Bitcoin Mining Gets More Profitable as Hashrate Skyrockets
The Bitcoin hashrate has been steadily increasing since the beginning of the year, and in the past 48 hours, it has reached a new high of 400 EH/s.
This increase in hashrate is a positive development for the network, as it indicates that more miners are connecting their mining equipment to the network, thereby strengthening its security. The rise in hashrate is also a sign that miners are confident about the long-term profitability of Bitcoin.
The increase in mining difficulty can be attributed to the rise in the price of BTC. Bitcoin has experienced an increase of more than 50% in 2023, hitting a peak of $28,000 earlier in the week.
This price spike has encouraged miners to connect their mining equipment to the network, as mining profitability has increased since the market recovery. While mining profitability is still not at an ideal level, the increase in hash price by 20% in the past week is a promising sign.
Hash price is a measure that indicates the average price a mining equipment makes on the Bitcoin network daily. Currently, the hash price is about $0.077/TH/day, according to data from hashrateindex.
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However, with the increase in mining difficulty, mining rewards on the Bitcoin network will become more competitive, and the hash price could drop in the coming days.
The rise in hashrate and Bitcoin’s price is a positive development for the network and the asset, strengthening the network’s security and attracting more investors to the space.
At the time of writing, Bitcoin is trading at around $27,455, and the current market sentiment is bullish. Many believe that Bitcoin could reach $30,000 in the coming weeks, which would be a significant milestone for the asset.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
