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Bitcoin hashrate sharply updated all-time high, but analysts fear a possible cryptocurrency dump in the near future
The bitcoin hash rate has reached its all-time high of 267.3 EH/s, up 9% from the previous record. This was announced on Twitter by the founder of Capriole Investments, Charles Edwards.
- Source: twitter.com
According to him, the growth of the network hashrate may signal the entry of large energy companies into the cryptocurrency mining market. He added that the increase in the hashrate directly contradicts the statement about the capitulation of the miners.
However, not everyone shares Edwards’ enthusiasm. An on-chain analyst at the Cryptonary platform under the pseudonym @capsey noticed that in the short term, the least stable miners can start offloading their cryptocurrency reserves. This is because as the hashrate increases, the cost of generating a block will also increase, which will force some miners to start sales to avoid bankruptcy.
Earlier, the mining company Argo Blockchain warned about the possibility of stopping the business if it is impossible to attract investments. In July, the company sold off all the bitcoins it had mined in June, and even more. Argo Blockchain said that the proceeds from the sale of bitcoin went to finance operating expenses, as well as to reduce obligations under a loan agreement with Mike Novogratz’s company Galaxy Digital.
Another cryptocurrency company, Core Scientific, is also facing bankruptcy risks. According to the SEC, Core Scientific will run out of cash by the end of this year. The company will not be able to repay loans due in late October and early November and pay for equipment.
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