During the last week, along with the prices, the Bitcoin hashrate also moved positively upwards, highlighting the positive moment of the crypto.

The metric of the computational strength of the crypto network reached new all-time highs today, making it even more impenetrable to cyber attacks.

At the same time, the stocks of U.S. mining companies increase in value on the heels of a possible appreciation of Bitcoin.

Let’s see all the details below.

Bitcoin hashrate at new all-time highs

According to the data reported by BitInfoCharts, the hashrate of Bitcoin has reached a new all-time high today.

This metric, which identifies the sum of the computing power managed around the cryptographic network, has just reached the record value of 769.8 exahash per second (EH/s).

In the last 3 years, the hashrate of Bitcoin has increased significantly, going from 150 exahash per second to the current values.

From April 2024 onwards, the parabolic phase had actually weakened, leaving room for market uncertainty. Now, however, it seems that the interest in block space management of the network has returned to accompany the price growth of the criptovaluta itself.

JUST IN: #Bitcoin Hashrate hits a NEW ALL-TIME HIGH pic.twitter.com/4SUlZHPtmJ

— Bitcoin Magazine (@BitcoinMagazine) October 21, 2024

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The increase in hashrate implies that the Bitcoin blockchain becomes even more resilient to attempts of centralization attacks.

On the other hand, it means that the extraction cost of the digital resource has become higher, reflecting the appreciation in the stock market.

We remind you that the higher the hashrate, the smaller the share of rewards (block reward+fees) that the miners will have to divide among themselves.

It is clear that the more the indicator grows in terms of computational strength, the more the network operators will have to work to mine Bitcoin.

Over the years, participating in the extraction of Bitcoin has indeed become increasingly an activity for the elite, primarily dedicated to organized groups.

The escalation of the hashrate is widely correlated with developments in mining hardware such as application-specific integrated circuits (ASIC).

High energy efficiency mining equipment is essential for miners to remain profitable, according to Nazar Khan, co-founder and chief operating officer of TeraWulf.

In a recent interview, Khan stated:

“If you are a company that only owns a bunch of machines and you are not profitable, you will be challenged. If you are a company that owns a quality infrastructure capable of providing low-cost energy, this is a real asset and, if anything, the underlying value of that activity [BTC] has increased … ”.

Improve the security of the Bitcoin network

With the Bitcoin hashrate crossing new historical levels, we can celebrate the refinement of the network that amplifies its cybersecurity.

In the early days of the expansion of this technology, having an arbitrary impact on the fate of the network was potentially possible, but now it seems no longer to be the case.

Exceeding 700 EH/s implies that having control of 51% of the governance has become practically impossible.

Considering that a latest generation ASIC has a power of 21 TH/s, over 34.2 million devices would be needed to exceed the alleged threshold.

It is a quantity of hardware physically complex to manage, both in terms of energy and storage, as well as economic investment.

At the same time the rally of the Bitcoin hashrate makes mining for miners even more challenging and potentially less profitable for small companies.

With the difficulty at 92.05 trillion, it becomes increasingly complex to hit the block that offers the reward. Furthermore, after the last halving that halved the reward, the games have become even more competitive.

Currently, the mining pools that hold dominance in the hash rate market are Foundry USA, AntPool, ViaBTC, F2Pool, and Mara Pool.

Each of these in turn manages the contribution of various individual miners, considered essential for the future of the crypto network

The solo miners who decide to mine alone are, however, becoming fewer, given the dynamics of Bitcoin’s hashrate. 

Solving a block by always aggregating in mining pool has indeed become very rare, generally unlikely to happen even over the course of several months.

New opportunities in the stock market thanks to the increase in hashrate: eyes on MARA, CLSK, RIOT, and TERA 

While the hashrate of Bitcoin accompanies the increase in the cryptocurrency’s prices, the stocks of the major mining companies emerge as potential candidates for a bull run.

The majority of miners will indeed see their profits grow if the cryptocurrency increases its value in the market.

In fact, their business essentially depends on the countervalue of Bitcoin and the capacity to mine the same resource.

It is important to highlight at the same time how the majority of miners have chosen not to liquidate their stocks in recent days.

According to CryptoQuant data, this is the fourth lowest day of BTC selling by miners in 30 days. This suggests that the operators are preparing for an imminent bull in prices.

In a context like this, the stock of mining companies could go through a phase of hype in the markets.

The increase in the Bitcoin hashrate metric thus introduces a bull thesis on a large part of the publicly traded mining companies, especially the American ones.

Among the most promising, we find Marathon Digital (MARA), Clean Spark (CLSK), Riot Platforms (RIOT), and TeraWulf (TERA).

All of these are recording a positive trend in the market over the last 24 hours, accompanying the Bitcoin rally.

Eyes particularly focused on TERA, given that the company TeraWulf plans to further expand its mining operations in the short term.