Hash rate passes 300 EH/s threshold
In another example of Bitcoin’s blitz recovery from the pits of post-FTX woes, network hashing power is now bigger than ever.
Hash rate, which is an expression of the processing power dedicated to the network by miners, is currently at 321 exahashes-per-second (EH/s), according to MiningPoolStats raw data.
Despite being only an estimate and impossible to measure entirely accurately, the latest readings are quite the feat, having never crossed the 300 EH/s level before.
Mining firm Braiins likewise confirmed the numbers in its live reporting feed.
Hash rate is a key component of Bitcoin security and significant drawdowns result in network difficulty rising to entice more miners to participate.
Network difficulty is also set to reach levels never seen before this week in a nod to fierce competition in the mining sector.
According to data from BTC.com, the next automated readjustment will send difficulty an estimated 2.75% higher to 38.62 trillion.
The previous readjustment delivered a 10.26% increase, Bitcoin’s largest since October 2022 and only the second double-digit hike since mid-2021.
Miners get chance to balance books
Analyzing the climate, CoinLupin, a contributor at on-chain data platform CryptoQuant, warned that miners are still selling their BTC reserves, possibly to shore up capital in the event of a market reversal.
“Now they have improved profitability for the first time in a while, and mining costs are lower than Bitcoin prices. Normally, more active mining and holding could occur, but now they seem to see it as an opportunity to secure cash,” he wrote in a blog post, describing reserves as “declining at a rapid” pace.
CryptoQuant’s miner position index, which measures BTC outflows to exchanges from miner wallets relative to their one-year moving average, has captured several withdrawal spikes since Jan. 14.
At 1,837,138 BTC, miners’ reserves currently stand at their lowest since December 2021.
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