Bitcoin Hash Rate Reaches New All-Time High
Bitcoin’s hash rate has reached a new all-time high, climbing to 547.79 Ehash/sec on November 19th, breaking the previous record of 526.71. The latest jump represents over a 169% increase since the beginning of the year from 203.58 Ehash/sec.
Bitcoin Hash Rate and Price Impact
Data suggests that the average Bitcoin hash rate was up by 12.13% alone in the past 24 hours. According to CryptoQuant’s on-chain analyst Gigisulivan, the latest hike in the hash rate could impact BTC’s price pullback, with a target between $30,000-31,500. Drawing parallels between the current scenario and BTC’s state around September 15th, the analyst noted that a previous surge in hash rate coincided with a Bitcoin price spike to $26,700.
Current Bitcoin Price and Miner Revenue
Despite the prediction, Bitcoin is slightly up within the past 24 hours, having spiked above $37,000. Additionally, Bitcoin miners’ revenue has surged to $46.8 million this weekend, a level last seen in April 2022. The main source of revenue in Bitcoin mining is derived from validating BTC transactions and generating new blocks.
Positive Trend in Bitcoin Miner Revenue
Last year saw a decline in global Bitcoin miner revenue due to factors such as a prolonged bear market, negative sentiment from scams and ecosystem collapses, and restrictive regulations. However, 2023 brought about a positive shift as the market witnessed a resurgence in investor confidence, leading to a year-long upturn in mining revenue, marking a turnaround from previous challenges.
Bitcoin’s hash rate has reached a new all-time high, with implications for price and miner revenue.
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