Bitcoin Hashrate Hits New Low, Mining Sector Shows No Signs of Recovery

The Bitcoin network's hashrate has been falling, which might be good for block reward miners who are resisting the urge to pivot to AI. However, the mining sector is showing no signs of letting up in its widespread 'capitulation'. Long-suffering block reward miners who thought the BTC token's recent upward surge had already peaked were offered new hope on Thursday as the token rebounded from Wednesday's dip to $76,300 by surging close to $82,000.

The Federal Reserve Gov. Chris Waller said he's not in favor of raising interest rates at the Fed's meeting later this month, and the U.S. Treasury Department announced another $12.5 billion debt buyback with new debt, as well as doubling its liquidity support buybacks from $2 billion to $4 billion.

It remains to be seen whether BTC's higher price can convince any miners to rethink their ongoing 'pivot' to providing data center infrastructure for artificial intelligence (AI) and other high-performance computing (HPC) tasks. However, given the unpredictability, volatility, and generally unprofitability of 'digital gold', few miners will devote much time to rethinking their pivot plans.