Bitcoin’s network hashrate has skyrocketed to unprecedented levels as miners regain their full operational capacity. According to the latest report from Hashrate Index, the average hashrate reached a staggering 401 EH/s over 7 days, while the 3-day average surged even further to an incredible 445 EH/s.
Global Miners Fuel Explosive Growth In Bitcoin Hashrate
This resurgence in hashrate follows a recent period of curtailment caused by extreme weather conditions in Texas, the renowned bitcoin mining capital of the United States.
Previously, the heatwaves that swept through Texas failed to cause significant disruptions to the local power grid. As a result, miners are now back with a vengeance, fueling an explosive growth in hashrate.
The 7-day average has witnessed an 8.5% increase to 398 EH/s, while the 3-day average experienced an astonishing 18% surge to 444 EH/s, most of which occurred over the weekend.
Although Texas miners play a significant role in this hashrate surge, it’s essential to note that miners from various parts of the world are also expanding their mining capacity. This collective growth in hashrate sets the stage for a substantial difficulty adjustment in the near future.
The forecast indicates that the upcoming difficulty adjustment will likely surpass 7.5%, implying potential challenges for miners. If Bitcoin’s price fails to rise significantly in the coming week, miners may face hash price levels below $70/PH/day when the adjustment occurs. This decline in hash price is not primarily a response to Bitcoin’s price but rather a result of decreased transaction fees.
Bitcoin transaction fees, which witnessed a surge during the BRC-20 mania in May, are now normalizing and have reached their lowest levels in months. Consequently, the hash price is falling even before the positive adjustment, signaling a recession in transaction fees.
Meanwhile, in the realm of Bitcoin mining stocks, a remarkable upward trend is observed. Except for two stocks, all Crypto Mining Stock Index stocks experienced double-digit percentage gains over the past week. The index itself rose by 10%, marking a significant leap.
Nevertheless, the mining industry braces for a forthcoming difficulty adjustment as the Bitcoin hashrate surges to unprecedented levels.
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