On the Bitcoin network, recent data shows a 100% increase in hashrate since the start of the year. This significant increase demonstrates the rapid growth of the world’s largest cryptocurrency blockchain. Forecasts even suggest that it could reach a significant level by 2025.
Bitcoin hashrate at an ATH
The parent cryptocurrency is once again in the spotlight. Indeed, the price of Bitcoin is up 4% since the weekend, reaching almost $28,000 earlier today.
Additionally, the Bitcoin network continues to grow, as shown by the hashrate, which is currently at a year-to-date ATH level. According to real-time data from Coinwarz, the Bitcoin hashrate is currently 445 EH/s. Yesterday at 8 p.m. Paris time, it even reached a peak of 513 EH/s. This represents a 100% increase from the Bitcoin hashrate on January 1, 2023, which was 225 EH/s.
At the current rate, it is possible that some of the experts’ predictions will come true. For example, in March, an analyst at River Financial, Sam Wouters, observed this impressive growth and predicted that Bitcoin’s hash rate could reach a level called ” zettahash » by the end of 2025. One zettahash is equal to 1,000 EH/s.
Minors in a delicate situation
However, the Bitcoin hash price remained relatively stable during the mentioned period. At the start of the year it was around $60, and it’s still around that level. Nonetheless, it saw a brief increase on May 8, 2023, reaching $125, marking peak earnings for miners.
Despite the significant growth in the Bitcoin hashrate, the hashprice has not followed the same upward trend. This means that miners are making roughly the same amount of money as at the start of the year, while mining difficulty increases.
For miners to become more profitable, the value of Bitcoin must increase. Indeed, their income is directly linked to the value of the network’s native token, BTC.
At the time of writing, the price of Bitcoin is experiencing a short-term rise and even briefly reached $30,000. Is this the start of a strong rise?
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