Bitcoin’s Mining Power Surges by 169% in 2022, Reaching Record High: Statistics indicate

Bitcoin's Mining Power Surges by 169% in 2022, Reaching Record High: Statistics indicate

Bitcoin (BTC) Hash Rate Reaches New All-Time High

BTC’s hash rate has reached a new record-breaking peak, climbing to 547.79 Ehash/sec on November 19th, breaking the previous record of 526.71. The most recent jump represents over a 169% increase since the beginning of the year from 203.58 Ehash/sec.

Bitcoin (BTC) Hash Rate and Price Impact

Data implies that the average Bitcoin (BTC) 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 Bitcoin’s price pullback, with a target between $30,000-31,500. Drawing parallels between the present scenario and Bitcoin’s state around September 15th, the analyst pointed out that a previous surge in hash rate coincided with a Bitcoin (BTC) price spike to $26,700.

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Current Bitcoin (BTC) Price and Miner Revenue

Regardless of the prediction, Bitcoin (BTC) is slightly up within the past 24 hours, having spiked over $37,000. In addition, Bitcoin (BTC) miners’ revenue has surged to $46.8 Million this weekend, a level last seen in April 2022. The main source of revenue in Bitcoin (BTC) mining is derived from validating Bitcoin transactions and generating new blocks.

Positive Trend in Bitcoin (BTC) Miner Revenue

A year ago saw a decline in worldwide Bitcoin (BTC) miner revenue due to factors such as a prolonged bear market, negative sentiment from scams and ecological system collapses, and restrictive regulations. Nonetheless, 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.

Analyzing the Positive and Negative Outlooks for Bitcoin in 2024

BTC’s hash rate has reached a new record-breaking peak, with implications for price and miner revenue.

Author – Contributor at | Website

Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.

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