Despite numerous predictions about a mining death spiral after the halving, Bitcoin’s hash rate has set a new all-time high at 124 exahashes per second. Analyst Nick Chong said there is a variety of reasons as to why the miner death spiral did not happen.

Investment to Mining Farms

According to Chong, there is an influx of investment by Bitcoin mining firms. For example, the American blockchain hosting provider Core Scientific recently bought 17,000 Bitmain SHA-256 ASICs on behalf of its clients and for its own use. It’s the largest purchase of S19 Antminers to date.

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