Key facts: The implementation of more efficient mining equipment becomes the protagonist. Despite the potential disconnection of older generation equipment, the hashrate could grow. Bitcoin's hashrate has seen little change since the halving occurred, which cut miners' rewards in half. This despite the fact that some specialists argued that, after the scheduled event, the network's processing capacity would be reduced by at least 20%. According to data from the mining software development company Braiins, the hashrate or computing rate of Bitcoin has suffered a 10% decrease since the halving occurred, with a variation that went from 645 EH/s to 589 EH/s. However, in the last 50 days this measure of the network has undergone changes that show how miners adapt to circumstances related to the capabilities of their mining equipment and the price of the currency in the markets. The most notable of these movements in hashrate measurement occurred between May 27 and June 1, after the network accumulated computing power of 682 EH/s and drastically dropped by more than 100 EH/s over the course of 3 days. However, in the period of time that has passed after the halving, the trend has been more of a constant that remains around 600 EH/s, a fact that contrasts with the accelerated growth rate that the network experienced, when in Over the course of a year the hashrate doubled.
So far, Bitcoin's hashrate has remained relatively constant, almost two months before the halving. Source: Brains. These types of changes in hashrate measurement have become frequent in Bitcoin mining, as mining companies begin to retire old generation equipment that is no longer profitable. At the same time, new state-of-the-art machines are connected, with greater computing power and much more efficient in terms of energy use. It is estimated that, in many cases, equipment such as the Antminer S19 or Whatsminer M30 are being sold or transferred, with the aim of operating in regions where electricity is cheaper, as reported by BitcoinDynamic. These models are among the most popular and used today. If most of them were to go offline, the loss of Bitcoin's computing power would be notable. Such a scenario would coincide with the forecasts of industry players such as Digital Galaxy, which predicted a 20% drop in hashrate in April, as reported by BitcoinDynamic. However, another different scenario seems to be emerging.
Where will Bitcoin hashrate go?
The figures expressed above show a behavior of Bitcoin miners that could suggest a growing trend in participation. There are several factors to consider this possibility. The first has to do with the interest that the token market acquired that promoted the launch of the Runes protocol, which considerably increased the value of commissions for weeks. It is true that this interest has declined since mid-May, but a potential rebound in these markets could create the conditions to keep older generation equipment profitable, which would naturally disconnect if there are not sufficient incentives. In this sense, the fact that the increase in the price of bitcoin in recent weeks could be contributing to this scenario where miners keep unprofitable equipment on is highlighted. As reported by this medium, the main cryptocurrency in the market remains around USD 70,000 and Many analysts expect the price to continue increasing with a significant rebound in June.
Furthermore, during the months to come, large batches of cutting-edge mining equipment will be deployed, such as the Antminer S21 and the Whatsminer M60 series, which consume little energy in relation to the computing capacity they can generate. To the extent that these teams connect, if the price maintains or increases, we would see a potential growth of the hashrate, as has happened, in fact, throughout the history of Bitcoin.