But there has been a steady increase in the hash rate of Bitcoin throughout the month of October. This is not at all arbitrary, as there are certain pointers indicating this very precise outcome, and it has nothing to do with luck.

The Costs of GPUs are Going Down

First of all, the prices of GPUs are falling rapidly due to the lost interest of the miners and the rapid shift of many cryptocurrencies out there from proof of work to proof of stake as a consensus protocol; the same thing has happened with Ether, which is why people have been gradually dumping their mining rigs into the open market. This is because the price of Ether has decreased significantly in recent months.

Exploit Affects BNB, Causing the Entire Network to Stop Working
But in addition to that, because of this event, Bitcoin miners have been able to realize their destiny of continuing their mining operation and resupply their supplies at a very low cost, which has resulted in an increase in the hash rate of Bitcoin.

As a result of China's decision to establish a severe ban on any and all mining activities that took place on its territory, the Chinese miners were ordered to leave their homes and find new homes in neighboring countries that were more welcoming to their presence.

There are numerous countries in the world that do not have a view that is as aggressive or as challenged regarding cryptocurrencies like Bitcoin and mining, and these countries have invited these miners to move to their country. Kazakhstan, Germany, and Canada are just few of the nations that fall within this category.

Aside from all of that, one very specific and significant indicator that marks the success of mining activity and its continuity is the shift of Ether's proof of work consensus protocol to proof of stake consensus. This shift removes the requirement for having an elaborate computing-based mining function and replaces it with the requirement to stake crypto for mining purposes. This is a very specific and significant pointer that marks the success of mining activity and its continuation.