According to the latest data, the rises in bitcoin's hashrate will be reflected in the network challenge, and that will affect the price. 

Leading cryptocurrency Bitcoin (BTC) has plunged 50% in 24 hours in March amid the epidemic and its impact on the economy. In the wake of that decline, many names have now stated that Bitcoin is “dead.” In addition, following the block Award half, some miners ceased operations on the grounds that they were no longer able to make as much profit as they used to. But just three and a half months after all this, the network data shows that Bitcoin is fundamentally stronger than ever.

Bitcoin Mining Challenge

Bitcoin's hashrate is on the rise despite the sluggish market, according to the latest data. Crypto data firm TradeBlock reported on July 7 that hashrate's seven-day moving average had risen above 124 exahash per second, reaching an all-time high. That's twice the hashrate of a year ago, and 1,000% higher than when bitcoin was $ 20,000.

That rise in hashrate is also expected to be reflected in the Bitcoin network challenge, a metric that shows how long it takes for mining and blocks to be removed. However, increasing investment by miners around the world is also expected to have an impact on the network challenge.

For example, Vancouver-based HIVE Blockchain Technologies announced on July 6 that it had purchased 200 of Bitmain's newest mining machines. The company plans to activate these machines within the next three weeks.

Core Scientific, an America-based provider of Blockchain and artificial intelligence, on the other hand, has made an even bigger investment. According to Forbes, the company received 17,595 new Bitmain Antminer S19, which is claimed to be the largest shipment of mining equipment in the United States so far.

In addition, Bitcoin mining, following the block prize halftime, is also benefiting from the rainy season in China right now. Increased rainfall is leading to cheaper power, as crypto mining is centralised in China, especially in River regions where hydroelectricity is common.

How Will The Price Be Affected?

The Bitcoin network challenge, according to analysts, is the continuity of miners ' activities and a link between hashrate and price. In December, investor Charles Edwards put forward a model stating that BTC's price had long been affected by the network's power consumption, and that the price should be $ 12,800, according to the model.

So we may see the price rise to $ 12,800 in the coming days as miners continue to activate new machines.