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Bitcoin miners continue to take advantage of the falling GPU prices to upgrade their mining equipment as they aim to remain competitive in the fierce competition.
Throughout the month of October, Bitcoin’s (BTC) hash rate surged by 10.8% as it recorded new all-time highs on a daily basis. While the increase in hash rate ensures greater security for the Bitcoin network, multitudes of factors contribute to the metric.
Falling mining rig prices
Hash rate relates to the computing power required by Bitcoin miners to mine a block. As a result, a higher hash rate demands stronger mining rigs that could help miners mine a block and earn mining rewards.
As global markets recovered from chip shortages in 2022, the prices of the graphics processing units (GPU) — a key component of mining rigs — came down to a reasonable value. Lower GPU prices initially helped miners offset their operational costs ami
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