Bitcoin Hash Rate Hits New Highs As Price Stays Flat ā What It Means For Miners
By Namcios Despite the unfavourable bitcoin price action against the dollar over the last few months, Bitcoin, the network, has shown an incredible amount of strength and performance almost totally opposite to its valuation. Just recently, Bitcoinās total hash rate hit a new all-time high.
However, that does not meant that the industry is not struggling. A broad miner capitulation started in the beginning of the summer as the bitcoin price took a deep plunge, erasing all gains made in the previous year. During this period of challenging environment, miners are put to the test as to whether they can maintain profitability.
Nevertheless, the current strength of the network just shows the resilience of the industry and how it is already prepared to withstand adversity. In the same way the network didnāt perish when mining was banned in China, it is well positioned to show a similar outcome in the event of a potential U.S. ban or any other attack. | 