Bitcoin (BTC) hashrate hit a new all-time high on January 12, rising 20%. It is his second time that the hashrate has risen to a new ATH in the last 7 days.
It has since returned to 251.79 EH/s as of this writing.
Crypto investor Asher Hopp pointed out that the Bitcoin hash rate has risen to an all-time high.broken minor core scientific Turn off 9,000 ASICs in December. According to Hop:
“Hash is moving from weak hands to strong hands.”
BTC hashrate increase is expected to increase mining difficulty by 9%. Bitlow.
A cryptocurrency lender who does a side job as a miner
Bloomberg News reported on Jan. 12 that multiple Bitcoin miners are using mining rigs as collateral for more than $4 billion in debt, with cryptocurrency lenders giving back the machines for their own benefit.
Some lenders are keeping rigs, while others like New York Digital Investment Group (NYDIG) are seizing the opportunity to venture into crypto mining.
For context, a debt restructuring deal between NYDIG and Greenidge Generation has turned lenders into Bitcoin miners. According to the deal, NYDIG will acquire his 2.8 EH/s mining equipment hosted by Greenidge.
Bloomberg reported that other lenders with mining experience are backing the route.
Wolfie Zhao, head of research at TheMinerMag, was quoted as saying:
“Lenders are flooded with mining rigs. One way lenders can prevent further losses from defaulting loans is to keep their secured machines running and generate some income.”
On the other hand, according to reports, the profitability of Bitcoin mining has declined due to the declining value of the asset and rising mining difficulty and hash rate indicators.