Bitcoin hashrate is at an all-time high of over 317 EH/s after a 20% growth in one week. Meanwhile, the BTC price is at $24,000, up 13% in the last week.
Bitcoin hashrate is up 20%
Bitcoin’s hash rate is at an all-time high, having risen 20% in the past seven days. The hash rate is now at over 317 TH/s, the highest positive adjustment it has seen in the last five years.
Usually, the Bitcoin hashrate must be presented accurately, since it cannot be selected directly from mining. However, it is an estimate calculated from the mining difficulty and block time. Therefore, the weekly averages become more accurate.
The Bitcoin hashrate on February 19 exceeded 320 EH/s, and on February 20 the ATH was around 323 EH/s. After a spike of more than 12 and a half minutes in Bitcoin’s block time in late January, it fell to less than 10 minutes in February due to the hash rate increase.
The weekly average reached less than 300 EH/s at the end of January.
However, it has since risen to an hourly peak on February 16 at 383 EH/s. Weekly averages in early 2023, the hashrate was below 270 EH/s, showing that current growth has been over 20%. Comparatively, there were around 200 EH/s a year ago.
Crypto mining is getting more profitable
Crypto mining revenues in December 2022 were too low, with mining companies like Argo, Core Scientific, Compute North, and Iris Energy even filing for bankruptcy. BTC crossed the $25,000 mark after breaking below $20,000 in December, boosting revenue for mining companies.
When the BTC price is low, most miners collect BTC to pay for high electricity bills. However, as the price of BTC rises, like this time, miners can increase profits and switch back to less powerful machines or even get more powerful ones for higher profits.
Bitcoin price is up 13%
Bitcoin has continued to rise and has gained ground above the $25,000 mark. After a high of $25,126.85 today, it fell to $24,588 at time of writing, up 13% in the past week. This rush brought the cryptocurrency to the strongest point experienced since June 13, 2022.
Overall, prices fell as the bulls struggled to break above the $25,200 mark. Furthermore, the RSI has yet to cross the 66.00 mark and currently sits at 63.29.