Bitcoin total mining hashrate continues to surpass all-time highs with increased revenue. Bitcoin total hashrate reached a daily high of 166.6 MTH / s today. Alongside the hashrate, the leading asset’s latest bull rally tripled mining revenues.
Bitcoin Mining Boom
In the last bull market, the hashrate was less than ten times its current value. The mining industry has exploded in the last three years.
Mining hashrate follows the Bitcoin price more often due to increased revenues.
The daily average Bitcoin distributed to miners after the prize halving event is 1,012 BTC. Prices have more than tripled since then; BTC was trading just under $ 10,000 in May.
Mining revenue per Terahash (TH) is currently three times the amount in September. Bitcoin peaked at $ 0.31 / TH on January 8 when it touched $ 42,000, according to data from mining service provider Luxor Technologies.
Bitcoin mining revenue per terahash. Source: Luxor Technologies
As a result, the Bitcoin mining challenge is increasing as profitability allows older hardware to run at full capacity on Antminer’s S9. According to data from CryptoCompare, the oldest generation of hardware currently on the market generates up to $ 90 per month in profit.
The next difficulty adjustment will take place in about nine days. The increase in hashrate also means a new peak for difficulty.
The demand can also be seen in the fact that the largest Bitcoin producers Bitmain and Whatsminer already sold their inventory for the better price of the year, with promised deliveries in December.
Until the challenge starts weeding out the weakest miners, the miners can stay in the market for a while longer.