The entire industry is focused on the price of Bitcoin but miners are now worried about the increasing hashrate. Bitcoin hashrate is heading in the exact direction it should but this might be problematic for some businesses.
Cryptocurrency price is not at all going to dictate what will happen in the industry. Miners always controlled the network and made huge contributions to transactions that were processed, together with many other things. A hashrate surge can mean various different things, although it does not affect actual Bitcoin price. Price tends to determine how hashrate evolves though.
In the past few months, we saw notable increases in Bitcoin hashrate. Since the price rise appeared during the same time frame, it is not at all a surprise to notice that brand new mining hardware is moving online. This is an uptrend that is particularly notable ever since the start of 2019, with no slowing down.
When looking at the industry, it is a good sign, but it shows that things behind the scenes go according to a plan.
Bitcoin hashrate did suddenly surge to the all-time high value. Overall mining power hit 69 exohash per second, which means bringing hardware online.
Rumors go around the mining community that a brand new ASIC unit will be launched, although it is not confirmed by anyone. If the rumor is true, Bitfury will be a very interesting candidate.
As the BTC hashrate keeps climbing, no problems should appear in connection to delayed transactions. Spam attacks can create the small transactions that would fill up the block space that is available.
It is a certainty that Bitcoin needs a really good scaling solution, unless Lightning Network is quickly adopted by the masses.
No matter what you might think, the new Bitcoin hashrate surge is something that is positive. This practically shows the fact that mining is profitable for most people involved, although it is not actually known who is doing the mining. It is also not known if the BTC that is now mined is going to be sold in order to offset costs or it will remain in the wallets. This is an interesting situation that should be analyzed by many in the industry since it shows huge promise in the future.
