Bitcoin mining hashrate touches new all-time high, mining difficulty expected to rise
Bitcoin (BTC) hashrate has surged to an all-time high amid the current bearish struggle of the broader crypto market.
According to Glassnode data analyzed by CryptoSlate, BTC hashrate reached 244.25 EH/s on October 3rd.
in seven days, miner Foundry USA, AntPool, F2Pool, Binance Pool, ViaBTC, etc. accounted for most of the hashrate.
bitcoin isaya He pointed out that the hashrate has already increased by 84% this year, despite the BTC price dropping by 72%.
hash rate #bitcoin $69,000: 161 EH/s
Today’s hashrate with BTC only $19,000: 297 EH/sHashrate surged 84% in one year, even though the price fell 72%. do not stop.
—₿ Isaiah⚡️ (@BitcoinIsaiah) October 1, 2022
Since Bitcoin’s hashrate dropped to 200 EH/s on August 4, data has steadily increased as more machines came online after a hot summer. Some miners have upgraded equipment to ensure better efficiency.
On the other hand, the hashrate increase is happening at a time when the price of Bitcoin is struggling quite a bit. A CryptoSlate study revealed that the asset could drop to his $12,000 if trading volumes are low.
Bitcoin mining difficulty is also expected to increase by 3% to 10%, according to Glassnode data. The mining difficulty for him on August 3 was 27.69 T, but by September 24 he had risen to 32.05 T. However, last week’s mining difficulty dropped to 31.36 T.
Bitcoin Miner Earnings Hit
According to reports, Bitcoin miner revenues fell by 72% last year. According to Blockchain.com datarevenue from bitcoin mining fell to less than $20 million per day compared to the previous year, when miners were earning about $62 million daily.
Miners have been hit hard by the bear market and global energy crisis, leading to skyrocketing power costs. His Bitcoin mining data center operator Compute North has filed for bankruptcy after failing to meet its obligations to creditors.
