As reported in Cointelegraph on April 20, 2020, following an enormous decline in Bitcoin hashrate back on March 26, bitcoin’s hash rate increased between April 4 and April 6 by over 33%, going from approximately 85–91 exahashes per second to roughly 122 EH/s.
In the CointTelegraph article, “Hash Rate Spike Relates to BTC Price, but Halving Throws Miners Off Their Game,” author Shiraz Begati explores the relationship between hashrate and Bitcoin Price and the time lag between cause and effect.
Apifiny’s Ashu Swami, Chief Technology Officer, told Cointelegraph that, theoretically, Bitcoin’s hash rate has always followed its price because the miner reward quotient is directly proportional to the currency’s value. He added that “there is always a bit of lag,” explaining further:
“In some cases, as in this case, the hashrate can actually recover ahead of the prices because the hashrate had only fallen less than a month ago. The miner inventory was already sitting on the rack and only just powered-off. When BTCs price started rising, mining rigs were immediately turned on. If the gap between those events were longer, it would have involved deracking/racking of the equipment and the hashrate recovery would not be that fast.”
Read this article to find out how you can buy hash power with Apifiny.