Bitcoin mining power is recovering as more miners reconnect to the network, pushing the blockchain's computing power back to June levels.
It seems that the days of crisis in Bitcoin (BTC), the most powerful network in the world and the cryptocurrency Bitcoin's hash rate, or its computing or mining power, has recovered by 17% since the end of July. Now, the hash rate levels of this blockchain They are back to what we saw two months ago, in mid-June.
According to data from Blockchain.com, Bitcoin mining power exceeds 114,06 PE/s at the time of writing. Recovery is taking place as more miners reconnect their rigs to the network.
Source: Blockchain.com
Hash rate is a key indicator of Bitcoin's power and security, reflecting how robust and powerful its network is. This metric is also related to the mining difficulty, an essential value in the Bitcoin protocol that ensures that the network's blocks are mined within the time allotted according to its design, which is approximately every 10 minutes.
At the time of writing, Bitcoin's mining difficulty is 14,4 trillion and is expected to rise to over 15,6 trillion in the next few hours. The difficulty is automatically adjusted, up or down, every 2.016 mins on the network based on the computing 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 of the operators of these devices have now found a place to plug in their equipment and get back to business. In addition, major companies in the industry are also making significant investments to boost their business and strengthen the network.
For example, several mining groups that were expelled from China are moving their equipment to Kazakhstan, Russia, the United States and even Dubai. There are also those who are coordinating with Latin American countries to settle in this region, which in recent weeks has been promoting laws friendly to 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 setting up in Paraguay, and that one of them has already agreed to install around 90.000 BTC mining rigs in the country in the coming months.
In terms of 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 BTC miners model S19j Pro from the manufacturer Bitmain that will be installed next year, as reported in a statement. releaseWith 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 to reported, the oil company signed an alliance with Optimum Mining Host to expand into the world of digital assets and install crypto mining farms in 3 natural gas producing areas in Canada, which will provide energy and power the hardware equipment.
Zoltan Nagy, CEO of Black Rock Petroleum Company, says that his company has all the potential to expand into the bitcoin mining business; an activity that has become practically an industry that generates and distributes 43 million in daily revenue and nearly half a billion a month between its participants.
At the time of writing, BTC is trading at $45.200 per unit.
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