A key feature of the Bitcoin blockchain is that the block time on the network (i.e. the rate at which miners resolve blocks) remains relatively constant at the standard 10 minutes per block.
This feature exists because miners are rewarded for resolving blocks, which is the only way to mine new cryptocurrency tokens. Because these blocks are issued at a constant rate, the growth of the asset remains stable and its inflation is predictable.
As a result, no matter how many hashrates miners add to the network, the block mining rate will not increase in the long run.
The extra processing power allows rewards to be earned faster initially, but only until the next bi-weekly difficulty adjustment, when the #chain makes it so difficult for miners that it negates the benefit of the extra power.
Since rewards thus remain limited, an increase in #hashrate means a smaller distribution of rewards among individual units of competence.
Therefore, for every hashrate increase in the network, individual miners must increase their competence by the same percentage to remain competitive in the chain.
In other words, the hashcoins discussed earlier grow as the hashrate increases. Since hashrate is close to ATH these days, hashcoins are also relatively high.
The chart shows that bitcoin's hashrate has increased dramatically recently and has updated ATH. However, the hashrate remains unchanged, so where did this sharp rise come from?
The answer lies in the fourth halving, which occurred on April 19. While Complexity provides a constant rate of inflation for assets, Harbing is a measure that actively reduces that rate.
Approximately every four years, the block reward is halved in this particular event.
After the block reward was halved, miners can now mine half as much as they used to, and the hashcoin rate skyrocketed. Currently, it takes 1.13 EH/s for miners to mine one token per day.
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