Even though we reported earlier how the Bitcoin network hashpower had started to drop off when the Bitcoin price started slipping, it looks like the missing hashrate has returned in spectacular fashion. In fact, the charts have peaked well above the 1,000 petahash mark over the past 12 hours, indicating somebody is adding a lot of hardware to Bitcoin mining in general.
Also read: Popular Digital Currency Bitcoin Is Nowhere Close To Dying Just Yet Bitcoin Mining Hashpower Is Coming Back
TheMerkle_Bitcoin Mining Hashpower As soon as the Bitcoin price started slipping a few days ago, many people were worried about how low we could go. When the resistance at US$350 was thoroughly tested, a lot of traders were calling for sub-US$200 prices in the very near future. However, that doom scenario never happened, and Bitcoin miners seem to flock back to the network in force.
A drop in Bitcoin hashpower is nothing new under the sun, as the charts will indicate there have been various peaks and lows throughout the course of the past seven years. In most cases, the missing hashpower returns to the network shortly afterwards, and in some cases, it looks like even more mining hardware came online all of a sudden.
This is one of those cases, as we reported yesterday how there was a very small dip in the total amount of computational power pointed at the Bitcoin network. No big losses were recorded, although roughly 200 Petahash was moved elsewhere for an unknown reason. Looking at the charts today, the missing hashpower has returned in spectacular fashion.
To be more precise, there is even more mining hardware pointed at the Bitcoin network than even before. The previous peak was recorded just shy of the 1,000 Petahash mark, but that record has been shattered […]
