Mining operations in China were not adversely affected by the heavy rains.
The Bitcoin network hash rate has remained strong and been largely unaffected by the rainy season and power outages in China, according to a Sept. 10 report by Stack Funds.
Coin Metrics data supports the assertion, and the 7-day average Bitcoin (BTC) hash rate has remained above 120 Terahashes (TH/s) since mid-August despite mines at risk of floods and power outages in China. Glassnode data also shows the hashrate hit an all-time high on Sept. 8, breaking the 150 TH/s barrier for the first time in Bitcoin’s history.
“Hash rates remained strong and could continue upward after the rainy season,” the Stack Funds report concluded.
“Moving forward, should price stabilize above $10,500 […] a bullish continuation can be expected.”
Hashrate is a key indicator of the health and security of the Bitcoin network. China dominates roughly 65% of mining worldwide and the excess rainfall during the rainy season can lead to benefits as well as problems by providing additional hydroelectric power at lower costs for Bitcoin miners. Mining in the Sichuan region — particularly at risk of heavy rains this month — can become more profitable, leading to an increase in the overall hash rate.
Bitcoin is currently changing hands for $10,350, having risen 0.66% in the last 24 hours.
