{"id":542065,"date":"2023-07-11T02:00:53","date_gmt":"2023-07-11T02:00:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=542065"},"modified":"2024-06-11T08:35:28","modified_gmt":"2024-06-11T08:35:28","slug":"bitcoin-hash-rate-retakes-all-time-high","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-hash-rate-retakes-all-time-high\/","title":{"rendered":"Bitcoin Hash Rate Retakes All-Time High As Miners Continue To Expand Capacity"},"content":{"rendered":"

The difficulty of mining Bitcoin has been steadily climbing for some time now, as more and more miners compete with one another to be the one to mine the next block on the Bitcoin blockchain successfully. <\/span><\/p>\n

With the weather now clearing up in Texas, the world’s Bitcoin mining stronghold, miners are coming back online to double down on their operations. This time around, this has pushed the mining hash rate to a new all-time high.<\/span><\/p>\n

Hash Rate Reaches All-Time High<\/h2>\n

Over the weekend, the mining hash rate reached a new all-time high. According to <\/span>info <\/span><\/a>from Hashrate Index backed by <\/span>data <\/span><\/a>from Ycharts, Bitcoin\u2019s hash rate spiked to 465 EH\/s on Saturday from 406 EH\/s on the previous day.<\/span><\/p>\n

Related Reading: Analyst: Expect Altcoin Season After Bitcoin Halves In 2024<\/a><\/div>\n

Specifically, the 7-day average hash rate hit 401 EH\/s on Saturday, while the 3-day average has risen a more staggering 18% to 448 EH\/s. Although the hash rate has now dropped to 425 EH\/s at the time of writing, it is still at its highest levels and up more than 119.1% from one year ago.\u00a0<\/span><\/p>\n

The increase in the hash rate has naturally led to an increase in the block production rate. Over the last couple of months, BTC miners had been targeting a block production rate of 6 per hour, now, a block is produced at an average time of 9 minutes and 15 seconds.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price recovers above $30,600 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Bitcoin Mining Revenue Hits $184 Million In Q2<\/h2>\n
Bitcoin has seen a flurry of increase in transaction volumes this year, as the cryptocurrency continues to dominate the industry. In the past 24 hours alone, the total volume of bitcoin traded increased by 30.37%.\u00a0<\/span><\/p>\n
According to a <\/span>report <\/span><\/a>by published by Coin Metrics on July 5, BTC miners generated a remarkable revenue of $2.4 billion during the second quarter of 2023. Out of this amount, $184 million came from transaction fees alone, representing more than the five preceding quarters combined.\u00a0<\/span><\/p>\n
This increase in transaction fee revenue is traced to the increase in transaction volume after BRC-20 tokens were introduced on the Bitcoin blockchain. The BRC-20 came in as a token standard to allow the creation and transfer facilities of fungible tokens on the blockchain through the use of ordinal inscriptions.<\/span><\/p>\n
Related Reading: Bitcoin Sharks And Whales Go On $2.15 Billion Buying Spree, Is It Time To Sell?<\/a><\/div>\n
Bitcoin miners have also experienced favorable macroeconomic conditions in the last quarter, including lower electricity rates for miners based in the United States. On the other hand, Bitcoin mining has been growing in the Middle East, with the UAE leading the charge. Miners in the UAE now produce approximately 13 EH\/s, accounting for almost 4% of the total hash rate.\u00a0<\/span><\/p>\n
As for Bitcoin, the price of the cryptocurrency has been ranging in the $30,000 mark since late June.<\/span><\/p>\n
Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The difficulty of mining Bitcoin has been steadily climbing for some time now, as more and more miners compete with one another to be the one to mine the next block on the Bitcoin blockchain successfully. With the weather now clearing up in Texas, the world’s Bitcoin mining stronghold, miners are coming back online to double down on their operations. This time around, this has pushed the mining hash rate to a new all-time high. Hash Rate Reaches All-Time High Over the weekend, the mining hash rate reached a new all-time high. According to info from Hashrate Index backed by data from Ycharts, Bitcoin\u2019s hash rate spiked to 465 EH\/s on Saturday from 406 EH\/s on the previous day. Related Reading: Analyst: Expect Altcoin Season After Bitcoin Halves In 2024 Specifically, the 7-day average hash rate hit 401 EH\/s on Saturday, while the 3-day average has risen a more staggering 18% to 448 EH\/s. Although the hash rate has now dropped to 425 EH\/s at the time of writing, it is still at its highest levels and up more than 119.1% from one year ago.\u00a0 The increase in the hash rate has naturally led to an increase in the block production rate. Over the last couple of months, BTC miners had been targeting a block production rate of 6 per hour, now, a block is produced at an average time of 9 minutes and 15 seconds. BTC price recovers above $30,600 | Source: BTCUSD on TradingView.com Bitcoin Mining Revenue Hits $184 Million In Q2 Bitcoin has seen a flurry of increase in transaction volumes this year, as the cryptocurrency continues to dominate the industry. In the past 24 hours alone, the total volume of bitcoin traded increased by 30.37%.\u00a0 According to a report by published by Coin Metrics on July 5, BTC miners generated a remarkable revenue of $2.4 billion during the second quarter of 2023. Out of this amount, $184 million came from transaction fees alone, representing more than the five preceding quarters combined.\u00a0 This increase in transaction fee revenue is traced to the increase in transaction volume after BRC-20 tokens were introduced on the Bitcoin blockchain. The BRC-20 came in as a token standard to allow the creation and transfer facilities of fungible tokens on the blockchain through the use of ordinal inscriptions. Related Reading: Bitcoin Sharks And Whales Go On $2.15 Billion Buying Spree, Is It Time To Sell? Bitcoin miners have also experienced favorable macroeconomic conditions in the last quarter, including lower electricity rates for miners based in the United States. On the other hand, Bitcoin mining has been growing in the Middle East, with the UAE leading the charge. Miners in the UAE now produce approximately 13 EH\/s, accounting for almost 4% of the total hash rate.\u00a0 As for Bitcoin, the price of the cryptocurrency has been ranging in the $30,000 mark since late June. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":594,"featured_media":542066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84909,1119,1144,78790,2312],"class_list":["post-542065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mining-hashrate","tag-btc","tag-btcusd","tag-btcusdt","tag-hashrate"],"acf":[],"yoast_head":"\nBitcoin Hash Rate Retakes All-Time High As Miners Continue To Expand Capacity<\/title>\n<meta name=\"description\" content=\"The difficulty of mining Bitcoin has been steadily climbing for some time now, as more and more miners compete with one another to be the one to mine the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Hash Rate Retakes All-Time High As Miners Continue To Expand Capacity","url":"http:\/\/uniquehot.com\/news\/bitcoin-hash-rate-retakes-all-time-high\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-hash-rate-retakes-all-time-high\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-502544320.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-502544320.jpg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin mining hashrate","btc","btcusd","btcusdt","hashrate"],"dateCreated":"2023-07-11T02:00:53Z","datePublished":"2023-07-11T02:00:53Z","dateModified":"2024-06-11T08:35:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Hash Rate Retakes All-Time High As Miners Continue To Expand Capacity\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-hash-rate-retakes-all-time-high\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-hash-rate-retakes-all-time-high\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-502544320.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-502544320.jpg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin mining hashrate\",\"btc\",\"btcusd\",\"btcusdt\",\"hashrate\"],\"dateCreated\":\"2023-07-11T02:00:53Z\",\"datePublished\":\"2023-07-11T02:00:53Z\",\"dateModified\":\"2024-06-11T08:35:28Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-502544320.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/542065"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=542065"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/542065\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/542066"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=542065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=542065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=542065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}