• Sat. May 21st, 2022

Bitcoin network hashrate hits new all-time high

The Bitcoin network hashrate reached a new all-time high of 179.4. Experts say this new milestone is attributable to the fact that even mining machines that were previously considered obsolete are now generating profits for their owners.

Bitcoin hashrate surges

Through The data available on CoinMetrics, the average hashrate of the Bitcoin network has now reached a new all-time high of 179.4 and sources familiar with the matter have revealed that the increase is in part due to the current mad rush for semiconductor chips and bitcoin mining machines.

The price of bitcoin hit a new all-time high of just over $ 61,000 earlier this year and has since managed to stay well above $ 55,000. Ethan Vera, CTO of Luxor, a North American cryptocurrency mining company noted:

The surge in the price of bitcoin, coupled with a shortage of ASIC chips, has caused the mining economy to look favorably on bitcoin miners, many of whom now have mining margins of over 85%. “

Bitcoin Miner Income Moons

Interestingly, he further noted that the current market conditions have now allowed miners to make decent profits with even mining machines that were previously referred to as obsolete.

“Miners are scrambling to get their hands on all possible machines and even mining machines launched in 2014 are profitable. All of our customers have all of their rigs plugged in and hash, including their older machines. There is little to no inactive hashrate there, ”he added.

Despite the Bitcoin of last May reduce by half event, which further reduced bulk rewards for miners to 6.25 BTC, bitcoin miners have made huge profits since the start of 2021, thanks to the soaring price of digital currency as well as fees for transaction.

In February 2021, the weekly mining earnings of global bitcoin miners hit a record high of $ 354.4 million (approximately $ 50 million per day) and in March 2021, the daily income of miners Pink to a new ATH of $ 52.3 million.

“This week, Bitcoin miner income hit a new record high of $ 52.3 million per day. This despite halving the block grant in May 2020. Since miner costs are typically denominated in fiat currency, this is positive for ensuring the continued security of the Bitcoin protocol, ”Glassnode analysts said. at the time.

Interestingly, cool reports revealed that miners are now holding on to their coins, rather than throwing them into the market, as they strongly believe that the current bull run has yet to peak.

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