This rate remained stable until July 28, when the hash rate increased to an average of more than 50 million TH/s per second. It has maintained that pace for the past 30 days. That is, of course, until the recent explosion of mining speeds two days ago.
What does that mean for bitcoin? While it is impossible to draw any specific conclusions based on this information alone, it is still possible to make some highly probable assertions.
Possibilities - A new major mining site is born
One obvious conclusion that can be drawn from this sudden increase is that a major mining operation has just come online somewhere. If we can attribute all the recent growth to a single mining facility coming online, that would mean that the new facility (if it exists) represents a staggeringly huge TH/s of 10 million or more per second.
If we assume that the increase in hash rate is due to an increase in new mining sites, then they are most likely to be using the latest Bitmain or equivalent mining hardware. With each S9i clocked at 14.5 terahashes per second and reaching 10 million terahashes per second, such a hypothetical mining facility would require a staggering 690,000 S9i devices or equivalent.
Possibility 2 - Bitmain has started testing S11 There have long been rumors that Bitmain will soon release its next-generation bitcoin mining device, dubbed the S11. If we assume that the speed difference between S7 and S9 is comparable to the upgrade between S9 and S11, it is entirely possible that the hash rate of S11 is three times that of the current S9. S7 had a hash rate of less than five terahashes per second, while the latest version of S9 is 14.5. In other words, if this trend continues, S11 will produce about 45 terahashes per second.
Bitmain is known to run its own devices for profit long before they are sold on the open market. This was proven by the recent Monero hard fork, which was designed to prevent ASIC devices from mining private currencies. Once the fork is complete, the hash rate drops significantly, and this leaves the ASIC device running on the network for quite some time before Bitmain even announces itself. In short, the spike could be caused by Bitmain or other ASIC manufacturers testing full production runs of high-end devices. Possibility 3 - New mining farms are starting up and old ones are returning online One of the main issues that emerged when the price of bitcoin fell was the decline in mining profitability. Even the most efficiently designed industrial-scale mining operations have their costs, such as electricity, labor, real estate (e.g., warehouse and power management), and any number of other expenses. Thus, if prices fall too much and mining becomes too difficult, mining farms may actually lose money from operations. This can also be described as an individual or small-scale miner. They may also decide to stop mining when it is no longer profitable and start mining again when prices recover. So, for the third potential reason for our addition, we think this could be a combination of two old mines that have come back online due to the recent price increase, or possibly a new mine coming online. Bitmain may even be testing S11 at the same time, and all three of these factors combine to cause a sudden explosive increase in network hash rates. Final thoughts
It is important to remember that at this point, all we can do is speculate on what caused the hash rate to increase. Whatever led to it, it does indicate that a lot of money is being spent on bitcoin mining. This is a bullish signal in many ways and could help drive prices higher again as confidence in Bitcoin's cryptocurrency powerhouse begins to return. Bitmain is working on the next generation of hardware and is likely to be called "S11" in line with its naming trend. So far, Bitmain hasn't made any official announcements about the next generation of Bitcoin mining devices other than the currently available S9eye. Recommended
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