Bitcoin price has dropped from $ 8,000 to $ 4,000 in recent weeks. Thus, many miners started not to make money or even to hurt.
A difficulty setting was made on the Bitcoin network the other day, making mining a bit easier. The reason for this was, of course, that the competition and hash rate on the network decreased.
Increasing Hash Rate
This difficulty rate on the Bitcoin network has already begun to show its effects. The hash rate in the Bitcoin network has started to increase rapidly, according to blockchain data.
With the difficulty rate dropping below 14 trillion, miners started to earn Bitcoin by spending less energy. As a result, many miners who had to switch off their device last week started turning these devices back on.
As can be seen from the chart above, the hash rate on the network was above 120 million TH / s until March 12. However, on March 12, the day when the full Bitcoin price began to drop, the hash rate also began to drop rapidly.
This rate, which has been below the level of 110 million TH / s since then, has risen above this level with the adjustment made yesterday. The increased hash rate in the network may mean that miners are starting to make money again.