Bitcoin Mining Hash Rate Doubles on Christmas
Bitcoin network hits record 544 EH/s mining power on Christmas, doubling since January despite lower miner profitability.
As the holiday gets on the way, data from different sources has shown that the Bitcoin’s network's mining power hit a record of 544 exaHashes per second (EH/s) on Christmas day. The data shows a huge increase in the network's computing power, doubling since January this year.
While the network's hash rate has soared, Bitcoin's price has also risen significantly, up more than 150% since January 1, 2023. Will Clemente from Reflexivity Research noted this increase, even after the 2021 China mining ban, emphasizing Bitcoin's strength.
However, a higher hash rate means more competition for miners, making it harder to earn Bitcoin. The profitability for miners has dropped, with the hash price (earnings per mining effort) falling to $0.09 per terahash per second per day.
This decrease in profitability, a 34% fall since December 17, is due to the cooling of the BRC-20 ordinal inscription trend, which had previously driven up demand and transaction fees. Glassnode analyst "Checkmatey" pointed out that the Bitcoin network hasn't fully cleared its mempool (unprocessed transactions) for almost a year, keeping fee pressure high.
According to reports The Bitcoin network's hash rate first crossed 500 EH/s in late November.
