According to the data compiled by Bitinfocharts, Bitcoin’s hash rate reached a new all-time high yet again, climbing 547.79 Ehash/sec on November 19th. It broke the previous record of 526.71 established earlier this month.
The latest jump represents over 169% increase since the beginning of the year from 203.58 Ehash/sec.
- Data suggests that the average Bitcoin hash rate was up by 12.13% alone in the past 24 hours.
- Weighing on the latest hike in the hash rate and its impact on BTC’s price, CryptoQuant’s on-chain analyst Gigisulivan said that the crypto’s pullback target could be between $30,000-31,500.
- To support this viewpoint, the analyst drew parallels between the present scenario and BTC’s state around September 15th, noting that during that time, a previous surge in hash rate coincided with a Bitcoin price spike to $26,700.
- Despite the gloomy prediction, Bitcoin is slightly up within the past 24 hours, having spiked above $37,000 as of now.
- Bitcoin miners’ revenue has also surged to $46.8 million this weekend, level last seen in April 2022. The main source of revenue in Bitcoin mining is derived from validating BTC transactions and generating new blocks.
- Currently, miners are rewarded with 6.25 BTC for each successfully created block, along with transaction fees.
- Last year was marked by a decline in global Bitcoin miner revenue due to factors such as a prolonged bear market, negative sentiment from scams and ecosystem collapses, and restrictive regulations.
- 2023 brought about a positive shift as the market witnessed a resurgence in investor confidence.
- Increased market prices and growing public interest led to a year-long upturn in mining revenue, marking a turnaround from previous challenges.