Miners did not slow down the rate of production, despite the collapse of the bitcoin rate

Floating and Fixed Exchange Rates- Macroeconomics

Miners did not slow down the rate of production, despite the collapse of the bitcoin rate

Network activity shows that miners continue to mine bitcoin with the same zeal, even despite the drop in the rate by 20%.

The hash rate remains as high as it was before the crash, according to the Blockchain portal. prices. Moreover, on November 23, this figure was 111.5 TX / s and almost reached its historical maximum set on October 22. Although the hash then decreased slightly, the current value is within the natural fluctuation zone and is still above the September level..

Moreover, as of November 10, the bitcoin exchange rate was $ 8,800, and the network complexity indicator was at the level of 12.72 trillion, but during the collapse on the 22nd, this figure rose to 12.97 trillion..

Since both of these indicators reflect the current mood of miners, then based on actual data, they are not very concerned about the latest developments in the market and continue to actively mine. Although it is possible that with a further decline, the participants will reconsider their position. However, experts note that most entrepreneurs are confident in the long-term success of bitcoin and expect a significant increase in the rate as it approaches halving..

text: Ivan Malichenko, photo: Shutterstock, graphics: Blockchain

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