Bitcoin’s hashrate has risen to a new all time high on Thursday, crossing 216 exahashes a second (Ex/s) as pictured below, up from its previous all time high of 207 Ex/s.
Despite an internet blackout in Kazakhstan earlier this month, and a ban on bitcoin mining in Kosovo, the global network is nonetheless operating at the highest level of demand, ever.
The ban in China of bitcoin mining last year as well, which briefly plunged the network by more than 50%, is now also just a long past blip as bitcoin’s resilience leads to new highs.
Thats while Bitfarms suggested last week that bitcoin’s current price is below the cost of production, with Emiliano Grodzki, Bitfarms Founder and CEO, stating:
“With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC.”
The cost of production depends a great deal on the cost of electricity, so different miners may have a different cost, but with the hashrate now rising further, it may be more and more cheaper to just buy bitcoin directly than to mine.
That might add some more demand for bitcoin’s price while increasing the security of the network, and thus the amount of value that can very safely be transfered.