1. Home
  2. >>
  3. bitcoin
  4. >>
  5. Bitcoin Hashrate Hits New All-Time High Amid Slump

Bitcoin Hashrate Hits New All-Time High Amid Slump

Bitcoin Hashrate Hits New All-Time High Amid Slump

Data shows that amid the crypto panic, Bitcoin mining hashrate has hit a new all-time high.

Bitcoin Mining Hashrate Hits New All-Time High as Prices Drop

According to the latest weekly report from Arcane Research, BTC miner revenues continue to suffer as prices plummet and competition becomes unmatched.

The “hash rate” is an indicator that measures the total amount of computing power currently connected to the Bitcoin network.

When the value of this metric increases, it means that more mining rigs are being connected, leading to more competition among miners.

This results in lower BTC earnings for everyone involved, as the rewards are fixed and shared among the active hashrate.

Related Reading | Bitcoin Faces Another Downtrend, Someone Still Earns Over 1000% ROI

On the other hand, a decrease in the value of the indicator implies that miners stop certain machines, perhaps because their mining income is not enough to pay electricity costs.

Now, here is a chart showing the Bitcoin hash rate trend over the past year:

The value of the indicator seems to have seen an increase recently | Source: Arcane Research Weekly Update – Week 23, 2022

As you can see from the chart above, the Bitcoin mining hash rate has increased in recent days and has now reached a new all-time high.

Since miners usually pay their operating fees in USD, what matters to them is the dollar value of their BTC rewards.

Related Reading | MicroStrategy Bitcoin Bet Fails, Now Losses Near $1 Billion, Now What?

Due to the crash, the price of the crypto fell to around $21,000, which would have dealt a blow not only to hodlers, but to miners as well.

Miner earnings had already fallen, but this plunge combined with hashrate reaching new highs means a further drop in their earnings.

The following table highlights the different measures related to minors and their income.

It seems that daily rates have fallen more than 18% in the last seven days | Source: Arcane Research Weekly Update – Week 23, 2022

While the chart shows daily Bitcoin miner earnings at $27 million, the report notes that this is a 7-day average and the actual value for the day of the crash is closer to $23 million.

BTC price

At the time of writing, the price of Bitcoin is hovering around $21,500, down 30% in the last seven days. Over the last month, the cryptocurrency has lost 28% of its value.

Below is a chart showing the price trend of the coin over the past five days.

The price of BTC seems to have collapsed in recent days | Source: BTCUSD on TradingView Featured Image from Unsplash.com, Charts from TradingView.com, Arcane Research

Share this: