Bitcoin hash rate hits all-time high, spikes by 9%, stoking miner optimism

Quick Take

Bitcoin’s hash rate, a significant factor determining Bitcoin mining, has reached unprecedented levels.

A 7-day moving average shows the hash rate now stands at a record 512 eh/s, representing a 9% increase in just a week. Indeed, Dec. 18 witnessed the second-largest one-day spike in hash rate, recorded at 562 eh/s, surpassed only once in November with an impressive 570 eh/s.

This upturn coincides with miners intensifying their operations, a trend observed as the much-anticipated halving event approaches. CryptoSlate’s research indicates that the Bitcoin fee per block during this cycle is notably higher than in any previous cycle, pointing towards potentially lucrative times for the mining community.

This analysis is further supported by comments from Ben Gagnon, the Chief Mining Officer at Bitfarms, who suggests this could be one of the most profitable periods for miners in years.

This surge in hash rate not only underscores the enduring competitiveness of the Bitcoin network but also reflects miners’ strong confidence in Bitcoin’s long-term value.

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