The problem of mining Bitcoin has been steadily climbing for a while now, as increasingly more miners compete with each other to be the one to mine the subsequent block on the Bitcoin blockchain efficiently.
With the climate now clearing up in Texas, the world’s Bitcoin mining stronghold, miners are coming again on-line to double down on their operations. This time round, this has pushed the mining hash price to a brand new all-time excessive.
Hash Rate Reaches All-Time High
Over the weekend, the mining hash price reached a brand new all-time excessive. According to information from Hashrate Index backed by knowledge from Ycharts, Bitcoin’s hash price spiked to 465 EH/s on Saturday from 406 EH/s on yesterday.
Specifically, the 7-day common hash price hit 401 EH/s on Saturday, whereas the 3-day common has risen a extra staggering 18% to 448 EH/s. Although the hash price has now dropped to 425 EH/s on the time of writing, it’s nonetheless at its highest ranges and up greater than 119.1% from one 12 months in the past.
The enhance within the hash price has naturally led to a rise within the block manufacturing price. Over the final couple of months, BTC miners had been concentrating on a block manufacturing price of 6 per hour, now, a block is produced at a mean time of 9 minutes and 15 seconds.
BTC value recovers above $30,600 | Source: BTCUSD on TradingView.com
Bitcoin Mining Revenue Hits $184 Million In Q2
Bitcoin has seen a flurry of enhance in transaction volumes this 12 months, because the cryptocurrency continues to dominate the business. In the previous 24 hours alone, the full quantity of bitcoin traded elevated by 30.37%.
According to a report by revealed by Coin Metrics on July 5, BTC miners generated a exceptional income of $2.4 billion through the second quarter of 2023. Out of this quantity, $184 million got here from transaction charges alone, representing greater than the 5 previous quarters mixed.
This enhance in transaction payment income is traced to the rise in transaction quantity after BRC-20 tokens had been launched on the Bitcoin blockchain. The BRC-20 got here in as a token normal to permit the creation and switch amenities of fungible tokens on the blockchain via the usage of ordinal inscriptions.
Bitcoin miners have additionally skilled favorable macroeconomic situations within the final quarter, together with decrease electrical energy charges for miners based mostly within the United States. On the opposite hand, Bitcoin mining has been rising within the Middle East, with the UAE main the cost. Miners within the UAE now produce roughly 13 EH/s, accounting for nearly 4% of the full hash price.
As for Bitcoin, the value of the cryptocurrency has been ranging within the $30,000 mark since late June.
Featured picture from iStock, chart from TradingView.com