Despite taking a big hit after Bitcoin completed its third halving back in May, Bitcoin's hash rate is now showing strong signs of recovery.

Currently sitting at around 116.6 TH/s, the Bitcoin hash rate has improved by more than 13.8% in the last 24 hours, continuing a week of solid growth. During this time, the hash rate has climbed up from a low of 90.29 TH/s—equivalent to a gain of more than 29% in a week.

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What is Bitcoin?

—Bitcoin started it all. It was the first cryptocurrency, and it launched an industry that now includes thousands. But who invented it, how does it work, and why is it so important? What is Bitcoin? Bitcoin (BTC) is a peer-to-peer cryptocurrency. Think of it as a digital token. You can't physically touch or hold Bitcoins, and all Bitcoin transactions are logged on a public, decentralized, immutable ledger. The first official purchase using Bitcoin was for pizza in May 2010. Two pizzas from Papa...

This period of growth comes after the Bitcoin hash rate was slashed by a quarter between May 12 and May 26 as a reward of the recent block reward halving. Since miners now receive half the reward for each block they successfully mine, this has made it more difficult for smaller mining operations to remain profitable, forcing some to shutter operations or risk running at a loss.

According to BitInfoCharts, the expected mining revenue per TH/s has decreased from $0.161 per day down to just $0.09 per day as of today. This reduction is less than half because Bitcoin has seen its value improve by 7.7% in the last month, while the amount of competition between miners has decreased due to the reduced hash rate.

Bitmain co-founder Micree Zhan has taken the office back. Image: BlockBeats.

Bitmain co-founder storms China office with a dozen security guards

Bitcoin mining company Bitmain’s co-founder and CTO Micree Zhan, who was kicked out of the company last year, hired a dozen security guards to take back control of Bitmain’s China office, according to local reports. “Micree today led a team of private guards crashed (sic) Bitmain Beijing office ... they broke in by brute force and tried to take back the control (after Jihan’s initial coup and series of outrageous behavior),” Primitive Ventures founding partner Dovey Wan tweeted today. 😂😂😂OH...

NewsBusiness
3 min read
Tim Copeland, Forkast.News Staff

However, with newer, more powerful mining hardware like MicroBT's Whatsminer M30S+ now arriving onto the market, it might not be long until even smaller miners can return to mining profitably again. That is, if the troubles at Bitmain are sorted out.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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