Bitcoin Hash Rate Touches Highest Level in 2 Months
Bitcoin mining has always been one of the hottest topics in the crypto ecosystem due to the energy usage in mining. While BTC’s mining difficulty has decreased in recent months, its hash rate has increased.
According to the data published by Blockchain.com, the total Bitcoin hash rate is currently hovering near 225 Exahash, compared to an all-time high of 231 Exahash in June of this year. Since October 2021, BTC mining revenue has decreased by more than 60%.
After witnessing a minor price rally in the first half of August 2022, Bitcoin’s price fell by almost 6% in the last seven days. BTC’s market dominance has also plummeted in the past week. According to Coinmarketcap, BTC now accounts for nearly 40% of the total market capitalization of digital currencies.
Sustainable mining
Amid the criticism regarding the use of electricity in BTC mining, several leading crypto miners are exploring different ways of clean mining.
Marcus Sotiriou, analyst at GlobalBlock, comments on the latest developments across the Bitcoin network: “While Bitcoin is hovering around $20,000, Bitcoin mining is becoming more and more sustainable. It has been reported that about half a dozen Colorado-based gas and oil companies are teaming up with bitcoin miners to implement gas-to-Bitcoin mining solutions. This is after Colorado banned gas flaring, venting and the release of raw gas into the atmosphere in November 2020.”
“In addition, cryptofarms in Russia are supplied with electricity generated by small power plants, which burn associated petroleum gas (APG). APG is a by-product of the extraction of black gold. This does not cost anything to the oil companies, and it is not as much as possible. they are required to get rid of APG anyway, but now they can earn extra income from APG The ability for oil and gas companies to run Bitcoin miners with by-products of their business, which consequently leads to more income while benefiting for the environment, is a great advertisement for Bitcoin’s future,” explained Sotiriou.
Bitcoin mining has always been one of the hottest topics in the crypto ecosystem due to the energy usage in mining. While BTC’s mining difficulty has decreased in recent months, its hash rate has increased.
According to the data published by Blockchain.com, the total Bitcoin hash rate is currently hovering near 225 Exahash, compared to an all-time high of 231 Exahash in June of this year. Since October 2021, BTC mining revenue has decreased by more than 60%.
After witnessing a minor price rally in the first half of August 2022, Bitcoin’s price fell by almost 6% in the last seven days. BTC’s market dominance has also plummeted in the past week. According to Coinmarketcap, BTC now accounts for nearly 40% of the total market capitalization of digital currencies.
Sustainable mining
Amid the criticism regarding the use of electricity in BTC mining, several leading crypto miners are exploring different ways of clean mining.
Marcus Sotiriou, analyst at GlobalBlock, comments on the latest developments across the Bitcoin network: “While Bitcoin is hovering around $20,000, Bitcoin mining is becoming more and more sustainable. It has been reported that about half a dozen Colorado-based gas and oil companies are teaming up with bitcoin miners to implement gas-to-Bitcoin mining solutions. This is after Colorado banned gas flaring, venting and the release of raw gas into the atmosphere in November 2020.”
“In addition, cryptofarms in Russia are supplied with electricity generated by small power plants, which burn associated petroleum gas (APG). APG is a by-product of the extraction of black gold. This does not cost anything to the oil companies, and it is not as much as possible. they are required to get rid of APG anyway, but now they can earn extra income from APG The ability for oil and gas companies to run Bitcoin miners with by-products of their business, which consequently leads to more income while benefiting for the environment, is a great advertisement for Bitcoin’s future,” explained Sotiriou.
