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This Christmas, the hashrate, the total computing power, of the Bitcoin (BTC) network reached a new level All-time high. On Monday, the network recorded a hashrate of 544 exahashes per second (EH/s). This comes from data from Blockchain.com. However, not everyone is happy with this.
The downside of a Bitcoin exchange fund: analyst warns
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Bitcoin news
The Bitcoin hashrate has gone through the roof
This year, the hashrate of the Bitcoin network has increased significantly. The hashrate is currently no less than 130 percent higher than it was in January this year. What is noteworthy is that Bitcoin price saw an almost equal increase. The BTC price rose by 150 percent this year.
The hash price is currently $0.09 per terahash per second per day. The hash price corresponds to the income that miners earn from Bitcoin mining. The current hash price is much lower than last week. On December 19, the value reached a yearly high of 0.136 TH/s/day.
This high price was linked to a revival of Bitcoin Ordinals, or Bitcoin NFTs. This revival has now subsided somewhat. A high hash price is caused by increased demand on the Bitcoin network. This leads to higher transaction prices, which in turn benefits the miners.
Bitcoin miners in a difficult situation
The sky-high hashrate is good news for the Bitcoin network, but not so good news for Bitcoin miners. A high hashrate means miners have to work even harder to mine a block. This leads to decreasing profits for miners.
If the Bitcoin network’s hashrate continues to rise at its current pace, it will become increasingly difficult for miners to make profits. Margins for miners are shrinking and only a select group of successful miners will stay afloat.
Earlier this week we wrote about the upcoming Bitcoin halving and how publicly traded Bitcoin miners are preparing for it. For example, more was invested in new equipment in December than in the entire rest of 2023. According to experts, the Bitcoin mining industry will be shaken up after the halving and only the best-equipped and most financially stable miners will remain.
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