š Bitcoin Hashrate Hits Record Level Amid Mining Challenges
āļø Bitcoin's hashing rate broke records on December 25, reaching 544 exahashes per second (EH/s), indicating a significant increase of 130% since January when it was at 253 EH/s. The rise in hashing power coincides with the rapid increase in the price of Bitcoin by over 150% in 2023. While this may seem like a positive event, it also creates additional challenges for miners.
š¹ Bitcoin Hashrate
š The growing hashing rate is a critical indicator of network security and efficiency, but it also intensifies the pressure on miners, who are already grappling with declining profitability. According to data compiled by HashrateIndex, the price of hash, a crucial profitability indicator, has dropped from a recent peak of $0.136 to $0.09 per daily hash rate.
š¼ Additionally, Glassnode analyst Checkmate stated that Bitcoin has been grappling with constant memory pool congestion for almost a year and has been under constant pressure of high fees since February. However, miner fee revenues are reaching nearly record highs, reflecting peaks in hashing rate and difficulty. The analyst emphasized that despite prolonged memory pool congestion, Bitcoin's fundamental indicators remain strong. Hashing rate and difficulty levels underscore that the network remains as secure, safe, and reliable as ever.
