Miners Spend 4 Billion Securing The Network As Bitcoin Hashrate Reaches Record Highs
The fall in the BTC price continues. At the press-time the digital asset is trading at 9,597. Against this background, the costs of miners securing the network keep increasing. The user under the nickname Rhett Cryptography wrote on his Twitter miners spend $4 billion per year to mine Bitcoin.
$4 Billion per year burned up mining Bitcoins pic.twitter.com/ZDqXRQfMIS
— Rhett Cryptography (@HeyRhett) August 30, 2019
As the co-founder of Bitcoin Foundation, Charlie Shrem, noted, this is the most bullish statistic he has ever seen.
Energy can neither be created nor destroyed; energy can only be transferred or changed from one form to another, he posted.
Bitcoin Hashrate Sets New ATH
Note, that that does not prevent miners to earn more than ever. According to CoinMetrics analysts, the total mining income exceeded 14 billion and keep growing despite the increasing difficulty of the BTC network. The 15 billion mark is expected to be reached at the beginning of 2020.
These figures are all the more impressive when you consider that the hashrate of the network continues to break previous historical records for a few months. During the summer, several new record highs were recorded, and today this figure is at a new record high 84.1 TH/s.
An indicator of the difficulty of "digital gold" mining has also reached new heights.
Falling below the level of 10,000 led to changes in the attitude of users to BTC. At the moment, as participants in the crypto community note, the index of fear of acquiring an asset is close to the maximum indicators. To date, it is at the level of 24.
Some Twitter analysts are convinced that you should not be discouraged by the unimpressive dynamics of BTC prices, but rather look at the situation more broadly in the context of a long-term perspective.
99.9% of people I knew ignored me when I said #Bitcoin is a good buy at $200, $300, $400. Just get one, or a fraction even, and forget it for 10 years.
"It's too expensive." "I'll wait til it dips."
I'm still saying the same thing at $9700. They still answer the same too.
— Miguel Cuneta (@MiguelCuneta) August 29, 2019
The DataLight researchers probably agree with him, having previously pointed out a positive and rather close correlation between the Bitcoin price and the difficulty of mining.