Luxor predicts Bitcoin hashrate growth – Bits Media

The mining company considers, that the consequences of the mining ban in China have already been overcome and in the future, the Bitcoin hash rate is only expected to grow.
The Luxor Technologies report states, What a hashrate, one of the main factors of profitability of cryptocurrency mining, in the fourth quarter will grow to approximately 185 EH/s per second.

«”Fear, uncertainty, doubts” (FUD) due to China's control over Bitcoin is no longer obvious, Therefore, Bitcoin hashrate will reach an all-time high.".

Following China's ban on cryptocurrency mining in July, Bitcoin hashrate and rate have decreased. Miners left China and moved equipment to more mining-friendly countries, such as the USA and Kazakhstan, therefore, the hashrate and price of Bitcoin began to recover. In the future, the United States may become a key player in the Bitcoin mining market, says the Luxor report.

The company emphasizes, that the ban on cryptocurrency mining in China provided a unique opportunity for companies to enter the industry, who didn't think about it.

The Luxor report also predicts, that in the fourth quarter prices for the most expensive ASIC miners will reach a historical maximum. Meanwhile, income from transactions due to commissions will at least double, but “hash price” will rise to an annual maximum, but will not exceed $0.50 per terahash per second.

Not only Luxor notes the growth of Bitcoin hashrate. According to Glassnode analysts, Bitcoin has almost recovered since then., as 50% network power was turned off. Despite the significant price correction, Bitcoin mining difficulty is growing rapidly. But the difficulty is still far from the May record 2021 years.

It darkens the situation, that due to the ban on cryptocurrencies in China, the largest mining pool F2Pool has suspended the provision of services for Chinese miners. But even if other Chinese pools follow suit, it will not have a significant impact on the market, since most of the capacity has already been exported from China.