- According to data, the Bitcoin
hash rate reached a level of 491 exahashes per second (EH/s) on November 22, increasing the amount of mining calculations performed by high-quality computers.
- Despite a significant price increase, BTC miners struggle to sustain production and stay afloat due to the increase in hash rate.
- Currently, miner revenue has reached the highest point reported at 46.8 million dollars, where miners earn 6.25 BTC for each successful block.
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As the countdown for the Bitcoin halving continues, the hash rate attracts attention by reaching a new record: What is the significance of the hash rate?
Bitcoin Hash Rate Sets a New Record
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Bitcoin’s (BTC) hash rate has reached a historical level as bulls await another run to erase the losses of the bear market, and the next halving is only a few months away. According to data, the Bitcoin hash rate reached a level of 491 exahashes per second (EH/s) on November 22, increasing the amount of mining calculations performed by high-quality computers.
An increase in the hash rate is an indication that miners are now making the most of their operations by using more efficient equipment, as there is a significant increase in mining activity.
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The higher the hash rate, the more difficult it is to disrupt the network because malicious actors need more computing power to surpass 50% of the network’s power.
This year, a series of new hash rate records have been set on the Bitcoin network as the ecosystem exits a year filled with industry collapses and falling asset prices, trading 57% lower than last year.
Despite experiencing a significant price increase of over 100% year-to-date (YTD), BTC miners are struggling to sustain production and stay afloat due to the increase in the hash rate, leading miners to shift to other areas or sell their Bitcoin reserves.
The BTC hash rate has increased by 169% year-to-date (YTD) and has shown an increase of over 12% in the last 24 hours. Many analysts believe that the next price correction could lead to a drop in BTC between $31,000 and $31,500, according to previous data.
Currently, miner revenue has reached the highest point reported at 46.8 million dollars, where miners earn 6.25 BTC for each successful block. The change in market sentiment, especially due to the recent increase in BTC, has been defined as favorable for most miners.
The fourth halving is expected in April
The expected fourth Bitcoin halving is estimated to take place in April. Miners typically await the event as an indicator of bullish sentiment to cope with the inflationary impact on assets.
Miners, who are in anticipation until April, accumulate high-quality equipment to be in the lead after the event. This has resulted in a series of purchases in the mining sector in recent months.
Despite the advantages, the constant upgrading of equipment by miners comes with the disadvantage of high energy consumption, attracting the attention of climate regulators and activists.