lirik lagu hell - mining pool operator says- ‘bitcoin hash rate follows price’
bitcoin(btc) mining hash rate spiked at all-time high (ath) in the first week of january. with well-built uptrend in price, the total rate breached the 120m th/s. the hash rate is the speed at which a computer completes an operation in the bitcoin code. when mining increases the opportunity of discovering the next block, the rate will become higher. ethan vera, the us-mining pool operator from luxor mining pool explained the bitcoin magazine that the upward trend of the rate is due to the re-instating of old miners which has now become profitable above $6500-$7000
chinese dominance
the mining pool operator also illuminated light on the actuality of the global scenario with chinese dominance. currently, china is dominating 60% of the population of miners. additionally, he also cited that few mining pools in china frequently imparts exclusive mining pools to the sizeable amount of private miners. this results in excluding the hash rate from mainstream mining calculations. furthermore, many other countries also lend their hash rates to the major chunk of chinese pools due to reliability and liquidity. according to the latest estimates, almost 90% of total mining pools are employing in china
hash rate follows price
though bitmain’s new s17+ miners have punched the markets in the recent time. in spite of that, old miners still dominate the total hash rate. the ascending rate portrays the signal strength of the complete network. though the high hash rate strengthens the network, it also accelerates the selling pressure on the market. statistically, it can be viewed that ribbon is still in a position of the squeeze in spite of rising rate
thus, according to the latest crypto news, the prolong price range along with new miners could further cause surrendering of old miners. nevertheless, an uptrend in price could amplify the ribbon reinforcing a bull run
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