The Bitcoin price has in the last week suffered lower prices. This notwithstanding, bitcoin hashrate has remained strong and persistent and has notably doubled in the last three months. Despite the sluggish crypto prices, the hashrate continues to record continuous growth.
The SHA-256 hashrate that has been helping to secure the Bitcoin core and bitcoin cash blockchain has evidenced gradual and persistent progression in this year. Whereas in the recent week the markets have recorded 15 to 30% losses, the assets of BCH and BTC continue to grow.
Current data indicates that BTC hashrate is shy of 95 exahash per second while that of Bitcoin core is recording 2.25 exahash per second. Numerous miners persist in processing BTC blocks without giving up. On September 23, the BTC hashrate quickly dropped to 57 exahash per second.
It should be noted that the processing power has nearly recovered its lost vigour and crypto speculators, enthusiasts and investors are hoping for the rising hashrate to be a positive sign of good things that are yet to come from crypto. Canaan’s co-founder Kong Jiangping holds the belief that the computing power of the SHA-256 hashrate is set to attain 200% by the year 2020, as local reports predict.
Canaan is a strong and giant Chinese mining rig that serves the distribution of the Avalonminer series. Kong gave his opinions and beliefs during a discussion at the new era mining summit and opined that his firm would work around the clock to support the push. The co-founder insisted that Canaan has plans underway to release a large-scale production of 7nm chips that will be dedicated solely to mining coins like BTC and BCH.
He also commended the company’s agenda of becoming a global leader in the industry by moving to enhance the 7nm chip design together with the upgrade of the mining rig supply chain. According to local reports, the mining company Canaan has, as of yet, no undertakings to file an IPO anytime soon.
In yet another discussion at the new era mining summit, Microbt founder and chief executive officer Yang Zuoxing announced that the firm will seek to deliver 200000 M20 series miners before September is done. The company has been a predominantly persistent mining rig within the industry in the last couple of years with the M20s and the M21 series. Within the previous quarter, the BTC hashrate has jumped by at least 14 eh/s, and Zuoxing opines that Microbt miners have primarily contributed to a good portion of that figure.
The founder of the company insists that BTC hasrate will rise to about 120 eh/s by the year 2020 and that the addition of the 200000 M20 models will push and account for about ten eh/s of the overall computing power. He continues to say, “Based on the information I have seen and based on our current production capacity the Bitcoin network total hashrate is estimated to reach 120 eh/s by the end of this year.” Additionally, the chief executive officer announced that the company is undertaking dealings with the chip manufacturer Samsung.
Apart from Canaan and Microbt, another mining giant by the name of Bitmain has also made a move to sell a significant amount of next-generation miners and has previously released an array of new models in 2017. The three companies have managed to increase the production of these units while 7nm chips have been rare and scarce in the market because of the smartphone Factor. The new era mining summit was attended by about 1800 participants and roughly 400 mining firm operators according to reports coming from the mining pool pool.