Are miners pumping Bitcoin hashrate to make a profit after Halving?

Bitcoin miners turn off 1.3 million

In recent days, the hashrate index of the Bitcoin (BTC) network has seen a big upheaval amid the fact that miners are currently seeking to collect as much money as possible before the halving event occurred.

The economic problem will determine the actions of miners

Not surprisingly, last month's "price crash" of the cryptocurrency market greatly affected the business plans of cryptocurrency mining companies. Older, less efficient rigs are being phased out of the system. Now, when Bitcoin prices are bouncing back up, miners seem to be putting everything they have into the system.

There is now a significant incentive for miners to get old miners back on track, as the price of Bitcoin has risen by 40% since mid-March. However, the hashrate only increased by 12.5%. Therefore, it is not surprising that mining companies are taking advantage of the opportunity to get more profits.

This increase of hashrate has not caught the attention of analysts, because it is often considered a side effect when Bitcoin rises again. However, Plan B analyst spoke out about these fluctuations:

In addition, in the past few days, Bitcoin Cash and Bitcoin SV have both completed halving. Unsurprisingly, both platforms have witnessed a sharp drop in the hashrate. Because Bitcoin can be mined with the same ASIC rigs, BCH and BSV miners are currently converting to be able to make more profits. In fact, miners have long swapped between other cryptocurrencies using the SHA-256 algorithm to find the best profitable platform.

It is possible that many of these "seasonal miners" will return to altcoin mining after Bitcoin halving.

All are waiting for halving Bitcoin

It is reasonable to assume that the network hashrate will continue to increase as the hashrate event occurs, as miners will want to collect as much Bitcoin as possible before the block reward drops.

Mining activity is another metric that shows the Bitcoin network is still strong and working as designed. The largest cryptocurrency on the market will undoubtedly fluctuate in the coming weeks, but will almost certainly increase in the long term.

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According to Bitcoinist / Coin68
Recompiled ToiYeuBitcoin

About My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently. Mr Cuong.
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