As the year almost comes to a close, there could be some interesting Bitcoin action in the weeks ahead. If the network hashrate is any indication, that activity might not necessarily be positive.
In the past few months, the overall Bitcoin hashrate has seen many ups and downs.
Highs and Lows for the Bitcoin Hashrate
A peak was reached twice, when the total capacity hit roughly 110 exohash per second.
Every time this level was reached, the hashrate decreased significantly afterward.
Since November 2019, the total mining power has seemingly been on the decline.
There have been peaks to 105 Exohash, but also lows of just under 75 Exohash.
While such fluctuations are not abnormal, they do raise a fair few questions.
It would appear Bitcoin is following a pattern similar to Litecoin’s mining power, albeit in far less of a downward spiral.
As the Bitcoin price fluctuates, it becomes more or less plausible to mine other coins in terms of profitability.
According to Coin.Dance, Bitcoin Cash is slightly ahead in terms of making a profit with mining hardware.
Bitcoin SV is still in third place, where it has been for some time now.
For miners, having multiple options at their disposal is crucial.
No one wants to operate at a loss, particularly when the prices have shown significant volatility in recent weeks.
Overall, it does not appear there has been any big change in mining power across the three networks.
Bitcoin is still well ahead of its “competitors”, and will probably remain so for the foreseeable future.