Bitcoin’s revival above $11,000 has brought it into the attention of people again after 2017. Moreover, the characteristics are profoundly different this time with rising institutional interest and global awareness about it.
The price of Bitcoin has recovered by about 57% of its value from its all-time high. Therefore, even if someone invested $100 giving into FOMO at its absolute zenith, the loss incurred at current prices is about $43. The rise in price and increasing belief around the asset is also having a positive effect on the growth of the network.
Bitcoin mining total hash rate reached it’s All-Time High above 60,000,000 Th/s to record a new high near 65,000,000 TH/s. Hash rate is the measure of active mining nodes and mining power applied to run the mining nodes, which confirms or verifies the BTC transactions on the network. The miners earn a reward in Bitcoins [BTC] after successful block formation.
Total Bitcoin Mining Hash Rate (Source)
Furthermore, the hash rate of the Bitcoin network during the last bull run of 2017 was around 10,000,000 Th/s; 6-times lower than the current statistic. Hence, even during the bear market, there was significant network growth.
According to a recent report on Bitcoin mining, the average marginal cost of operating a bitcoin mining farm around the world is about $6800-$5600. Moreover, the only time a decline has been witnessed in the past two years was during the December 2018 lows. When Bitcoin’s price dropped below the operational running cost for miners. Hence, some of the small and medium scale miners had to shut down their systems to stop incurring losses.