BTC ecosystem continues to see steady growth in hashrate
According to CoinMetrics, the BTC network hashrate has been steadily growing during Q4. Experts attribute this to Ethereum’s transition to a new algorithm.
The impossibility of mining ETH forced many participants in the system to look for new options. A significant part of them stopped at BTC. The surge in hash rate just coincided with the time of the merger, indicating that asic processors have become heavily involved in bitcoin mining.
This exacerbates the problem faced by miners around the world. The increase in complexity comes at the same time as the value of cryptocurrencies is falling and electricity rates are rising. Crypto-market participants were also extremely negatively affected by the collapse of FTX, which further undermined investors’ confidence in crypto-assets.
However, the leader in terms of lost funds is still not a mining company, but the CEO of Binance Changpeng Zhao. In 12 months, his loss reached $82 billion.
