Bitcoin’s Hash Rate Record
On Christmas Day, the hash rate of the Bitcoin network reached a new high of 544 exahashes per second, marking a 130% increase since the beginning of the year.
Price Surge and Key Concepts
Bitcoin’s price has soared by over 160% since the start of 2023. To learn more about Bitcoin’s rise, it’s important to understand key concepts such as Bitcoin mining, hash rate, hash price, and mempools.
Network Security and Profitability
Despite the 2021 mining ban in China, Bitcoin’s network robustness and security remained largely unaffected, according to a report by Cointelegraph. The recent surge in hash rate has made mining more competitive, impacting profitability.
Transaction Fees and Mempools
Bitcoin mempools have not been fully cleared for almost a year, indicating sustained fee pressure since February. This has led to high transaction fees in the Bitcoin network. Overall, fee revenue is near an all-time high.
Hot Take
The Bitcoin network’s increasing hash rate and high transaction fees prove that the network is secure but hard to mine, now more than ever. While network security is high, this also means that the cost of mining may not be worth the effort. Therefore, Bitcoin’s future volatility remains uncertain.