Yesterday, a new historical record was set for bitcoin mining hashrate. According to CoinWarz data, the hashrate exceeded 528 Ehash/s for the first time in history. This hourly peak was slightly higher than the previous peak on September 15. However, it’s important to note that the monthly minimum hourly peak was recorded on October 5th at 345 Eh/s, and after yesterday’s peak, the hashrate dropped back below 400 Eh/s.
Looking at daily or weekly averages gives a better idea of the current trend. The daily average peak occurred on September 15 when it exceeded 488 Eh/s for the first time ever. These averages are estimates since it’s impossible to measure the exact hashrate used for bitcoin mining at any given time.
In the medium term, the trend seems to be upward. The weekly averages have been rising since the beginning of the year, reaching an all-time high of 440 Eh/s just yesterday. When Bitcoin’s price began to rise again, miners turned back on less efficient machines, resulting in new all-time highs.
However, there is a problem of profitability for miners. With a lower BTC price and higher hashrate, costs are rising while revenues are falling. The current level of profitability is near its lowest point of the year.
Additionally, in April 2024, the bounty for miners will be halved. This may explain why some miners with inefficient machines are trying to get the most out of them before they shut down for good. It’s also possible that some miners are currently mining at a loss to accumulate BTCs before the halving occurs.
The impact of the halving on overall hashrate remains to be seen, but it’s worth noting that similar trends occurred before the last halving in May 2020. The hashrate initially dropped but started rising again when Bitcoin’s price exceeded $10,000.
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