Bitcoin’s hashrate reached post-halving bottom, analysts say

by

As a seasoned financial analyst with extensive experience in the crypto market, I have witnessed firsthand the volatility and unpredictability that comes with investing in Bitcoin (BTC). The recent surge above $60,000 is certainly an exciting development for many investors, but as the analysts at Hashrate Index rightly point out, it’s essential to remain cautious.

With Bitcoin surpassing the $60,000 mark, analysts from Hashrate Index express caution, stating that it’s uncertain if the network has fully recovered.

Analysts at Hashrate Index predict a significant increase in Bitcoin’s (BTC) mining difficulty this week due to the network’s hashrate apparently reaching a “bottom” following the halving event. However, they caution that the severity of the summer’s impact on the U.S. power grid should be closely monitored before making definitive statements about the market’s future.

Bitcoin’s hashrate reached post-halving bottom, analysts say

In their weekly report, the analysts mentioned that Bitcoin’s average hashrate surpassed 600 EH/s for the first time since mid-June in seven days. However, they cautioned that the network may not have completely recovered yet. With Bitcoin’s mining difficulty scheduled to increase, miners could profit from the slight uptick in hash prices, which might alleviate some selling pressure among this segment of Bitcoin holders.

As a crypto investor, I’m thrilled about the low transaction fees, but as a miner, it’s not such good news. Over the past week, my Bitcoin mining operations earned only 97.92 BTC in transaction fees, which represents an 11.6% decrease compared to the previous week’s yield of 110.73 BTC.
Hashrate Index

Monthly hashrate prices are currently low, according to analysts, who also mention that the troubled Bitcoin mining sector is in dire need of assistance as it prepares for upcoming adjustments.

Recent declines in hashprice, or miner revenue per terahash, have led to new developments. Hashprice reached a record low of $44.31/PH/day due to worsening conditions, exacerbated by the German government transferring large amounts of Bitcoin. The Mining Difficulty Index stated that current mining conditions were more difficult than in May 2021, when Chinese authorities enforced strict crypto mining and trading regulations, causing hashprice to drop from 379 PH/day to 203 PH/day.

Currently, Bitcoin’s value has climbed above $60,000 in price, fueled by over $300 million in investments pouring into various Bitcoin spot Exchange-Traded Funds (ETFs). This marks the seventh consecutive day where these funds have experienced positive investment flows.

Read More

2024-07-16 13:02