash-rate means greater competition among crypto miners to process transactions.
Bitcoin [BTC] halving came with a lot of positive outlook globally. Many media outlets, news publications and major crypto influencers are reportedly holding events to mark this halving. Some are even doing giveaways to celebrate this occurrence. Miners are also not left out of these celebrations, as they are already deploying their machines in hopes to push the hash-rate of the coin to a New All-Time High quickly.
Hash-rate at ATH of 140 EH/s
A hash rate of around 140 EH/s has been recorded. Although this is a minor improvement over the previous ATH recorded in March this year, it was quite surprising, as the overall sentiment is that there will be a massive reduction in the hash-rate of BTC, which many people are preparing for.
The hash-rate, which was ranging between 133-135 EH/s around the first week of March, was expected to be the highest for an extended period to come.
Are Miners Bullish?
With the price of BTC lower than it was four days ago, it is quite clear that miners are probably increasing the number of machines they have, or old miners are coming back into the game. This spike in the numbers of miners could be as a result of them trying to mine the last block before the halving, or the first one after.
Harsh-rate Likely to Maintain Upward Trajectory
Importantly, it is expected that the hash-rate and difficulty adjustments would take around 3-4 weeks to find equilibrium.
So this new ATH hash-rate is likely to be the highest for the year. However, if the numbers of miners keep on increasing, the hash-rate could keep going upwards for the rest of the year.
Also, going by events following the halving that occurred in 2016, the price dropped over 25% in a month. This was followed by a long period of market consolidation around the support level. However, the hash-rate did not drop. It continued to increase, and it has ever since.
Currently, there is heightened volatility in BTC price. The positive outlook across social media is also at All-Time High (ATH), so it is almost impossible to make an excellent prediction of what the future holds for BTC miners.