Please upgrade your browser to use Blockbid
Here at Blockbid we use the latest technology for your security and confidence.
Unfortunately, your browser doesn’t support these technologies
Click Here to be taken to a site to download a more recent and safe browser.
close

Mining — Upward Anchor in Rough Seas?

Aug 20 2018
(#) Hash rate

Hash rate or hash power is the unit of measurement for the amount of computational power used in a Blockchain network for the network to remain continuously operational. Despite an almost 70% downturn in market price the Bitcoin network hash rate has climbed and continued to climb.

What are the Implications of this Increase in Hash rate?

It means computational power has been consistently invested in the Bitcoin network. It means larger, more efficient and longer-term investment of real physical gear to support the slightly more ephemeral chain.

Efficient, large-scale mining means the exponential up-draft of hash rate has not missed a beat. That has also had some interesting and positive side effects;

1. Physical investment anchors more likely to stay and go long-term.

“The increased hash rate means people are here for the long-term because they’re happy to just accumulate what they have, potentially even run at a loss,”
— David Sapper, COO Blockbid

Mining takes technical skill, knowledge, has real-world costs — graphics cards, hardware, programming time and electricity — and cannot be hyped. Mining is a very good indicator of market health. Mining keeps the system grounded in the real world, with real-world assets.

“Give a man a Bitcoin he has one meal, teach a man to mine it… well…”

2. Large-scale mining pushing hardware and branching out.

Introduction of high speed, high memory, hot-rod-style ASIC chip sets, designed for specific computational tasks have definitely pushed mining efficiency. But, have also sent some large mining operations in China down other avenues of technology. Leveraging their experience with ASIC mining, hardware companies like Bitmain are moving into AI and Deep Learning. This expansion into extreme computational power and technologies complementary to the Blockchain is very exciting.

Miners — IRL HODL Experts

Bitcoin miners are the IRL HODL experts. Holding on to the network core of Bitcoin and it’s computational power. The set-up and operation of mining rigs have seen increasing investment in expanding technology, long-term industry investment and is now pushing past exactly what it means to be a part of this industry.

They Mine Bitcoin so You Can Trade - blockbid.io