Bitcoin Hash Rate Hits All-Time High Despite Price Drop

While the price of Bitcoin may not seem all that exciting this month, the network’s overall hash rate has hit new highs.

This discrepancy between security and price reflects the continued confidence of Bitcoin mining companies in adding more mining hardware, despite volatile market conditions.

Bitcoin’s Hash Rate Continues to Rise:

According to a report from analytics firm Glassnode, Bitcoin mining revenue has seen a significant decline since the currency hit its all-time high in March.

This decline is primarily due to the decline in the price of Bitcoin and the impact of the Bitcoin halving event, which reduced the rewards awarded for mining new blocks.

A sharp decline in Bitcoin transaction fee revenue has also contributed to the decline in miners’ profits.

Despite these challenges, Bitcoin’s hash rate hit a new high of 693 exahashes per second (EH/s) on Sunday, increasing competition in a low-revenue environment.

Amid these circumstances, Bitcoin mining companies were expected to resort to selling their coins to cover costs.

However, the data suggests that many of these companies are adopting a long-term holding strategy rather than selling.