Bitcoin's hashrate remains steady above 1 ZH/s despite market pressure

Source: CritpoTendencia Original Title: Bitcoin Hashrate Remains Steady Above 1 ZH/s Original Link: The bearish trend experienced by the wider cryptocurrency market in recent weeks has caused major problems in the mining sector. In particular, it triggered a collapse in hashprice to historic lows, which has especially impacted the margins of mining companies. Despite this, the Bitcoin hashrate has remained steady above 1 ZH/s.

According to data from Hashpriceindex.com, the computing power on the Bitcoin network fluctuates between 1.040 and 1.100 Zh/s. This is evidence that the market downturn has not been damaging enough to force massive shutdowns of mining equipment. Such a scenario means that even amid major shocks, the network remains completely secure.

Another relevant element is that this measure of computing power remains strong despite large mining companies shifting toward AI. Seventy percent of top digital mining firms are already moving their operations toward the artificial intelligence data sector.

In theory, this should cause a sharp drop in Bitcoin’s hashrate, but so far it remains solid. The dynamics of the Bitcoin environment mean miners look to improve margins in critical market moments by increasing connections. This causes an increase in hashrate and also network difficulty.

The Strength of Bitcoin Hashrate and the State of Hashprice

A hugely important indicator that accompanies hashrate is hashprice. This represents the value in dollars for each PH/s of computing power.

Basically, it measures the level of income miners receive for their activity. At the end of November, particularly on the last day of the month, this metric dropped dramatically, with $36.35 per PH/s. A few days later, it bottomed out at $35.85.

According to the latest measurement on the last day, this figure rose to $39.79 per petahash per second. This offers a slight relief that somewhat widens company margins, and the $40 mark seems to be approaching.

Despite this improvement, the profitability indicator for miners is not in a place that could be considered beneficial or positive.

It is important to keep in mind that mining companies face heavy operational costs, many of which are trending upward. In this sense, every drop in the price of BTC becomes a threat of deficits in the income and expense balance.

When Bitcoin mining companies enter a deficit, they are forced to increase connections with new equipment, which drives up the hashrate. However, this has its physical limits. Thus, a persistent deficit forces companies to liquidate some BTC holdings, adding to selling pressure in the crypto market.