Bitcoin hashrate soars again, enough to decree a high level of security for the network. On the other hand, minors find themselves in a delicate situation. Explanations!
New record for Bitcoin hashrate
At the beginning of May, our colleague put forward some hypotheses on the origin of the surge in the bitcoin hash rate at the time. In his presentation, he did not fail to mention Antminer overlocking practices which can significantly increase the hash rate of their bitcoin mining rigs.
“ A new all-time high for the Bitcoin hash rate »
According to Crypto Potatothe Bitcoin hashrate reached an ATH again: it was 447 exahashes per second, specifies Blockchain.com. For Bitinfocharts, the bitcoin network displayed a hash rate of 481 EH/s. Regardless of the differences between these figures, both believe that this is the highest rate ever reached.
It is worth noting that the Bitcoin hashrate increased by 77% since January 2023. An increase of 170% if we take into account the market peak in November 2021.
In other words, minors face a high degree of difficulty to extract the next blocks from the Bitcoin chain. This difficulty, which is used to measure competition between BTC miners, can reach +7.4% in a few days. Currently, it is encrypted at 57.3T: another record for Bitcoin.
What effects on mining activities? First, there is a drop in the profitability of bitcoin mining or the price of hash. With these changes, 1 TH/s is worth only $0.06 per day.
However, during the peak of the bull market, this price was $0.40 per TH/s per day. The current level of profitability of Bitcoin mining represents approximately -85% of this initial.
“ Not all miners are equal. Miners vary in size, operational efficiency, access to capital and growth prospects “, JP Morgan specified in its latest report.
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