Bitcoin Hashrate ATH | Ethereum Merge kills Miners | what’s next deep dive
Is Bitcoin Network stronger because miner mines the bitcoin, which is bullish for crypto?
First, we start on 14 September 2022 the day when Ethereum moves towards the Proof of Stake (PoS) consensus and Ethereum Minner will no longer mine the ETH coin.
So, what will be the next to all miners, did you think miners sold our mining machines? or sold our all big mining farm because ETH is no more a Proof of Work (PoW) consensus. what do you think?
So let’s, deep dive I’m very very glad Ethereum is shifted into PoS consensus because it’s a big achievement in the crypto world. Ethereum is on the achievement track and hopes to do well in the future. I know you hear most of the news or tweets like Ethereum decreases global electricity consumption by 0.2% after the Merge event.
We rise Three points
- Are miners sold our mining machine after the merge?
- Global electricity consumption decreases by 0.2%
And third is in our title
3. Why Bitcoin hash rate is moving all-time high?
we have raised three concerns and all are related to the miners, I think you know what I’m actually saying So, unlock all of the things which is happing right now.
So Miner did not sell any mining machines, they converted into different proof of work coins let’s example is the Ethereum Classic
you see in the above chart Ethereum Classic's huge peak on hashrate you know increasing the hashrate is directly proportional to the mining difficulty. another example is the Ravencoin
We know Ethereum Testnet successfully one by one that’s a reason Miners know Ethereum is moving to the PoS consensus soon and they shifted to different Pow blockchain we already see the two examples of Ethereum Classic and Ravencoin.
So the miners shifted to different PoW coins and also fork to the Ethereum and built an ETHW coin which is also a proof of work (PoW) mechanism. Ethereum Pow coin hashrate shows the miner's mining machine does not cool down.
We know the world's popular blockchain is Bitcoin, the highest market cap in all of the crypto coins and the most interesting Bitcoin is also the PoW mechanism. So why not miners mine bitcoin? here we know what actually I'm saying let’s see the bitcoin hashrate and difficulty
In September the price of bitcoin fell and moved in the 18k to 20k region but the network hashrate is moving up and its all-time high bitcoin hashrate.
Bitcoin difficulty is all-time high which means miners consume more power to mine the bitcoin. Now we sum up and sort out the conclusion summary.
we discussed a lot of things which directly related to the miners and here we have solved all concerns like why bitcoin hashrate is pumping and now we know Ethereum is a PoS mechanism that decreases global electricity consumption, Theoretically Yes but technically no because miners shift to other blockchains that’s why Ethereum merge not decreases the electricity consumption.