Correct me please, peeps. Does a high ₿ hashrate mean that more miners are working, globally, attempting to mine #bitcoin ?
Discussion
Yes this is true
#asknostr
nostr:note1f8elux03ndhd2q8jqjhfled4wqf6te8lykjjmjux52532dst4deqvdq06f
Or the current miners are using even more energy. Likely a combo of both.
This is hard without defined terms. People use the word "miners" interchangeably. Miner can refer to an organization that mines #Bitcoin or it can refer to an individual machine. For this instance I will use "machine" to describe individual hashing machines and "miner" to mean the person/organization behind the machines.
Hashrate increasing means that more machines are being turned on, whether that's a big miner like Riot or Marathon getting in a new shipment of machines, or individual miners turning on more machines to try their luck solo, or pointing towards ocean.
Each machine has a hashrate, ie 110TH/s (tera-hash per second) so if the global hashrate is going up, it's because more of these machines are going online.
Great answer
yes.