Bitcoin Mining Network Cautiously Optimistic Amid Hashprice Growth
Bitcoin's mining network is cautiously optimistic as it recovers from recent lows. Despite this improvement, there are signs of underlying concern. The hashprice has increased by 22.24% to $39.63 per PH/s per day over the past month.
This growth is largely driven by the price increase in Bitcoin, but the hashrate remains below 1 ZH/s at 934 EH/s. This creates a gap between potential revenues and the computing power being used.
The mining difficulty has increased again to 127.45 trillion, representing an 18th adjustment since January. The protocol aims to maintain a pace of around ten minutes between blocks, adjusting difficulty accordingly.
Miners are heavily dependent on Bitcoin's price, with fees accounting for only 0.43% of rewards over the past 24 hours. This limited revenue stream raises concerns about profitability and sustainability in the mining network.