Data from on-chain analytics provider Glassnode has reported that Bitcoin’s average hash rate hit a new all-time high this week, crossing a daily average of 178 exahashes per second for the first time in history.
Bitinfocharts confirms the record high, reporting current hashrates at 176 EH/s. It topped 150 EH/s twice in February and has remained at these high levels for the past two months, steadily increasing.
Hashrate is often considered as computing ‘horsepower’ for the Bitcoin network and a strong sign of its security. The higher the hashrate, the harder it is to attack the network.
The bullish on-chain metrics were observed by data scientist Rafael Schultze-Kraft [@n3ocortex] who added that mining difficulty has also hit a new all-time high.
1/ A thread on #Bitcoin miner metrics.
First, some fundamentals.
Bitcoin’s average hash rate hit a new ATH yesterday – crossing a daily average of 178 exahash / sec for the first time in history.
Miners keep spinning up machines – hash rate is up only.https://t.co/SEdtQGNsT7 pic.twitter.com/vIjVGyH8QC
— Rafael Schultze-Kraft (@n3ocortex) April 6, 2021
Mining Never More Profitable
The analyst noted that Bitcoin miners have been making more than $50 million per day for the past month. He put this into perspective by pointing out that a year ago, this number was around $12 million – so current earnings are a fourfold increase despite the block subsidy being cut in half in May 2020’s halving.
Miners are also now holding on to the new coins they’re minting as …
Story continues on Crypto Potato