$BTC Coinpair

The increase in hash rate puts miners 'on the edge'. In December, the computational power of the Bitcoin network reached a peak of 801 EH/s (7 DMA), according to Glassnode. After the halving, a number of experts spoke about the capitulation of miners, although others, like the founder and CEO of CryptoQuant Ki Yun Joo, disagreed. However, in July, analysts from the company acknowledged that industry participants began to shut down inefficient equipment and sell Bitcoin reserves. The trend reversal occurred just a month later, as indicated by the Hash Ribbons indicator.

Experts from CoinShares noted that the computational power of the network is growing in accordance with an exponential model developed by them. The continuation of the trend will put miners on the brink of profitable operation, analysts predict. Data from public companies shows that taking all expenses into account, the total cost of mining 1 BTC in September ranged from $33,925 (CleanSpark) to $81,014 (Bitdeer). Until the next halving in 2028, cryptocurrency miners have sufficient resources to maintain profitability, experts believe.