Bitcoin’s mining power picks up as more miners reconnect to the network, raising the blockchain’s computational power to June levels.
It seems that the days of crisis in Bitcoin (BTC)the most powerful network in the world and the cryptocurrency most important in the market, they are already a thing of the past. Bitcoin’s hash rate, or its computational or mining power, has recovered 17% since the end of July. Now, the hash rate levels of this blockchain They are back in the seen two months ago, in mid-June.
According to data from Blockchain.com, the mining power of Bitcoin exceeds 114.06 EH/s at the time of writing this article. The recovery is taking place as more miners reconnect their equipment to the network.
The hash rate is a key indicator of the strength and security of Bitcoin, reflecting how robust and powerful its network is. Also, this metric is related to the mining difficultyan essential value in the Bitcoin protocol that ensures that the network’s blocks are mined at the time set by its design, which is approximately every 10 minutes.
At the time of this edition, the Bitcoin mining difficulty is 14.4 trillion and it is estimated that in the next few hours it will increase to more than 15.6 trillion. The difficulty is automatically adjusted, ascending or descending, every 2,016 mined on the network according to the computational power or hash rate.
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New investments in Bitcoin miners
Despite the havoc wrought by China’s crackdown on Bitcoin miners, many Bitcoin miner operators have now found a place to plug in their equipment and get back to business. In addition, large companies in the industry are also making significant investments to boost their business and strengthen the network.
For example, several mining groups that were kicked out of China are moving their equipment to Kazakhstan, Russia, the United States, and even Dubai. Also, there are those who are coordinating with Latin American countries to settle in this region, which in recent weeks has been promoting friendly laws with the crypto industry to encourage investment and development. In this sense, the CEO of Digital Assets, Juanjo Benítez, revealed that several mining groups are interested in settling in Paraguay, and that one of them has already agreed to install about 90,000 BTC mining equipment in the country in the coming months.
As for investments, Marathon Patent Group, one of the leading crypto mining companies in North America, recently invested $120 million in the purchase of 30,000 new S19j Pro model BTC miners from the manufacturer Bitmain that will be installed next year, as reported in a release. With this acquisition, Marathon would be operating more than 130,000 BTC miners, with an approximate power of 13.3 EH/s on the network.
Likewise, some companies dedicated to other businesses are showing great interest in cryptocurrency mining. Black Rock Petroleum Company, a company dedicated to oil and gas exploration and the distribution of equipment for this industry, wants to invest in 1 million BTC mining equipment. According reportedthe oil company signed an alliance with Optimum Mining Host to expand in the world of digital assets and install crypto mining farms in 3 natural gas producing areas in Canada, which provide energy and drive hardware equipment.
Zoltan Nagy, CEO of Black Rock Petroleum Company, assures that his company has all the potential to expand in the bitcoin mining business; an activity that has practically become an industry that generates and distributes $43 million in revenue per day and almost half a billion per month per month among its participants.
At press time, the price of BTC in the markets is $45,200 per unit.
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