The Bitcoin Network’s Hashrate on the Rise:
- The Bitcoin network’s hashrate has reached a new record of over 540 exahashes per second.
- Despite this increase, the price of hashrate and profitability are declining.
- The rise in hashrate puts additional pressure on miners during reduced profitability periods.
New Historical Peak for Bitcoin Network’s Hashrate
The Bitcoin network has experienced a significant increase in its computing power, with a hashrate reaching a historical peak on December 25, representing an impressive growth of 130% since the beginning of 2023.
Indeed, Bitcoin’s hashrate has reached an unprecedented level of 544 exahashes per second (EH/s), according to data provided by Blockchain.com.
However, this increase in computing power does not necessarily translate into higher profitability for miners. In fact, the price of hashrate, which measures profitability, has dropped by about 34% since its peak in 2023, falling below $0.095 per TH/s per day.
This decrease in profitability raises questions about the long-term viability of Bitcoin mining in the current context.
Implications for Bitcoin Miners (BTC)
An increase in hashrate means miners must work harder to secure the next block, which reduces their profitability.
This situation is exacerbated by the cooling off of enthusiasm for regular BRC-20 registrations.
Furthermore, the increased pressure on miners could have long-term implications for the security and stability of the Bitcoin network. On the other hand, this dynamic highlights the constant evolution of the Bitcoin ecosystem and the need for market players to quickly adapt to changes.