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Mining

Bitcoin mining hash rate spikes 60% despite plummeting revenue per terra hash

The Bitcoin mining hash rate spiked as excessive as 298.5134 EH/s on September 4, marking a +60% spike in 24 hours.

Founder of fintech analysis agency Quantum Economics, Mati Greenspan, commented that the surging hash rate posted a brand new all-time excessive for the main cryptocurrency.

Far from being an outlier, an evaluation of the hash rate on a yearly timeframe confirmed an uptrend of upper highs  — despite a drop-off in June following the Terra implosion and subsequent liquidity disaster.

Throughout this era, Bitcoin’s price has been trending downwards, including additional weight to the argument that hash rate and price are uncorrelated.

Price uncertainty stays

After bottoming at $17,600 on June 18, Bitcoin started a gradual uptrend which peaked at $25,100 on August 15.

Since then, macro occasions have taken maintain as market contributors train warning over the specter of looming curiosity rate hikes.

Since August 28, BTC has been trending downwards and is presently caught in a decent buying and selling vary between $19,400 and $20,400.

Bitcoin daily chart
Source: BTCUSDT on TradingView.com

Analyst MarcPMarkets lately commented that bearishness within the inventory market and the spiking greenback weigh heavy on Bitcoin. He stated:

“…the bearish price action in the S&P and new highs on the Dollar are still facilitating an environment that favors LOWER prices over the coming week or two.”

Bitcoin miners underneath stress

Bitcoin miners are coming underneath growing stress amid price uncertainty. The chart beneath exhibits miner revenue per terra hash persevering with to slip for the reason that market prime in November 2021.

Although a backside was hit in late May, resulting in a gradual enhance in revenue per terra hash, current occasions have triggered a pointy drop.

Bitcoin miner revenue per terra hash
Source: Glassnode.com

Meanwhile, together with the rising hash rate, mining difficulty can also be on the up. On August 31, mining problem jumped to 30.98 T — marginally beneath the all-time excessive of 31.25 T, which occurred between May 11 and May 24.

For now, it’s all eyes on the Bitcoin price, as additional sell-offs will pressure the least environment friendly miners to shutter their operations.

Posted In: Bitcoin, Mining

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