Bitcoin's hashrate has reached a new all-time high above 125 TH/s, according to data from Blockchain.com.
It has been 63 days since the Bitcoin halving, in which the reward given to miners for mining a block was reduced by half. Contrary to what skeptics expected, the reduction in rewards from 12.5 to 6.25 BTCs has not pushed the crypto's hashrate down due to the inability to process transactions.
Several factors have contributed to keeping a positive dynamic in the mining sector. For instance, Core Scientific has recently announced it has bought 17,000 Antminer S19 devices from Chinese mining giant Bitmain. In addition, this year we have also seen the launch of Peter Thiel-backed mining company Layer1, which aims to control 30% of the crypto's hashrate by 2021.
In addition, miners are buying new models to replace their older devices. For example, MicroBT's Whatsminer M30S++ was launched in April and Bitmain's Antminer S19 Pro in May. In terms of efficiency, these outperform their predecessors by an average of 30%.
At the same time, the price of Bitcoin has remained virtually unchanged over the past 2 months. According to Charles Edwards of Capriole Investments, the miners' increased activity is leading to an increase in the "energy value" of Bitcoin, which should boost its price.
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