tldr; Despite a recent price decline, Bitcoin’s hashrate is nearing record levels, reaching 604 exhashes/second, just 2% shy of its all-time high. This increase, representing a 6% gain since July 9, indicates miners’ confidence in Bitcoin’s profitability. Daily mining revenues have grown by over 50% since early July, reducing miners’ need to sell their assets. This trend could potentially initiate a market price rebound for Bitcoin, although future declines in hashrate could occur if profitability decreases.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
2 Comments
tldr; Despite a recent price decline, Bitcoin’s hashrate is nearing record levels, reaching 604 exhashes/second, just 2% shy of its all-time high. This increase, representing a 6% gain since July 9, indicates miners’ confidence in Bitcoin’s profitability. Daily mining revenues have grown by over 50% since early July, reducing miners’ need to sell their assets. This trend could potentially initiate a market price rebound for Bitcoin, although future declines in hashrate could occur if profitability decreases.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
“Hard” times coming for BTC miners.