Hashrate Bitcoin Breaks New Record, This Is The Impact For Miners!

Hashrate Bitcoin is increasing. (Photo; Doc. Bitcoinvox)

JAKARTA - The Bitcoin network recorded a record hashrate of mining on Saturday, peaking at 543 EH/s at 8:00 am WIB. This figure surpassed the previous record of 525 EH/s in October. The results of this record occurred as markets prepared for the expected halving event in April 2024.

Bitcoin hashrate is an indicator that estimates how quickly Bitcoin miners can solve the computational utation problem of creating blocks. The higher the hashrate, the safer the network and the less likely it is for hackers to change transaction data or make multiple purchases.

The hashrate increase usually has a positive impact on the price of Bitcoin. This indicates increased network security, which can increase investor confidence and trigger Bitcoin demand, driving prices up.

According to CoinMarketCap data, the current price of Bitcoin is trading at around $34.505 (Rp548 million) after rising 12.76% in the last 7 days. Over the past month, Bitcoin has risen nearly 28% and more than 100% year-to-date (YTD).

Analysts and market observers have given optimistic projections about the future of Bitcoin. Some even estimate Bitcoin will reach $45,000 as soon as November. While several other projections predict price drops in the short term, many focus on potential Bitcoin spot ETF approval.

Currently, the United States Securities and Exchange Commission (SEC) has not approved a Bitcoin spot ETF, but many analysts believe that approval will come in the near future. If Bitcoin's ETF is approved, some anticipate that it will attract investments of up to $30 billion (Rp476 trillion), which could significantly change the crypto market landscape.

Anthony Scaramucci, founder and Managing Partner of SkyBridge Capital, said that if $100 billion (Rp1.5 quadrillion) flows into Bitcoin, it could increase the Bitcoin valuation by 11 times, changing it from an asset worth 600 billion (Rp9.5 quadrillion) to an asset worth $6 trillion (Rp95.3 quadrillion).