Bitcoin Hashrate Hits 400 EH/s As Miners Profit In Bull Market
Bitcoin Hashrate Hits 400 EH/s As Miners Profit In Bull Market
Bitcoin’s hashrate has continued its recent surge, reaching dramatic new highs. The leading digital asset by market capitalization has experienced a major bull run, which has created positive sentiment. This has led to more miners connecting to the Bitcoin network, and a new all-time high of 400 EH/s in the last 48 hours.
Bitcoin Hash Rate Touches New High
The Bitcoin hash rate has been steadily increasing since the beginning of the year. Earlier in the week, the network added 40 EH/s hashrate and peaked at 350 EH/s. However, hours after the mining difficulty was adjusted on March 23, the hash rate rose to astronomical levels. Between March 23 and March 24, the bitcoin hash rate recorded a new peak of 400 EH/s, according to data from Mempool.
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This development indicates two things: the security of the network has increased, and miners are confident in the long-term profitability of Bitcoin. Miners who have been an integral part of the network since its inception have continued to increase their support for the leading coin due to the recent rally.
In addition, the bitcoin mining difficulty has reached an all-time high and now stands at 46.84T. This represents an increase of 7.5% from previous levels, which correlates with the progressive increase in hashrate during this period.
Why is the hash rate increasing?
The increase in hashrate difficulty is largely due to the increase in the price of BTC, which has attracted miners to the Bitcoin network. BTC has experienced an increase of more than 50% in 2023 and reached a peak of $28,000 earlier this week.
This price increase has encouraged miners to connect their mining equipment to the network. It should be noted that several miners left the Bitcoin network after the extended bearish market in 2022.
With the market recovery, profitability in mining has increased, although it is still far from the ideal mark. Nevertheless, it suggests that the miners will return to making money on the network. One of the most important indicators of this is the 20% increase in hashish prices in the last week.
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Hash price is a measure that indicates the average price a mining rig makes on the bitcoin network daily. Currently, the hash price is about $0.077/TH/day, according to data from hashrate index. This may drop in the coming days as higher mining difficulties mean tougher competition for mining rewards on the Bitcoin network.
With more power from the miners’ computers, the hash rate has continued to rise. That, in turn, helps strengthen the bitcoin network, an all-round gain for the asset.
Bitcoin price
At the time of writing, Bitcoin has experienced a market correction and is trading at T$27,455. The current market perception is that we are in a bullish market and Bitcoin could be on its way to $30,000 in the coming weeks.
Please note: Content is educational and should not be considered investment advice. Featured image from Unsplash, charts from Mempool, Trading View.
