The hashrate of the flagship cryptocurrency has seen some movement once again. The last time a movement in the hashrate of Bitcoin was noted when the Chinese government carried out the crypto crackdown in the country and caused crypto miners to shut down their mining operations and move to other destinations. This caused the hashrate to decrease immensely.
Now it has been reported that many miners have been forced to move their crypto-related operations from Kazakhstan as well. However, this has not reduced BTC’s hashrate, instead it was seen to be at an all-time high over the weekend.
Bitcoin is the largest crypto asset in the world and the value of the crypto king is undeniable. Despite the ups and downs in its price, it is the most noticeable digital asset in the market.
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Does it Positively Affect Bitcoin?
To get a better understanding of the hashrate, it is the amount of computational power that is used for transaction verification in proof-of-work blockchains, such as Bitcoin. It consumes a lot of energy, which is why, it is often criticized by people.
As mentioned above, the hashrate of Bitcoin took a dive in July last year when a majority of crypto miners had to cease their mining operations in China and move to other countries. Kazakhstan was one of the crypto-friendly countries that allowed miners to set up their operations and became the second-largest Bitcoin producer in the world.
However, due to power shortages and some political reasons, this Central Asian country is no longer as crypto-friendly as it was.
The ATH noted for Bitcoin’s hashrate is somewhat unusual, considering the miners are being forced to leave Kazakhstan as well.
As per reports, the latest BTC hashrate reading that was noted was at 209.63 EH/s on Sunday.
According to data revealed, there was a significant surge of 31.7% in the total Bitcoin hashrate on Saturday.
Some crypto enthusiasts are of the view that this is a good indication of the value that Bitcoin has, despite the ups and downs in its price.
What Should Crypto Investors Know?
Investing in crypto requires the interested parties to have some idea of the crypto space before they step into it.
Bitcoin is undoubtedly the most prominent crypto asset and the increases or decreases seen for its price greatly affect the overall crypto market.
Bitcoin is currently trading at $42,400 (at the time of writing), which is a slight drop in its price as seen in this graph by CoinMarketCap that traces the price movements over the last week.
If you are also interested in stepping into the crypto space and buying BTC then make sure you choose one of the lowest fees crypto exchanges.
As a beginner, you can invest in Bitcoin or Ethereum by clicking on SwissBorg or Kraken (U.S. citizens).
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