A new historical record has been set for Bitcoin hashrate.
According to blockchain.com, the hashrate reached nearly 126 EH / s on July 8, 2020, breaking the pre-halving record.
Actually, other sources calculate different estimates, but they all agree that in recent days the Bitcoin hashrate has returned to its historical maximum.
As expected, halving has led to a significant reduction in hashrate, but this reduction was short lived.
It was a decrease of about 30% Compared to the maximum peaks reached before halving, but after the difficulty reduced on May 20, and then, thanks to a further decrease in early June, the hashrate has grown again.
In particular, from the end of June, there was a further small increase, which brought it back to its all-time high.
Taking the extensive estimates from bitinfocharts.com as a reference, it can be seen that the profitability of mining is now relatively constant from the day after halving, that is, on May 12, 2020.
This is most likely the reason why miners are increasing the computational power assigned to Bitcoin.
Several factors, such as the difficulty, the efficiency of the new mining machines and the cost of electricity, have an impact on the hashrate, but all of them finally converge on the profitability of this activity.
Hashrate record, but mining remains profitable
Profitability is at its lowest level, at about $ 0.08 per day for THash / s. Two months after halving, it remained at the same level it had on May 12, which is low but still enough for mining to be profitable despite high competition.
On the other hand, it is also plausible that many miners are competing for as much BTC as possible right now in light of a possible price increase in the coming months.
It should be noted that while the overall reward for BTC miners remains constant over time, their value in US dollars varies, and some miners today may agree to mine BTC with low profitability in the hope that, by not selling them all at once, a certain amount will accumulate to be sold later, perhaps at a higher price.
Also, in recent days, such a high hash rate keeps block time constant at less than 10 minutes, and this would suggest a supposed increase in difficulty in about 12 days.
If this happens, mining profitability will decrease further, and this may lead some miners to assign some of their computing power elsewhere, or to shut down their machines.
However, as has been well understood in recent months, Bitcoin mining is not a risky business, even when the mining reward for miners is halved, as it did two months ago.