According to Checkmate, one of the primary analysts at Glassnode, the price of a hash of Bitcoin has dropped to an all-time low.
For miners, the hashprice effectively represents the payout per hash, or the sum they are paid for verifying transactions. Analysts have noted that this prize in US Dollar (USD) and Bitcoin (BTC) denominations has never dropped this low.
The durability and increasing computing power of the digital currency are demonstrated by the Bitcoin network hash rate. The Bitcoin network hash rate has reportedly increased to an admirable level of 429.72M Terahashes/second (TH/s), according to recent data. When compared to yesterday, when it stood at 421.91M TH/s, this indicates a 1.85% rise.
More impressively, there has been a startling increase of 108.8% when measured against numbers from a year earlier, which were reported at 205.77M TH/s.
After a 10% decline, Bitcoin’s price is presently swinging below the $26,000 mark.
Many bitcoin professionals have offered their opinions on the subject. Notably, Checkmate emphasised the durability of Bitcoin’s proof-of-work system on Twitter.
He maintained that the Bitcoin chain is still secure despite the reduced security budget. This comment makes a reference to the stability and security that support the Bitcoin network.
Beau Breedlove provided a response, arguing that the emphasis should change from income per hash to simple revenue, particularly in light of the increased hash rate. In response, Checkmate emphasised the need of comparing miner revenue to the value preserved on the network.
Nicholas Gregory weighed in on the discussion and said that governments would find it simpler to outlaw Bitcoin than to weaken it. He emphasised the significant costs and difficulties involved in contesting the proof-of-work consensus process, demonstrating its strength. Checkmate agreed, saying that proof-of-work is still an expensive route for possible assaults.
